Accounting Mcqs

Q.  Bad debts recovered is:

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


ANSWER: See Answer
 
Bad debts earlier written–off and later recovered is a profit to the firm and hence they are transferred to Profit & loss Account.
TasDia Network - Mcqs | Signature | Lyrics
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: T-Code Scripts
MCQs:  Computers taken on hire by a business for a period of twelve months should be classified as:___________?
Category: MBA Questions,   Published by: T-Code Scripts
MCQs:  Which of the following is not an intangible asset?
Category: MBA Questions,   Published by: T-Code Scripts
MCQs:  Which of the following is a current liability?
Category: MBA Questions,   Published by: T-Code Scripts
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: T-Code Scripts
MCQs:  Which of the following is not a contingent liability?
Category: MBA Questions,   Published by: T-Code Scripts
MCQs:  Which of the following are current assets of a business? i. Income received in advance ii. Stock iii. Debtors iv. Pre-paid expenses v. Accrued income
Category: MBA Questions,   Published by: T-Code Scripts
MCQs:  Closing entries are generally passed:
Category: MBA Questions,   Published by: T-Code Scripts
MCQs:  Closing stock appearing in the Trial Balance is shown in:
Category: MBA Questions,   Published by: T-Code Scripts
MCQs:  Depreciation Account appearing in the Trial Balance is shown in:
Category: MBA Questions,   Published by: T-Code Scripts
MCQs:  Profit on sale of old plant is:___________?
Category: MBA Questions,   Published by: T-Code Scripts
MCQs:  Carriage on goods purchased is shown in:___________?
Category: MBA Questions,   Published by: T-Code Scripts
MCQs:  Which of these is not an operating income?
Category: MBA Questions,   Published by: T-Code Scripts
MCQs:  Riaz holds an average inventory of 36,000(CP) with an inventory turnover of 5 times. If the firm makes a gross profit of 25% on sales, find the total sales of the company.
Category: MBA Questions,   Published by: T-Code Scripts
MCQs:  From the following details what will be the partners commission? Net profit before charging partners commission 65,000. Partners commission @ 11% after charging such commission.
Category: MBA Questions,   Published by: T-Code Scripts
MCQs:  From the following details what will be the partners commission? Net profit before charging partners commission 65,000. Partners commission 11% before charging such commission
Category: MBA Questions,   Published by: T-Code Scripts
MCQs:  Arrangement of Balance Sheet in a logical order is known as __________?
Category: MBA Questions,   Published by: T-Code Scripts
MCQs:  Find the value of opening stock from the following data. Purchases 1,50,000, Closing stock 30,000 Sales 2,20,000, Gross profit 40,000.
Category: MBA Questions,   Published by: T-Code Scripts
MCQs:  A Bill of Exchange is drawn on 1st April, 2018 payable after 3 months. The due date of the bill is?
Category: MBA Questions,   Published by: T-Code Scripts
MCQs:  When bill discounted with the bank is dishonored?
Category: MBA Questions,   Published by: T-Code Scripts