(A) Bank overdraft
(B) Bank deposit
(C) FD with Bank
(D) Cash embezzlement
Tag: Accounting Mcqs
Goods lying with the consignee are shown as__.
(A) Closing Stock
(B) Work in Progress
(C) Stock in Transit
(D) Suspense A/c
Closing Stock lying unsold with the consignee is valued at__.
(A) Cost Price
(B) Market Price
(C) Realizable Price
(D) Least of cost or net realizable value
Which of these items will appear in a Manufacturing A/c?
(A) Power and Steam A/c
(B) Salary and Wages A/c
(C) Carriage Outward
(D) Goodwill written off
Revenue is said to have been earned when __.
(A) Sale is made
(B) Cash is received
(C) Goods are manufactured
(D) When accounted for
Tick the correct statement?
(A) Petty cash is an expense
(B) Balance Sheet is also known as a positional statement
(C) Revaluation A/c is Real A/c
(D) Depreciation is a process of valuation
Sinking Fund is created for which of these purposes?
(A) To repay or redeem a long term fixed liability
(B) To replace a wasting asset
(C) To replace a depreciable asset
(D) All the three
The Primary objective of providing depreciation is:
(A) To calculate true profit
(B) To show the asset on market value
(C) To reduce tax Burdon
(D) To provide funds for replacement