Accounts Fundamental MCQ Question with Answer

Accounts Fundamental MCQ with detailed explanation for interview, entrance and competitive exams. Explanation are given for understanding.

Question No : 43
Fixed Assets are stated in the balance sheet at their market value.

True

False

Question No : 44
Contingent liability is an ascertained liability but its amount and due date are indeterminate.

True

False

Question No : 45
Expenditure, which result in acquisition of permanent assets, is a capital expenditure.

True

False

Question No : 46
Sale of Office Furniture should be credited to Sales Account.

True

False

Question No : 47
Trial Balance is prepared after the preparation of Profit and Loss Account.

True

False

Question No : 48
Any type of error affects the agreement of Trial Balance.

True

False

Question No : 49
The balance in the Cash Book represents net income.

True

False

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