Accounting MCQs

A. Building
B. Land
C. Plant and machinery
D. Office equipment

A. Inventory system
B. Survey system
C. Annuity system
D. Insurance

A. Debtor
B. Creditor
C. Defaulter
D. Offender

A. Opening stock
B. Carriage inward
C. Wages & salary
D. Postage & stamps

A. Assets side
B. Liability side
C. Profit & loss a/c
D. Debited to capital a/c

A. Asset side
B. Liability side
C. Netted from capital
D. Profit & loss a/c

A. Balance sheet
B. Directors‘ report
C. Notes on account to balance sheet
D. Chairman‘s report

A. Written down to zero or its scrap value
B. Shown in the balance sheet at its replacement cost
C. Shown in the balance sheet at cost, but classified as a non-current asset
D. Carried in the accounting records at cost until it is sold

A. Finished goods
B. Work-in-process
C. Stores and spares
D. Advance payments made to suppliers for raw materials

A. Credit balance of provision for bad debts account
B. Debit balance of provision for bad debts account
C. Debit balance of bad debts account
D. Debit balance of discount on debtors account