541. Which answer correctly completes this 2026 current-affairs record: On what date was UN Charter Day observed in 2026?
✅ C. 26 June 2026
A. 11 February 2026 B. 26 January 2026 C. 26 June 2026 D. 24 January 2026 Read more
Author: Faraz Ahmed – Page 28
542. Which answer correctly completes this 2026 current-affairs record: Which international observance fell on 26 June 2026?
✅ A. UN Charter Day
A. UN Charter Day B. International Day of Education C. International Day of Clean Energy D. International Day of Women and Girls in Science Read more
543. Discount for quick repayment of debt is normally referred as____________?
✅ C. Cash discount
Option A : Trade discount Option B : Prompt payment discount Option C : Cash discount Option D : Bulk discount Correct Answer : Cash discount Read more
544. The first step in accounting process is___________?
✅ B. Identifying the transaction
Option A : Recording the transaction Option B : Identifying the transaction Option C : Posting the transaction Option D : Preparing the source documents Correct Answer : Identifying the transaction Read more
545. A chart of accounts generally start with which of the following types of accounts?
✅ A. Assets accounts
Option A : Assets accounts Option B : liability accounts Option C : Cash accounts Option D : Revenue accounts Correct Answer : Assets accounts Read more
546. Total depreciation of an asset cannot exceed its:
✅ D. Depreciable value
Option A : Scrap value Option B : Residual value Option C : Market value Option D : Depreciable value Correct Answer : Depreciable value Read more
547. Amount paid to Masood posted to the credit side of his account would affect___________?
✅
Option A : Masoods account Option B : Cash account Option C : Cash account and Gagans account Option D : None of these Correct Answer : Masoods account Read more
548. Which of the following statements is/are true ?
✅ D. Cash Book is a subsidiary book as well as a ledger
Option A : A sale of an asset is recorded in the Sales Book Option B : Total of Return Outward Book is debited to Return Outward Account Option C : The balance of Petty Cash Book is a liability Option D : Cash Book is a subsidiary book as well as a ledger Correct Answer : Cash Book is… Read more
549. Which of the following is true regarding closing entries?
✅ D. They must be made after the adjusting entries but before the reversing entries
Option A : They must be followed by reversing entries Option B : They transfer the balances in all of the Nominal Accounts to the Trading and Profit and Loss Account Option C : They must be made after the reversing entries but before the adjusting entries Option D : They must be made after the adjusting entries but before… Read more
550. Closing stock is generally valued at______________?
✅ D. Cost price or Market price whichever is lower
Option A : Cost Price Option B : Market Price Option C : Cost price or Market price whichever is higher Option D : Cost price or Market price whichever is lower Correct Answer : Cost price or Market price whichever is lower Read more