341. Investment in own share A/c appears in____________?
✅ A. Asset side
Option A : Asset side Option B : Liability side Option C : Netted from Capital Option D : Profit & Loss A/c Correct Answer : Asset side Read more
Author: Faraz Ahmed – Page 18
342. Payments received in advance from a customer for a contract can be__________?
✅ E. above
Option A : Shown as a deduction from contract work-in-progress on asset side Option B : Shown as a liability Option C : Credited to P&L A/c Option D : Either or Correct Answer : Either or above Read more
343. If a company has contingent liabilities, they appear in the__________?
✅ C. Notes on account to Balance Sheet
Option A : Balance Sheet Option B : Directors report Option C : Notes on account to Balance Sheet Option D : Chairmans report Correct Answer : Notes on account to Balance Sheet Read more
344. Depreciation is calculated on the____________?
✅ C. Cost+ Transport+ Installation expenses
Option A : Cost price of asset Option B : Market price Option C : Cost+ Transport+ Installation expenses Option D : Cost or market values whichever is less Correct Answer : Cost+ Transport+ Installation expenses Read more
345. Which of the following is an external cause of depreciation?
✅ C. Obsolescence
Option A : Routine repair and maintenance Option B : Misuse Option C : Obsolescence Option D : Wear and tear Correct Answer : Obsolescence Read more
346. Which of the following is not depreciated?
✅ B. Land
Option A : Building Option B : Land Option C : Plant and Machinery Option D : Office equipment Correct Answer : Land Read more
347. ____________is also known as Appraisal system of depreciation?
✅ A. Inventory system
Option A : Inventory system Option B : Survey system Option C : Annuity system Option D : Insurance Correct Answer : Inventory system Read more
348. Bad debts recovered account will be transferred to______________?
✅ E. above Read More About this Mcq
Option A : Debtors Account Option B : Profit and Loss Account Option C : Provision for Doubtful Debt Account Option D : Either (b )or Correct Answer : Either (b )or above Read more
349. The entry for creating a Provision for bad debts is_____________?
✅ D. Debit Profit and Loss A/c and credit Provision for Bad Debts A/c.
Option A : Debit Provision for Bad Debts A/c and credit Debtors A/c Option B : Debit Debtors A/c and credit Provision for Bad Debts A/c Option C : Debit Provision for Bad Debts A/c and credit Profit & Loss A/c Option D : Debit Profit and Loss A/c and credit Provision for Bad Debts A/c. Correct Answer : Debit… Read more
350. When a person purchasing goods on credit he becomes a_________in the books of the seller?
✅ A. Debtor
Option A : Debtor Option B : Creditor Option C : Defaulter Option D : Offender Correct Answer : Debtor Read more