Accounting Mcqs

Engineering MCQs CBSE MCQs

Q.  At the time of preparation of financial accounts, bad debt recovered account will be transferred to?

a. Debtors A/c
b. Profit & Loss A/c
c. Profit & Loss Adjustment A/c
d. Profit & Loss Appropriation A/c


ANSWER: See Answer
 
Bad debt recovered is a windfall gain and it is transferred to Profit & Loss Account at the time of preparation of Final Accounts. If provisions account is there in the books it will be transferred to Provision A/c and the balance if any in the provision account will be transferred to Profit & Loss Account. It is recovery of bad debt written off and hence it is not transferred to Debtors Account. It is not transferred to Profit & Loss Adjustment Account. It is not an appropriation to be transferred to Profit & Loss Appropriation Account. Thus, the answer is B
MCQs:  Which of the following relationships is/are false?
Category: MBA Questions,   Published by: teswesm
MCQs:  Gross Profit is equal to_________?
Category: MBA Questions,   Published by: teswesm
MCQs:  Which of the following shall not be deducted from net profit while calculating managerial remuneration?
Category: MBA Questions,   Published by: teswesm
MCQs:  Which of the following equations is correct?
Category: MBA Questions,   Published by: teswesm
MCQs:  Which of the following is not true with regard to preparation of Profit & Loss Account?
Category: MBA Questions,   Published by: teswesm
MCQs:  The Profit and Loss Account shows the:
Category: MBA Questions,   Published by: teswesm
MCQs:  Which of the following will not appear in Profit and Loss Account of a business?
Category: MBA Questions,   Published by: teswesm
MCQs:  Which of the following is not a financial statement?
Category: MBA Questions,   Published by: teswesm
MCQs:  If unexpired insurance appears in the Trial Balance, it should be:
Category: MBA Questions,   Published by: teswesm
MCQs:  Which of the following are/is not a fixed asset?
Category: MBA Questions,   Published by: teswesm
MCQs:  Which of the following are/is a current asset?
Category: MBA Questions,   Published by: teswesm
MCQs:  Tax deducted at source appears in the Balance Sheet
Category: MBA Questions,   Published by: teswesm
MCQs:  Which of the following statements is false ? select the false from below options
Category: MBA Questions,   Published by: teswesm
MCQs:  The Balance Sheet gives information regarding the____________?
Category: MBA Questions,   Published by: teswesm
MCQs:  Which of the following accounts appear(s) in the Balance Sheet of a business? i. Stock at the end of the financial year ii. Stock at the beginning of the financial year iii. Drawings iv. Prepaid Rent v. Interest received but not yet earned
Category: MBA Questions,   Published by: teswesm
MCQs:  Computers taken on hire by a business for a period of twelve months should be classified as:___________?
Category: MBA Questions,   Published by: teswesm
MCQs:  Which of the following is not an intangible asset?
Category: MBA Questions,   Published by: teswesm
MCQs:  Which of the following is a current liability?
Category: MBA Questions,   Published by: teswesm
MCQs:  Based on which of the following concepts, is Share Capital Account shown on the liabilities side of a Balance Sheet?
Category: MBA Questions,   Published by: teswesm
MCQs:  Which of the following is not a contingent liability?
Category: MBA Questions,   Published by: teswesm

Related Questions

▲