📒Accounting MCQs
Accounting MCQs
397 MCQs121
Collection of account receivable will
AIncrease assets and decrease assets
BIncrease assets and decrease liabilities
CIncrease assets and increase capital
DIncrease assets and increase cash
122
Which of the following methods is not a practical way of realizing revenue?
ADelivery method in case of sale of goods,
BPercentage-of-completion method in case of rendering of services and
CProduction method in case of agriculture produce. Thus, these are the various ways of recognizing revenue and the methods adopted to recognize revenue. Moving average method
Dis the correct answer.
123
A few errors committed in Ahhiwalia’s books of account are given below. State which errors would affect the Trial Balance.
Aa, c and g
Bc, d and f
Cc, d, e and h
Dc, d, f and h
124
he term 2/10-n/30 implies that ______ % discount will be given if the payment is made within days or full amount is receivable within 30 days?
A2,10
B10,2
C10,30
D3,15
125
A journal entry in which two or more account is debited or credited is referred as____________?
AJournal entry
BMulti entry
CAdditional entry
DCompound entry
126
The other name of journal is____________?
ALedger
BT account
CDay book
DCash book
127
Discount allowed is a kind of deduction from_____________?
AAccount payable
BAccount receivable
CCash account
DDiscount account
128
Every business transaction affects at least ________ accounts?
AOne
BTwo
CThree
DInfinite
129
The process of recording transactions in different journals is called_________?
APosting
BEntry making
CAdjusting
DJournalizing
130
General journal is a book of _______ entries?
AFirst
BOriginal
CSecondary
DGeneric