Accounting MCQs

A: They must be followed by reversing entries

B: They transfer the balances in all of the Nominal Accounts to the Trading and Profit and Loss Account

C: They must be made after the reversing entries but before the adjusting entries

D: They must be made after the adjusting entries but before the reversing entries

A: Cost Price

B: Market Price

C: Cost price or Market price whichever is higher

D: Cost price or Market price whichever is lower

A: Book of entries

B: Book of original entries

C: T account

D: Books of economic event

A: Assets column

B: Date column

C: Description column

D: Amount column

A: Alphabetical order

B: Numeric order

C: Bullets order

D: Chronological order

A: Capital account

B: Fixed assets account

C: Building account

D: Cash account

A: Trade discount

B: Prompt payment discount

C: Cash discount

D: Bulk discount

A: Recording the transaction

B: Identifying the transaction

C: Posting the transaction

D: Preparing the source documents

A: Assets accounts

B: liability accounts

C: Cash accounts

D: Revenue accounts

A: Scrap value

B: Residual value

C: Market value

D: Depreciable value