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MCQs: On scrutiny of a firm‘s books of accounts, it was observed that the following errors have occurred in the previous years but have not yet been rectified.
i. Depreciation for 2011-2012- 7,000 understated
ii. Accrued expenses as at March 31, 2013 – 10,000 understated
The impact of this on the reported net income for the year ending March 31, 2013 is
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MCQs: Which of the following entries is correct in respect of reserve for discounts on accounts payable?
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MCQs: Sundry debtors as per Trial Balance is 43,000 which includes 2,200 due from ‗H in respect of goods sent to him on approval basis, the cost price of which is 1,800. Rectification would involve:
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MCQs: Goods in stock worth 800 are destroyed by fire and the Insurance Co. is accepted the claim for 600. Adjustment would involve
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MCQs: Prepaid expenses are valued on the Balance Sheet at
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MCQs: Which of the following relationships is/are false?
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MCQs: Gross Profit is equal to_________?
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MCQs: Which of the following shall not be deducted from net profit while calculating managerial remuneration?
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MCQs: Which of the following equations is correct?
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MCQs: Which of the following is not true with regard to preparation of Profit & Loss Account?
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MCQs: The Profit and Loss Account shows the:
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MCQs: Which of the following will not appear in Profit and Loss Account of a business?
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MCQs: Which of the following is not a financial statement?
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MCQs: If unexpired insurance appears in the Trial Balance, it should be:
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MCQs: Which of the following are/is not a fixed asset?
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MCQs: Which of the following are/is a current asset?
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MCQs: Tax deducted at source appears in the Balance Sheet
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MCQs: Which of the following statements is false ? select the false from below options
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MCQs: The Balance Sheet gives information regarding the____________?
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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
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