Accounting Mcqs


Q.  Which of the following statements is false ? select the false from below options

a. Balance Sheet discloses financial position of the business
b. A person who owes to the business is called Debtor
c. Decrease in the value of the asset could decrease the value of a liability
d. Assets are to be shown in the Balance Sheet at the realizable value


ANSWER: See Answer
 
fixed assets are to be shown in the Balance Sheet at their actual cost.
MCQs:  When bill discounted with the bank is dishonored?
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MCQs:  In the books of the drawer, the accounting treatment involved on receipt of a bill of exchange duly accepted by the drawee is? i. Debit Bills Receivable Account ii. Debit Drawee‘s Account iii. Credit Drawee‘s Account iv. Credit Sales Account
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MCQs:  The noting charges levied on dishonour of an endorsed bill by the Notary Public are to be borne by
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MCQs:  The drawer of a trade bill passes relevant entries with regard to the transaction involved in it. But, in case of an accommodation bill, he passes an entry in addition to the usual entries. The additional entry so passed is with respect to
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MCQs:  Under which of the following situations, is journal entry not passed in the books of the drawer?
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MCQs:  Which of the following is not a feature of a promissory note?
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MCQs:  How many parties are generally found in a Bill of Exchange?
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MCQs:  Negotiable Instrument Act was enacted in_________?
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MCQs:  Which of these is not an essential feature of a bill of exchange?
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MCQs:  A foreign bill of exchange is generally drawn up in___________?
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MCQs:  Which of these are not required in a promissory note?
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MCQs:  X draws a Bill of Exchange on Y for 10,000 on 1-1-2013 for 3 months. The due date of the bill will be_________?
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MCQs:  Accommodation bills are generally for?
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MCQs:  A cash deposit made by business appears on the bank statement as _______ balance?
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MCQs:  A check returned by bank marked “NSF” means that:
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MCQs:  Bank reconciliation statement is prepared by____________?
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MCQs:  Bank charges amounting to $5000 was not entered in the cash book. Identify the correct adjustment in cash book?
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MCQs:  Favorable balance of cash book implies that
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MCQs:  Bank reconciliation statement is the comparison of a bank statement (sent by bank) with the _________ (prepared by business).
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MCQs:  In the Bank reconciliation statement “Deposit in transit” is usually:
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