Accounts MCQs 73 Welcome to Shaheen Leader Academy We expect 100% result. Click on Start Button. Your time is Ended. Thanks Accounts Branch Quiz 1 / 25 Capital increases if ______ increases: Drawings Interest on capital Revenue Expenses are greater than income 2 / 25 Cash discount is provided on _______________? Prompt payment Purchases Sales Sales return 3 / 25 Another name of journal is_____________? Day book Record book Cash book Specialized journal 4 / 25 A Master Budget consists of: Production budget Material budget Sales budget All of the above 5 / 25 Transferring entries from journal to ledger account is commonly known as____________? Recording Transferring Posting Entry making 6 / 25 Which of the following methods is not a practical way of realizing revenue? Moving average method Delivery method Production method Percentage-of-completion method 7 / 25 Modern system of book keeping is called______________? Double entry system Single entry system American system Italic system 8 / 25 The minimum number of members required for registration of a cooperative society are– Ten Two Twenty Seven 9 / 25 Which of the following is the external user of financial statements? Creditor of the business Manager of the business Controller of the business CEO of the business 10 / 25 Office equipments account is classified as _________ account? Capital Real Cash Nominal 11 / 25 Which of the following specialised journals will record “goods returned by the BUSINESS “? Sales journal Purchases return journal Sales return journal Purchase journal 12 / 25 The following is a statement of revenues and expenses for a specific period of time Profit & Loss statements Trial Balance Trading account Balance Sheet 13 / 25 Depreciable amount = Residual value – Cost of an asset None of these Cost of an asset – Residual value Cost of an asset + Residual value 14 / 25 A process of accounting that recognizes the impact of transactions on the financial statements in the time periods when revenues and expenses occur instead of when cash is received or disbursed is called ___ basis Replacement None Revaluation All 15 / 25 A higher inventory ratio indicates Better inventory management Quicker turnover None of the above Both A and B 16 / 25 Deferred Taxation is: Fixed asset Fixed liabilities Part of Owners Equity. 17 / 25 Preliminary expenses are an example of Deferred Revenue expenditure Capital expenditure Revenue expenditure Capital loss 18 / 25 A large amount spent on special advertisement is– Deferred Revenue Expenditure Revenue Expenditure Revenue Loss Capital Expenditure 19 / 25 Inflation accounting is also called ___ None Replacement Revaluation All 20 / 25 Which of these is not a special purpose journal? Cash journal Sales journal Purchase journal Debtors journal 21 / 25 The product range is widest in case of– One price shop Departmental store Chain store Speciality shop 22 / 25 Which from the following asset is NOT depreciated? Advances Land Machinery IIand III I only II only I and II 23 / 25 Short-term loan can be described as: If the period is three years If the period is over one year If the period is less than one year 24 / 25 For which step of accounting process the accountants of business entity prepare financial statements? Identification of economic event Making decisions about business Recording financial information Communication of financial information 25 / 25 Lower the Debt Equity ratio None of the above Lower the protection to creditors Higher the protection to creditors It does not affect the creditors 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 Contact For any query please call at 0333-2225389 Facebook-f Twitter Google-plus-g Instagram Dribbble Youtube