Tag: Financial Accounting Mcq

(A) Credit purchase of fixed assets
(B) Return of goods
(C) All such transactions for which no special journal has been kept by the business
(D) None of these

(A) Credit purchase of fixed assets
(B) Return of goods
(C) All such transactions for which no special journal has been kept by the business
(D) None of these

(A) Error of casting affects personal accounts
(B) Omission of a transaction from a subsidiary record affects only one account
(C) Error of carry forward affects two accounts
(D) Error of principle involves an incorrect allocation of expenditure or receipt between capital and revenue

(A) Overstatement of Assets
(B) Understatement of Assets
(C) Overstatement of Liabilities
(D) Understatement of Liabilities

(A) Error of commission
(B) Error of principle
(C) Error of omission
(D) Compensating error

(A) Dividend
(B) Royalty
(C) Purchase consideration
(D) Installment

(A) Delivery method
(B) Percentage-of-completion method
(C) Production method
(D) Moving average method

(A) Goodwill
(B) Inventories
(C) Investments
(D) Both (b) and (c) above.