Wages and Salaries is a charge against

Question

Wages and Salaries is a charge against

A. Trading Account

B. Profit and Loss Account

C. Profit and Loss Appropriation Account

D. Balance Sheet

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Cash is an example of

A. Personal Account

B. Real Account

C. Nominal Account

D. Both (a) and (b)

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E. & O.E.

A. Errors & Omissions Expected

B. Error & Omission Expected

C. Errors & Omissions Entered

D. Errors & Omissions Excepted

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Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.

A. True

B. False

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Providing depreciation ensures sufficient cash for asset replacement.

A. True

B. False

Discuss this answer

Capital of the business is an example of external liability.

A. True

B. False

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Depreciation cannot be provided in case of loss, in a financial year.

A. True

B. False

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Cash payments are recorded on the _______________ of the Cash Book.

A. Debit side

B. Credit side

C. Both sides

D. Any one side

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The account which can never have a credit balance is

A. Bank

B. Cash

C. Debtor

D. Creditor

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Business ventures, which are started for a predefined period, are known as _____________ventures

A. Joint

B. Terminal

C. Treminable

D. Limited Period

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Bank Reconciliation statement is prepared to arrive at the Bank Balance.

A. True

B. False

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Transfer to General Reserve is a charge against

A. Trading Account

B. Profit and Loss Account

C. Profit and Loss Appropriation Account

D. Balance Sheet

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Which of the following events is not a transaction?

A. Mr. Employer paid salary of Rs.9,000 to Mr. Employee.

B. Rahul sold his bicycle to Rohan for Rs.600.

C. Abhijeet gifted a book, priced at Rs.800, to Amit.

D. None of the above.

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The balance in the Cash Book represents net income.

A. True

B. False

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Arrange the steps of accounting in sequential order -
(i) Trial Balance;
(ii) Journal Entry;
(iii) Balancing of Accounts;
(iv) Ledger Posting.

A. (i),(ii),(iii),(iv)

B. (ii),(iii),(iv),(i)

C. (ii),(iv),(i),(iii)

D. (ii),(iv),(iii),(i)

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Choose the odd one out

A. Wages

B. Stationery

C. Sales

D. Furniture

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The short description of a transaction written at the end of a journal entry is known as _______________.

A. Summary

B. Narration

C. Memo

D. Info

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HUF stands for

A. Hindu United Family

B. HIndi Undivided Family

C. Hindu Undivided Family

D. Hindu Uniform Family

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The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd year, on diminishing balance method, is

A. Rs.60,000

B. Rs.54,000

C. Rs.48,600

D. Rs.43,740

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Mr.Customer purchased goods from Mr.Seller on credit. This is a/an

A. Event

B. Transaction

C. Both (a) and (b)

D. None of the above

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Accrual concept implies accounting on cash basis.

A. True

B. False

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If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books of accounts.

A. True

B. False

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Contingent liability is an ascertained liability but its amount and due date are indeterminate.

A. True

B. False

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An expense incurred to keep the machine in working condition is a capital expenditure.

A. True

B. False

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All events are transactions but all transactions are not events.

A. True

B. False

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Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.

A. True

B. False

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Any type of error affects the agreement of Trial Balance.

A. True

B. False

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An expenditure intended to benefit the current period is revenue expenditure.

A. True

B. False

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Sale of Office Furniture should be credited to Sales Account.

A. True

B. False

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All credit sales are recorded in

A. Sales Day Book

B. Sales Credit Book

C. Sales Day Account

D. Sales Day Register

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Which of the following equation(s) is(are) true

A. Assets = Liabilities + Capital

B. Assets - Capital = Liabilities

C. Both (a) and (b)

D. None of the above

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Accepted Answer

A. Trading Account

Wages and Salaries is a charge against

Correct Answer :

Show all Accounts Fundamental MCQ

Related Questions

Cash is an example of

E. & O.E.

Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.

Providing depreciation ensures sufficient cash for asset replacement.

Capital of the business is an example of external liability.

Depreciation cannot be provided in case of loss, in a financial year.

Cash payments are recorded on the _______________ of the Cash Book.

The account which can never have a credit balance is

Business ventures, which are started for a predefined period, are known as _____________ventures

Bank Reconciliation statement is prepared to arrive at the Bank Balance.

Transfer to General Reserve is a charge against

Which of the following events is not a transaction?

The balance in the Cash Book represents net income.

Arrange the steps of accounting in sequential order -
(i) Trial Balance;
(ii) Journal Entry;
(iii) Balancing of Accounts;
(iv) Ledger Posting.

Choose the odd one out

The short description of a transaction written at the end of a journal entry is known as _______________.

HUF stands for

The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd year, on diminishing balance method, is

Mr.Customer purchased goods from Mr.Seller on credit. This is a/an

Accrual concept implies accounting on cash basis.

If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books of accounts.

Contingent liability is an ascertained liability but its amount and due date are indeterminate.

An expense incurred to keep the machine in working condition is a capital expenditure.

All events are transactions but all transactions are not events.

Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.

Any type of error affects the agreement of Trial Balance.

An expenditure intended to benefit the current period is revenue expenditure.

Sale of Office Furniture should be credited to Sales Account.

All credit sales are recorded in

Which of the following equation(s) is(are) true

Also checkout

Wages and Salaries is a charge against

Correct Answer :

Show all Accounts Fundamental MCQ

Related Questions

Cash is an example of

E. & O.E.

Capital + Long-term liabilities = Fixed Assets + Current Assets + Cash - Current Liabilities.

Providing depreciation ensures sufficient cash for asset replacement.

Capital of the business is an example of external liability.

Depreciation cannot be provided in case of loss, in a financial year.

Cash payments are recorded on the _______________ of the Cash Book.

The account which can never have a credit balance is

Business ventures, which are started for a predefined period, are known as _____________ventures

Bank Reconciliation statement is prepared to arrive at the Bank Balance.

Transfer to General Reserve is a charge against

Which of the following events is not a transaction?

The balance in the Cash Book represents net income.

Arrange the steps of accounting in sequential order - (i) Trial Balance; (ii) Journal Entry; (iii) Balancing of Accounts; (iv) Ledger Posting.

Choose the odd one out

The short description of a transaction written at the end of a journal entry is known as _______________.

HUF stands for

The cost of a machine is Rs.6,00,000. The rate of depreciation is 10%. The depreciation for the 3rd year, on diminishing balance method, is

Mr.Customer purchased goods from Mr.Seller on credit. This is a/an

Accrual concept implies accounting on cash basis.

If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books of accounts.

Contingent liability is an ascertained liability but its amount and due date are indeterminate.

An expense incurred to keep the machine in working condition is a capital expenditure.

All events are transactions but all transactions are not events.

Deferred Revenue Expenditure is current year's revenue expenditure to be paid in latter years.

Any type of error affects the agreement of Trial Balance.

An expenditure intended to benefit the current period is revenue expenditure.

Sale of Office Furniture should be credited to Sales Account.

All credit sales are recorded in

Which of the following equation(s) is(are) true

Also checkout

Arrange the steps of accounting in sequential order -
(i) Trial Balance;
(ii) Journal Entry;
(iii) Balancing of Accounts;
(iv) Ledger Posting.