Accounting MCQs

1590 MCQs  (Page 30 of 159)

Based on which of the following concepts, is Share Capital Account shown on the liabilities side of a Balance Sheet?
A. Business entity concept
B. Money measurement concept
C. Going concern concept
D. Matching concept
Which of the following is not a contingent liability?
A. Debts included in sundry debtors which are doubtful in nature
B. Uncalled liability on partly paid shares
C. Claims against the company not acknowledged as debts
D. Arrears of fixed cumulative dividend
Which of the following are current assets of a business?
A. I. income received in advance
B. Ii. stock
C. Iii. debtors
D. Iv. pre-paid expenses
Closing entries are generally passed:
A. At the time of opening new books of account
B. At the time of closing the accounts
C. During the course of accounting period any time
D. After certification of accounts
Closing stock appearing in the Trial Balance is shown in:
A. Trading a/c and balance sheet
B. Profit and loss a/c
C. Balance sheet only
D. Trading a/c only
Depreciation Account appearing in the Trial Balance is shown in:
A. Profit and loss a/c
B. Trading a/c
C. Deducted from the concerned assets a/c
D. Shown on the liability side
Profit on sale of old plant is:___________?
A. In trading a/c
B. In profit and loss appropriation a/c
C. Profit and loss a/c
D. Being a non operating item ignored
Carriage on goods purchased is shown in:___________?
A. Profit and loss a/c
B. Capitalized with work in progress
C. Trading a/c
D. Shown in balance sheet
Which of these is not an operating income?
A. Income from sale of trading goods
B. Bad debts recovered
C. Interest on fds
D. None