Accounting Mcqs


Q.  Discount allowed is a kind of deduction from_____________?

a. Account payable
b. Account receivable
c. Cash account
d. Discount account


ANSWER: See Answer
 
No explanation is available for this question!
MCQs:  Which of the following assets is/are to be valued at the lower of cost and net realizable value?
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MCQs:  A few errors committed in Ahhiwalia’s books of account are given below. State which errors would affect the Trial Balance. (a). Sales of `950 to Ram completely omitted from books of account (b). Purchases of `720 from Shyam entered in the purchases journal as `700 (c). Purchases Journal is overcast by `1,000 (d). Sales returns journal is undercast by `200 (e) Amount paid to Agarwal wrongly posted to the debit to Mittal’s account (f) Bank overdraft shown under debit column in the Trial Balance (g) Sales of `500 to Sadiq entered in sales journal as sales to Mushtaq (h) Wages paid for installation of machinery debited to wages account
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MCQs:  Which of the following methods is not a practical way of realizing revenue?
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MCQs:  The amount payable to a person as consideration for the use of rights vested in him is
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MCQs:  Buildings account is debited with an amount towards repairs. This is an example of?
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MCQs:  The concept of conservatism will have the effect of______________?
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MCQs:  During the year 2011-2012, the value of closing inventory was overstated by 25,000. Which of the following is true?
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MCQs:  Which of the following errors is an error of omission?
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MCQs:  Which of the following statements is /are true?
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MCQs:  Journal proper is meant for recording_____________?
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MCQs:  Closing stock in the Trial Balance implies that______________?
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MCQs:  The adjustment to be made for income received in advance is:
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MCQs:  Which of the following statements is correct about Trial Balance?
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MCQs:  While finalizing the current year‘s accounts, the company realized that an error was made in the calculation of closing stock of the previous year. In the previous year, closing stock was valued more by 50,000. As a result
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MCQs:  If goods worth 1,750 returned to a supplier is wrongly entered in sales return book as 1,570, then
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MCQs:  For the past 3 years, DK Ltd. has failed to accrue unpaid wages earned by workers during the last week of the year. The amounts omitted, which were considered material, were as follows: March 31,2010 – ` 56,000 March 31, 2011 – ` 51,000 March 31, 2012 – ` 64,000 The entry on March 31, 2012 to rectify these omissions would include a
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MCQs:  Purchase journal is kept to record_____________?
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MCQs:  The beginnings inventory of the current year is overstated by 5,000 and closing inventory is overstated by 12,000. These errors will cause the net income for the current year by
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MCQs:  The accountant of Leo Ltd. recorded a payment by cheque to a creditor for supply of materials as 1,340.56. The bank recorded the cheque at its correct amount of 3,140.56. The Company has not passed any rectification entries and the error is not detected through the bank reconciliation. The impact of this error is
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MCQs:  Which of the following errors affects the agreement of a Trial Balance?
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