- (A) Cost Price
- (B) Market Price
- (C) Cost price or Market price whichever is higher
- (D) Cost price or Market price whichever is lower
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) A sale of an asset is recorded in the Sales Book
- (B) Total of Return Outward Book is debited to Return Outward Account
- (C) The balance of Petty Cash Book is a liability
- (D) Cash Book is a subsidiary book as well as a ledger
- (A) Masood’s account
- (B) Cash account
- (C) Cash account and Gagan’s account
- (D) None of these
- (A) Previous year‘s profit is overstated and current year‘s profit is also overstated.
- (B) Previous year‘s profit is understated and current year‘s profit is overstated.
- (C) Previous year‘s profit is overstated and current year‘s profit is understate
- (D)
- (A) The Trial Balance is prepared after preparing the Profit and Loss Account
- (B) The Trial Balance shows only balances of Assets and Liabilities
- (C) The Trial Balance shows only nominal account balances
- (D) The Trial Balance has no statutory importance from the point of view of law
- (A) Add income received in advance to respective income and show it as a liability
- (B) Deduct income received in advance from respective income and show it as a liability
- (C) Add income received in advance to respective income and show it as asset
- (D) Deduct income received in advance from respective income and show it as an asset in the Balance Sheet
- (A) If a Trial Balance tallies, it always means that none of the transactions has been completely omitted
- (B) A Trial Balance will not tally if a transaction is omitted
- (C) A customer to whom goods have been sold on credit cannot avail himself of a cash discount
- (D) A credit balance in the Pass Book indicates excess of deposits over withdrawals
- (A) It is already adjusted in the opening stock
- (B) It is adjusted in the Purchase A/c
- (C) It is adjusted in the Cost of Sale A/c
- (D) It is adjusted in the Profit &Loss A/c
- (A) Credit purchase of fixed assets
- (B) Return of goods
- (C) All such transactions for which no special journal has been kept by the business
- (D) None of these
