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Accounts Fundamental MCQ Question with Answer

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

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Question No : 8
A part of the profit distributed to the shareholders is known as

Reserve & Surplus
Retained Earnings
Dividend
Net Profit

Question No : 9
The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The depreciation amount under Straight Line Method is

Rs.57,000
Rs.59,500
Rs.54,500
Rs.50,000

Question No : 10
The account which can never have a credit balance is

Bank
Cash
Debtor
Creditor

Question No : 11
The short description of a transaction written at the end of a journal entry is known as _______________.

Summary
Narration
Memo
Info

Question No : 12
The basic unit of measurement of the accounting system is ______________.

Money
Finance
Weight
None of the above

Question No : 13
Business ventures, which are started for a predefined period, are known as _____________ventures

Joint
Terminal
Treminable
Limited Period

Question No : 14
Depreciation is not charged on _______________.

New assets
Land
Building
None of the above