Accounting MCQs

A.  lots in , few out
B.  link input, format output
C.  last input, first output
D.  last in, first out

A. Replacement cost – accumulated depreciation
B. Historical cost – salvage value
C. Historical cost – depreciation portion thereof
D. Original cost adjusted for general price-level changes

A. An asset in the balance sheet
B. A liability
C. By adjusting it in the p & l a/c
D. Both b. and c. above

A. Current asset
B. Current liability
C. Fixed asset
D. Income

A. Debited to p&l a/c
B. Shown as liability in balance sheet
C. Reduced from related asset in balance sheet
D. Both a. and c. above

A. P&l a/c is debited with 1,400
B. P&l a/c is debited with 1,200
C. 200 is shown as current asset
D. Both b. and c. above

A. Credited to p&l a/c
B. Debited to p&l a/c
C. Reduced from debtors in balance sheet
D. Added to debtors in balance sheet

A. Add prepaid expenses to respective expenses and show it as an asset
B. Deduct prepaid expenses from respective expenses and show it as an asset
C. Add prepaid expenses to respective expenses and show it as a liability
D. Deduct prepaid expenses from respective expenses and show it as a liability

A. I. depreciation for 2011-2012- 7,000 understated
B. Ii. accrued expenses as at march 31, 2013 – 10,000 understated
C. The impact of this on the reported net income for the year ending march 31, 2013 is
D.

A. Debit p&l a/c and credit reserve for discount on accounts payable a/c
B. Debit accounts payable a/c and credit p&l a/c
C. Debit reserve for discount on accounts payable a/c and credit p&l a/c
D. Debit reserve for discount on accounts payable a/c and credit accounts payable a/c