Accounting Mcqs

Tax deducted at source A/c appears in___________?

(A) Assets side
(B) Liability side
(C) Profit & Loss A/c
(D) Debited to Capital A/c

Submitted By :Ali Uppal

Cost of goods sold excludes___________?

(A) Opening Stock
(B) Carriage inward
(C) Wages & Salary
(D) Postage & Stamps

Submitted By :Ali Uppal

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

Submitted By :Ali Uppal

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

Submitted By :Ali Uppal

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

Submitted By :Ali Uppal

Period cost include which of the following ?

(A) selling Expense
(B) Direct labor
(C) factory overhead
(D) selling Expenses & administrative expenses

Submitted By :Ali Uppal

Which of the following statement is considered as the accountant’s snapshot of firm’s accounting value as of a particular date?

(A) Income Statement
(B) Balance Sheet
(C) Cash Flow Statement
(D) Retained Earning Statement

Submitted By :Ali Uppal

Which of the following form of business organization is least regulated?

(A) Sole-proprietorship
(B) General Partnership
(C) Limited Partnership
(D) Corporation

Submitted By :Ali Uppal

During the accounting period, sales revenue is Rs. 25,000 and accounts receivable increases by Rs. 8,000. What will be the amount of cash received from customers for the period?

(A) Rs. 33,000
(B) Rs. 25,000
(C) Rs. 17,000
(D) Rs. 8,000

Submitted By :Ali Uppal

Average Accounting Return is a measure of accounting profit relative to:

(A) Book value
(B) Intrinsic value
(C) Cost
(D) Market value

Submitted By :Ali Uppal

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