Accounts MCQs 88 Welcome to Shaheen Leader Academy We expect 100% result. Click on Start Button. Your time is Ended. Thanks Accounts Branch Quiz 1 / 25 Discount allowed is a kind of deduction from_____________? Cash account Discount account Account payable Account receivable 2 / 25 The normal balance of liability account is____________? Cash balance Neither debit nor credit balance Credit balance Debit balance 3 / 25 Bad loans in banking terminology are generally known as– CBS NPAs BPOs Prime Asset 4 / 25 Amount paid to Masood posted to the credit side of his account would affect___________? Masood’s account None of these Cash account Cash account and Gagan’s account 5 / 25 Trial balance is prepared to check accuracy of_______________? Balance sheet balances Cash flow statement balances Income statement balances Ledger accounts balances 6 / 25 In statement of affairs assets are shown on the :- Left hand side top Right hand side Left hand side 7 / 25 What standards are used to prepare financial statements by most of the countries and companies International Risk Reporting Standards International Accounting & Auditing Standards International Financial Reporting Standards International Financial Accounting Standards 8 / 25 Stock is considered as a liquid assets as anytime it can be converted into cash immediately:- Yes No 9 / 25 Most of the farming transactions are transacted on ________________ basis:- Creditors Cash Double entry 10 / 25 Income from the sale of scrap is usually shown in Profit and Loss account Position about liquid funds Position about incomes and expenses All of the above 11 / 25 An asset become non performing when it ceases to generating income for a bank:- False True 12 / 25 Real account records All of the above Dealings in commodities Dealings with creditors or debtors Gains and losses 13 / 25 Financial accounting statements are subject to ;- Forensic audit Statutory audit Cost audit 14 / 25 An auditor is liable for his annual audit of accounts o: Bankers Creditors Owners 15 / 25 Ordinarily one can have the following partners in a partnership in Pakistan under the apartnership Act 1932:- 20 30 10 16 / 25 The amount of depreciation charged on machinery will be debited to ;- machinery account Depreciation account Cash account 17 / 25 Fixed assets are of long life and are not purchased specifically for resale:- False True 18 / 25 A low Return on Investment Ratio (ROI) indicates None of the above Both A and B Over investment in assets Improper utilization of resources 19 / 25 Lower the Debt Equity ratio None of the above Higher the protection to creditors Lower the protection to creditors It does not affect the creditors 20 / 25 If the total liabilities of a business decrease by $5000 what will be the effect on total assets:- Increase by $50000 Remain constant Decrease by $5000 21 / 25 Economic resources of a business that are expected to be of benefit in the future are referred to as:- Liabilities Assets Owner's equity 22 / 25 Discount received is a/an: Liability Expense Asset Revenue 23 / 25 Balance sheets are prepared Monthly Weekly Daily Annually 24 / 25 Which is a real account:- Office equipment rent expense rent income 25 / 25 The concept of conservatism will have the effect of______________? Overstatement of Liabilities Understatement of Assets Understatement of Liabilities Overstatement of Assets Your score is LinkedIn Facebook Twitter VKontakte Restart quiz Subscribe our YouTube Channel Apply Here for Online Registration Join Pak Army Join Pak Navy Join Pak Air Force Join PAC