Accounting MCQs
Accounting MCQs Test Preparation | Latest 2025 Quiz FPSC, NTS, KPPSC, PPSC, SPSC, BPSC, OTS, UTS, PTS, CTS, ATS, ETEA MCQs Test Questions.
A club paid subscription fees of `1,400. Out of which ` 200 is prepaid. In such case
A: P&L A/C is debited with 1,400
B: P&L A/C is debited with 1,200
C: 200 is shown as current asset
D: Both
E: and
Both and above
Net sales equals, sales minus:
A: Return outwords
B: Return inwards
C: cost of goods sold
D: carriage on sales
Return inwards
LIFO stands for__________?
A: Lots in , Few out
B: Link input, Format Output
C: Last input, First Output
D: Last in, First Out
Last in, First Out
The compensation paid by the borrower of fund to lender, from the borrower point of the cost of borrowing fund is called?
A: Interest Rate
B: Required rate of return
C: Nominal interest rate
D: All of the above
Interest Rate
An income statement in which each item expressed as percentage of Sale?
A: Balance sheet
B: income statement
C: common size income statement
D: All of the Above
common size income statement
Short term Assets expected to be converted into cash within 1 year or less than?
A: Current Assets
B: Fixed Assets
C: Current Assets& current liabilities
D: All of the above
Current Assets
_________is the cost of converting raw material into finished products?
A: Prime cost
B: Explicit cost
C: Job order cost
D: Conversion cost
Conversion cost
Which of the following form of business organization is least regulated?
A: Sole-proprietorship
B: General Partnership
C: Limited Partnership
D: Corporation
Sole-proprietorship
Which of the following statement is considered as the accountants snapshot of firms accounting value as of a particular date?
A: Income Statement
B: Balance Sheet
C: Cash Flow Statement
D: Retained Earning Statement
Balance Sheet
Period cost include which of the following ?
A: selling Expense
B: Direct labor
C: factory overhead
D: selling Expenses & administrative expenses
selling Expenses & administrative expenses