📒Accounting MCQs
Accounting MCQs
397 MCQs171
Which of these transactions will not be recorded in cash book?
ACash received from debtors
BCash paid to creditors
CSalary remained outstanding
DCash deposited with bank
172
In a three column cash book_______________does not exist?
ACash column
BBank column
CPetty cash column
DDiscount column
173
Cash book records?
AOnly cash sales
BAll types of cash receipts and payments
COnly revenue receipts
DOnly capital receipts
174
Any gain on the sale of non-current assets should be _________ from the net profit and the loss must be _________to the net profit in determining fund from operation?
AAdded, Reduced
BAdded, Added
CDeducted, Added
DDeducted, Deducted
175
Which of the following is an one sided error?
A500 purchase of old equipment not recorded in the books of A/c at all
B500 being expense on travelling expense credited to travelling expenses
CBoth
DNone
176
Which of the following error is an error of principle
A5,000 received from Sham credited to Ram A/c
B5,000 incurred on installation of new plant debited to travelling expenses A/c
C500 paid for wages debited to salary A/c
D500 being purchase of raw material debited to purchase A/c ` 50
177
Which of these errors affect two or more accounts
AErrors of complete omission
BErrors of principle
CErrors of posting to wrong account
DAll the three
178
The entry for creating a Provision for bad debts is_____________?
ADebit Provision for Bad Debts A/c and credit Debtors A/c
BDebit Debtors A/c and credit Provision for Bad Debts A/c
CProvision for bad debt is a charge against profit and therefore, the entry for creating provision for bad debts is done by debiting P&L A/c and crediting provision for bad debts account.
DDebit Profit and Loss A/c and credit Provision for Bad Debts A/
179
Bad debts recovered account will be transferred to______________?
ADebtor‘s Account
BProfit and Loss Account
CProvision for Doubtful Debt Account
DEither B or C above When Bad debts are recovered the entry is Cash A/c …………………………………………………… Dr. To Bad debts recovered A/c This A/c can either be transferred to P& L A/c or Provisions for Doubtful Debts A/
180
____________is also known as Appraisal system of depreciation?
AInventory system
BSurvey system
CAnnuity system
DInsurance