Accounts MCQs 37 Welcome to Shaheen Leader Academy We expect 100% result. Click on Start Button. Your time is Ended. Thanks Accounts Quiz 1 / 25 An increase in provision for bad debt will____________? Increase net income Decrease liabilities Increase liabilities Decrease net income 2 / 25 Income from the sale of scrap is usually shown in All of the above Position about liquid funds Position about incomes and expenses Profit and Loss account 3 / 25 Closing stock is generally valued at______________? Cost price or Market price whichever is lower Market Price Cost Price Cost price or Market price whichever is higher 4 / 25 Income earned but not received is called ____________? Real asset Quick asset Outstanding asset Fictitious assets 5 / 25 Sales and purchase journal don’t record__________? Credit sales Credit purchases Cash sales and purchases Credit sales and purchases 6 / 25 Cash received from debtor is recorded in which of the following SPECIALIZED journals? Cash payments journal Purchase journal Sales journal Cash receipts 7 / 25 Buildings account is debited with an amount towards repairs. This is an example of? Error of omission Error of commission Compensating error Error of principle 8 / 25 The assets which come into existence upon the happening of a certain event are called__________? Fictitious assets Fixed assets Quick assets Contingent assets 9 / 25 Keeping the log of financial information in books of original entries is called__________? Recording summarizing Grouping Processing 10 / 25 Which of the following errors is an error of omission? Sale of ` 100 was recorded in the Purchases Journal Wages paid to Mohan have been debited to his account Repairs to buildings have been debited to buildings account The total of the sales journal has not been posted to the Sales Account 11 / 25 What from the following is NOT a current asset? Patent rights Cash Inventory Trade receivables 12 / 25 Which of the following accounts will be credited if a company purchases building for cash? Capital account Cash account Building account Fixed assets account 13 / 25 A public corporation is set up– Under Indian Companies Act, 1956 none of the above By a Special Act of Parliament By a special order of the Government 14 / 25 In Journal, the business transaction is recorded Once in a week Same day Once in a week Next day 15 / 25 An account records the ___________ in the balance of an item? Decrease Increase or decrease Increase Appreciation 16 / 25 Bad loans in banking terminology are generally known as– CBS NPAs BPOs Prime Asset 17 / 25 Debit note is the basis for recording a transaction in which of the following journals? Purchase return journal Purchase journal General journal Cash journal 18 / 25 Which is the most important characteristic that all assets of a business have? Future economic benefits Value of assets Intangible nature of assets Long life of assets 19 / 25 A low Return on Investment Ratio (ROI) indicates Both A and B None of the above Over investment in assets Improper utilization of resources 20 / 25 _______ the withdrawal of cash and goods by the owner of the busienss for his/her personal use? Depreciation Appreciation Drawings Outflow of cash 21 / 25 Accounting provides information on Company's tax liability for a particular year Cost and income for managers Financial conditions of an institutions All of the above 22 / 25 Modern system of book keeping is called______________? Single entry system Italic system Double entry system American system 23 / 25 The unsold goods are ______________? Purchases Inventory Sale return Equity 24 / 25 Which of the following is a revenue expenses? Raw material consumed Plant purchased Share Capital Long term loan raised from bank 25 / 25 Income Tax rates are the same for: Limited Companies None of above Banking Companies Your score is LinkedIn Facebook Twitter VKontakte Restart quiz SearchSearchSubscribe our YouTube Channel https://youtu.be/Pe1vD61XNTY Recent Posts Join PAF Short Commission Services and GDP Join Pak Army as a Soldier- 2023 (Last Date is 10 March, 2023) Daily Homework Jobs in Federal Public Service Commission Subscribe our YouTube Channel Apply Here for Online Registration Join Pak Army Join Pak Navy Join Pak Air Force Join PAC Contact For any query please call at 0333-2225389 Facebook-f Twitter Google-plus-g Instagram Dribbble Youtube