Accounting MCQs
Accounting MCQs Test Preparation | Latest 2025 Quiz FPSC, NTS, KPPSC, PPSC, SPSC, BPSC, OTS, UTS, PTS, CTS, ATS, ETEA MCQs Test Questions.
Prepaid expenses are valued on the Balance Sheet at
A: Replacement cost
B: Current cost
C: Cost to acquire less accumulated amortization
D: Cost less expired portion Read More Details about this Mcq
Cost less expired portion
Which of the following entries is correct in respect of reserve for discounts on accounts payable?
A: Debit P&L A/c and Credit Reserve for Discount on Accounts Payable A/c
B: Debit Accounts Payable A/c and Credit P&L A/c
C: Debit Reserve for Discount on Accounts Payable A/c and Credit P&L A/c
D: Debit Reserve for Discount on Accounts Payable A/c and credit Accounts Payable A/c Read More Details about this Mcq
Debit Reserve for Discount on Accounts Payable A/c and Credit P&L A/c
Sundry debtors as per Trial Balance is 43,000 which includes 2,200 due from —H in respect of goods sent to him on approval basis, the cost price of which is 1,800. Rectification would involve:
A: Adding 2,200 to closing stock
B: Deducting 1,800 from closing stock and deducting 2,200 each from debtors and sales
C: Adding 1,800 to closing stock and deducting 2,200 each from debtors and sales
D: Deducting 1,800 from debtors
Adding 1,800 to closing stock and deducting 2,200 each from debtors and sales
Goods in stock worth 800 are destroyed by fire and the Insurance Co. is accepted the claim for 600. Adjustment would involve
A: Debit of 800 to Trading Account and credit of 600 and 200 to insurance company and Profit and Loss Account respectively
B: Deduct the 800 from closing stock in the Trading Account
C: Credit insurance company for 600
D: Debit of 600 and 200 to insurance company and Profit and Loss Account respectively and credit of 800 to Trading Account
Debit of 600 and 200 to insurance company and Profit and Loss Account respectively and credit of 800 to Trading Account
Bad debts recovered is:
A: Credited to P&L A/c
B: Debited to P&L A/c
C: Reduced from debtors in Balance Sheet
D: Added to debtors in Balance Sheet Read More Details about this Mcq
Credited to P&L A/c
The adjustment to be made for prepaid expenses is____________?
A: Add prepaid expenses to respective expenses and show it as an asset
B: Deduct prepaid expenses from respective expenses and show it as an asset
C: Add prepaid expenses to respective expenses and show it as a liability
D: Deduct prepaid expenses from respective expenses and show it as a liability Read More Details about this Mcq
Deduct prepaid expenses from respective expenses and show it as an asset
Property, Plant and Equipment are conventionally presented in the Balance Sheet at _________?
A: Replacement cost “ Accumulated Depreciation
B: Historical cost “ Salvage Value
C: Historical cost “ Depreciation portion thereof
D: Original cost adjusted for general price-level changes
Historical cost “ Depreciation portion thereof
Outstanding salaries is shown as___________?
A: An Asset in the Balance Sheet
B: A Liability
C: By adjusting it in the P & L A/c
D: Both
E: and
Both and above
Insurance prepaid is shown as:___________?
A: Current Asset
B: Current Liability
C: Fixed Asset
D: Income Read More Details about this Mcq
Current Asset
Depreciation appearing in the Trial Balance should be?
A: Debited to P&L A/c
B: Shown as liability in Balance Sheet
C: Reduced from related asset in Balance Sheet
D: Both and
E: above Read More Details about this Mcq
Debited to P&L A/c