Accounting MCQs

A: Stock

B: Vehicle

C: Fixed deposit in bank

D: Both and

E: above

A: Sundry Debtors

B: Stock

C: Prepaid insurance

D: All of

E: and

A: Net Profit = Gross Profit “ Administration and Other expenses

B: Net Profit = Gross Profit + Administration expenses and Other expenses

C: Opening Stock + Purchases “ Closing Stock = Cost of Sales

D: Both

E: and

A: Sales “ Cost of goods sold

B: Sales “ Closing Stock + Purchases

C: Opening Stock + Purchases “ Closing Stock

D: None of the above

A: Loss on sale of undertaking

B: Debts considered bad and written off

C: Liability arising from a breach of contract

D: Directors remuneration Read More Details about this Mcq

A: Gross Profit+ Sales+ Direct expenses+ Purchases+ Closing stock = Opening stock

B: Gross Profit+ Sales+ Direct expenses+ Purchases- Closing stock = Opening Stock

C: Gross Profit + Opening Stock + Direct expenses + Purchases- Closing stock = Sales

D: Gross Profit “ Opening Stock + Direct expenses + Purchases +Closing stock = Sales

A: Profit & Loss Account is prepared for a certain period and hence it is an interim statement

B: Profit & Loss Account does not disclose the effect of non-financial items

C: Net Profits are ascertained on the basis of current costs

D: Net Profits as disclosed by P&L Account is not absolute

A: Financial results of the concern for a period

B: Financial position of the concern on a particular date

C: Financial results of the concern on a particular date

D: Cost of goods sold during the period Read More Details about this Mcq

A: Drawings

B: Bad debts

C: Accrued expenses

D: Reserve for discount on Sundry Creditors Read More Details about this Mcq

A: Profit and Loss Account

B: Balance Sheet

C: Funds Flow Statement

D: Trial Balance Read More Details about this Mcq