Accounts MCQs

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Accounts Branch Quiz

1 / 25

Discount allowed is a kind of deduction from_____________?

2 / 25

The normal balance of liability account is____________?

3 / 25

Bad loans in banking terminology are generally known as–

4 / 25

Amount paid to Masood posted to the credit side of his account would affect___________?

5 / 25

Trial balance is prepared to check accuracy of_______________?

6 / 25

In statement of affairs  assets are shown on the :-

7 / 25

What standards are used to prepare financial statements by most of the countries and companies

8 / 25

Stock is considered as  a liquid  assets as anytime it can be converted  into cash immediately:-

9 / 25

Most of the farming transactions are transacted on ________________ basis:-

10 / 25

Income from the sale of scrap is usually shown in

11 / 25

An asset become  non performing  when it ceases to generating  income  for a bank:-

12 / 25

Real account records

13 / 25

Financial accounting  statements are subject to ;-

14 / 25

An auditor is liable for his annual audit of accounts o:

15 / 25

Ordinarily  one can have the following partners in a partnership in Pakistan under the apartnership  Act 1932:-

16 / 25

The amount of depreciation charged  on machinery will be debited to ;-

17 / 25

Fixed assets are  of long life and are not purchased  specifically for resale:-

18 / 25

A low Return on Investment Ratio (ROI) indicates

19 / 25

Lower the Debt Equity ratio

20 / 25

If the total liabilities of a business  decrease by $5000 what will be the effect on total assets:-

21 / 25

Economic resources  of a business that are expected to be of  benefit in the future  are referred to as:-

22 / 25

Discount received is a/an:

23 / 25

Balance sheets are prepared

24 / 25

Which is a real account:-

25 / 25

The concept of conservatism will have the effect of______________?

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