(A) It is shown on the debit side of the Profit and Loss Account
(B) It is shown on the credit side of the Profit and Loss Account
(C) It is shown on the liabilities side of the Balance Sheet
(D) It is shown on the assets side of the Balance Sheet
Tag: Accounting Mcqs
Which of the following is not a main column of sales or return journal?
(A) Goods sent on approval column
(B) Goods returned column
(C) Goods approved column
(D) Purchase column
Which of the following is true when a debtor pays his dues?
(A) The asset side of the Balance Sheet will decrease
(B) The asset side of the Balance Sheet will increase
(C) The liability side of the Balance Sheet will increase
(D) There is no change in total assets or total liabilities
Sale or Return Day Book and Sale or Return Ledger are known as?
(A) Principal books
(B) Subsidiary books
(C) Memorandum books
(D) None of the above
Which of these will cause change in working capital?
(A) Payment of Creditors in cash
(B) Realization of amount due from the Debtors
(C) Sale of office equipment for cash
(D) Providing depreciation on Plant and Machinery
Choose the true statement__.
(A) Accrued income represent income unearned but realized in cash
(B) Accrued income represent income earned but not realized in cash
(C) Accrued income A/c is shown on the liability side
(D) No tax is payable on accrued income
All revenue receipts and expenditure are shown in __.
(A) Balance Sheet
(B) Trading and Profit and Loss A/c
(C) Cash Flow Statement
(D) Statement of Affairs
In the Sale or Return Ledger?
(A) All the customers are individually debited and the sale or return account is credited with the periodical total of the Sale or Return Day Book,
(B) All the customers are debited in total and the sale or return account is credited with the periodical total of the Sale or Return Day Book.
(C) All the customers are individually debited and the sale or return account is also credited with the individual total of the Sale or Return Day Book.
(D) None of the above.