Accounts MCQs

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Accounts Branch Quiz

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The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as

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Gross profit must always be calculated as a percentage  on purchases;-

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As per AS-19 ___________________ nlease risk  and reward  is not transferred  to the lessee:-

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Which of the following statements is incorrect regarding capital account?

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Insured standing  charges are the ________________:-

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AS-26 deals with the  treatment of cost of ____________________ in financial  statement:-

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Branch which does not maintain its  own set of  books is ________ ;-

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Managing committee of every society  shall prepare  annual  statement of accounts  within days;-

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The first step in  process costing system  is to :-

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In straight line method of depreciation, the written down value of a fixed asset will be at the end of the life of the asset as under:

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A book wherein various accounts are opened is called______?

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In statement  of affairs  liabilities  are shown on the :-

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Quick Ratio can be computed as under:

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Reserve for doubtful debts is stands for:-

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Discount received is a/an:

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Debit note is the basis for recording a transaction in which of the following journals?

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The budget sales  , plus target  ending  finished good inventory, minus  beginning  finished  good inventory  is equal to:-

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Preparation of annual report of a firm is governed under :-

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Books keeping mainly concern  with  which part of the accounting  process:-

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Discount for quick repayment of debt is normally referred as____________?

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Sales expenditure budget is prepared by estimating the expense(s) of

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What from the following is NOT a capital expense?

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All branch expenses are paid by the head office  in case of the ;-

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Every business transaction affects at least ________ accounts?

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