📒Accounting MCQs
Accounting MCQs
397 MCQs11
A sale of Rs. 50.000 to A was entered as a sale to B. This is an example of____________?
AError of omission
BError of commission
CCompensating error
DError of principle
12
The systems of accounting are _____________?
ATwo
BThree
CFive
DSix There are two systems of Accounting: 1. Cash System of Accounting 2. Mercantile or Accrual System of Accounting
13
The unsold goods are ______________?
AEquity
BSale return
CInventory
DPurchases
14
Debts which are payable in the course of a month are called _____________?
AExternal liabilities
BFixed liabilities
CCurrent liabilities
DLiquid Liabilities
15
Income earned but not received is called ____________?
AFictitious assets
BQuick asset
CReal asset
DOutstanding asset
16
The assets which come into existence upon the happening of a certain event are called__________?
AContingent assets
BFixed assets
CFictitious assets
DQuick assets
17
Which of the following specialised journals will record “goods returned by the BUSINESS “?
APurchase journal
BSales journal
CPurchases return journal
DSales return journal
18
Another name of journal is_____________?
ASpecialized journal
BDay book
CCash book
DRecord book
19
Transactions that a BUSINESS doesn’t record in any specialised journal are recorded in which of the following journals or day books?
ACash payments journal
BCash receipts journal
CPurchases return journal
DGeneral journal
20
Sales on credit is recorded in which of the following journal?
APurchase journal
BSales journal
CPurchases return journal
DSales return journal