📒Accounting MCQs
Accounting MCQs
397 MCQs241
Which of the following statement is considered as the accountant’s snapshot of firm’s accounting value as of a particular date?
AIncome Statement
BBalance Sheet
CCash Flow Statement
DRetained Earning Statement
242
Which of the following form of business organization is least regulated?
ASole-proprietorship
BGeneral Partnership
CLimited Partnership
DCorporation
243
During the accounting period, sales revenue is Rs. 25,000 and accounts receivable increases by Rs. 8,000. What will be the amount of cash received from customers for the period?
ARs. 33,000
BRs. 25,000
CRs. 17,000
DRs. 8,000 Ref: Amount of cash received = total revenue increased – account receivable increased = 25,000 – 8000 = 17,000.
244
Average Accounting Return is a measure of accounting profit relative to:
ABook value
BIntrinsic value
CCost
DMarket value
245
The balance of Revaluation Reserve pertaining to an asset that has been disposed off or retired can be transferred to?
AGeneral Reserve A/c
BProfit & Loss A/c
CAsset A/c
246
Depreciation appearing in the Trial Balance should be?
Aand
BShown as liability in Balance Sheet
CReduced from related asset in Balance Sheet
DBoth
247
Insurance prepaid is shown as:___________?
ACurrent Asset
BCurrent Liability
CFixed Asset
248
Outstanding salaries is shown as___________?
AAn Asset in the Balance Sheet
Band
Cabove Outstanding salaries is the expense relating to the current accounting period but has not been paid yet and therefore, it is a current liability.
DBoth
249
Property, Plant and Equipment are conventionally presented in the Balance Sheet at _________?
AReplacement cost – Accumulated Depreciation
BHistorical cost – Salvage Value
CHistorical cost – Depreciation portion thereof
DOriginal cost adjusted for general price-level changes
250
Net sales equals, sales minus:
📒AccountingBy: Kamran Ahmad
AReturn outwords
BReturn inwards
Ccost of goods sold
Dcarriage on sales