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Accounting Mcqs

The Profit and Loss Account shows the:

  • (A)  Financial results of the concern for a period
  • (B)  Financial position of the concern on a particular date
  • (C)  Financial results of the concern on a particular date
  • (D)  Cost of goods sold during the period
Submitted By :Ali Uppal


Which of the following is not a contingent liability?

  • (A)  Debts included in Sundry Debtors which are doubtful in nature
  • (B)  Uncalled liability on partly paid shares
  • (C)  Claims against the company not acknowledged as debts
  • (D)  Arrears of fixed cumulative dividend
Submitted By :Ali Uppal


Based on which of the following concepts, is Share Capital Account shown on the liabilities side of a Balance Sheet?

  • (A)  Business entity concept
  • (B)  Money measurement concept
  • (C)  Going concern concept
  • (D)  Matching concept
Submitted By :Ali Uppal


Which of the following is a current liability?

  • (A)  Prepaid expenses
  • (B)  Trademark
  • (C)  Discount on issue of shares
  • (D)  Outstanding Salaries
Submitted By :Ali Uppal


Which of the following is not an intangible asset?

  • (A)  Trade mark
  • (B)  Franchise
  • (C)  Accounts Receivable
  • (D)  Secret Profit
Submitted By :Ali Uppal


Computers taken on hire by a business for a period of twelve months should be classified as:___________?

  • (A)  Current assets
  • (B)  Intangible assets
  • (C)  Deferred revenue expenditure
  • (D)  Not an asset
Submitted By :Ali Uppal


When bill discounted with the bank is dishonored?

  • (A)  Acceptor‘s 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
Submitted By :Ali Uppal


A Bill of Exchange is drawn on 1st April, 2018 payable after 3 months. The due date of the bill is?

  • (A)  30th June,2018
  • (B)  1st July,2018
  • (C)  4th July,2018
  • (D)  4th August,2018
Submitted By :Ali Uppal


Submitted By :Ali Uppal


Arrangement of Balance Sheet in a logical order is known as __________?

  • (A)  Dressing Balance Sheet
  • (B)  Marshalling Balance Sheet
  • (C)  Formatting Balance Sheet
  • (D)  Make up of Balance Sheet
Submitted By :Ali Uppal