Accounting MCQs
Accounting MCQs Test Preparation | Latest 2021 Quiz FPSC, NTS, KPPSC, PPSC, SPSC, BPSC, OTS, UTS, PTS, CTS, ATS, ETEA MCQs Test Questions.
When bill discounted with the bank is dishonored?
A: Acceptors Account is debited in the books of drawer
B: Bills Receivable Account is credited in the books of drawer
C: Bank Account is debited in the books of drawer
D: Bills Payable Account is debited in the books of drawer Read More Details about this Mcq
Acceptors Account is debited in the books of drawer
In the books of the drawer, the accounting treatment involved on receipt of a bill of exchange duly accepted by the drawee is?
A: Debit Bills Receivable Account
B: Debit Drawees Account
C: Credit Drawees Account
D: Credit Sales Account
E: All of these
All of these
The noting charges levied on dishonour of an endorsed bill by the Notary Public are to be borne by
A: The drawer of the bill
B: The person responsible for dishonour
C: The holder of the bill
D: The endorser of the bill Read More Details about this Mcq
The person responsible for dishonour
The drawer of a trade bill passes relevant entries with regard to the transaction involved in it. But, in case of an accommodation bill, he passes an entry in addition to the usual entries. The additional entry so passed is with respect to
A: Discounting of the bill with the bank
B: Payment of the bill on due date
C: Remitting or receiving the amount
D: Sending the bill to bank for collection Read More Details about this Mcq
Remitting or receiving the amount
Under which of the following situations, is journal entry not passed in the books of the drawer?
A: When a discounted bill is honoured by the drawee on the due date
B: When a bill is sent to the bank for collection
C: When a bill is renewed at the request of the drawee
D: When a debtor accepts a bill drawn by the drawer
When a discounted bill is honoured by the drawee on the due date
Which of the following is not a feature of a promissory note?
A: It must be in writing
B: It contains an unconditional promise to pay
C: It is payable to the bearer
D: It must be signed by the maker Read More Details about this Mcq
It is payable to the bearer
Profit on sale of old plant is:___________?
A: In Trading A/c
B: In Profit and Loss Appropriation A/c
C: Profit and Loss A/c
D: Being a non operating item ignored
Profit and Loss A/c
Carriage on goods purchased is shown in:___________?
A: Profit and Loss A/c
B: Capitalized with work in progress
C: Trading A/c
D: Shown in Balance Sheet
Trading A/c
Which of these is not an operating income?
A: Income from sale of trading goods
B: Bad debts recovered
C: Interest on FDs
D: None
Interest on FDs