📒Accounting MCQs
Accounting MCQs
397 MCQs381
A systematic way to maintain the books of accounts is called_________?
AAccountancy
BEconomics
CBook Keeping
DAuditing
382
The revenues and expenses of a company are displayed in which statement?
📒AccountingBy: Aqeel Ahmed
ABalance Sheet
BCash Flow Statement
CIncome Statement
DNone of the above
383
A discount of $2000 was given to a supplier on his prompt repayment of debt but the cashier entered the gross amount in cash book. What should be the adjustment in cash to work out the correct balance of cash book?
A$2000 will be debited in cash book
B$2000 will be credited in cash book
C$4000 will be debited in cash book
D$4000 will be credited in the cash book
384
Obligation of the Business are known as___________?
ALiabilities
BRevenues
CExpenses
DAssets
385
The amount invested by the proprietor to start the business is called:
ACapital
BBusiness
CDrawings
DAll of them
386
Discount received is a/an:
AAsset
BExpense
CLiability
DRevenue
387
Double entry means______________?
AEntry in two sets of books
BEntry at two ends
CEntry at two dates
DEntry for two aspects of the transaction
388
Goods return to supplier are known as:__________?
AMerchandise return
BPurchase return
CReturn inwards
DSales return
389
The excess of current assets over current liabilities is called:
AWorking Capital
BCirculating capital
CFixed capital
DTrading capital
390
When goods, in which business deals are sold, it is called___________?
APurchases
BReturn inward
CSales
DReturn outwards