Accounting Mcqs


Q.  Bank sent debit advice of $500 to company being interest on overdraft. It wasn’t entered in cash book. Identify the correct adjustment in cash book.

a. $500 will be debited
b. $500 will be credited
c. Non-adjustable
d. $1000 will be subtracted


ANSWER: See Answer
 
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MCQs:  A cash book that is used to record the small payments of cash is generally referred as_________?
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MCQs:  Drawings by owner of business are generally recorded on which of the following side of a cash book?
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MCQs:  A cash book with cash, bank and discount column is commonly referred as________?
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MCQs:  Which English alphabet is similar to the shape of an account?
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MCQs:  Consider the following data for a company during the month of June 2012 Budgeted hours 4,000 Standard hours for actual production 4,400 Maximum possible hours in the budget period 4,800 Actual hours 3,800 The activity ratio of the company during the month is
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MCQs:  Which of the following bases is not appropriate for apportionment of Transport department‘s cost ?
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MCQs:  Budgeted sales for the next year is 5,00,000 units. Desired ending finished goods inventory is 1,50,000 units and equivalent units in ending W-I-P inventory is 60,000 units. The opening finished goods inventory for the next year is 80,000 units, with 50,000 equivalent units in beginning W-I-P inventory How many equivalent units should be produced?
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MCQs:  If the asset turnover and profit margin of a company are 1.85 and 0.35 respectively, the return on investment is.
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MCQs:  A company is currently operating at 80% capacity level. The production under normal capacity level is 1,50,000 units. The variable cost per unit is ` 14 and the total fixed costs are ` 8,00,000. If the company wants to earn a profit of ` 4,00,000, then the price of the product per unit should be
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