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Accounting Mcqs

Sales return is also known as____________?

  • (A)  Return received
  • (B)  Return Payed
  • (C)  Return inward
  • (D)  Return outward(more…)
Submitted By :Ali Uppal


When goods, in which business deals are sold, it is called___________?

  • (A)  Purchases
  • (B)  Return inward
  • (C)  Sales
  • (D)  Return outwards
Submitted By :Ali Uppal


The excess of current assets over current liabilities is called:

  • (A)  Working Capital
  • (B)  Circulating capital
  • (C)  Fixed capital
  • (D)  Trading capital
Submitted By :Ali Uppal


Goods return to supplier are known as:__________?

  • (A)  Merchandise return
  • (B)  Purchase return
  • (C)  Return inwards
  • (D)  Sales return
Submitted By :Ali Uppal


Cash discount is provided on _______________?

  • (A)  Purchases
  • (B)  Prompt payment
  • (C)  Sales
  • (D)  Sales return
Submitted By :Ali Uppal


A sale of Rs. 50.000 to A was entered as a sale to B. This is an example of____________?

  • (A)  Error of omission
  • (B)  Error of commission
  • (C)  Compensating error
  • (D)  Error of principle
Submitted By :Ali Uppal


The systems of accounting are _____________?

  • (A)  Two
  • (B)  Three
  • (C)  Five
  • (D)  Six(more…)
Submitted By :Ali Uppal


The unsold goods are ______________?

  • (A)  Equity
  • (B)  Sale return
  • (C)  Inventory
  • (D)  Purchases
Submitted By :Ali Uppal


Debts which are payable in the course of a month are called _____________?

  • (A)  External liabilities
  • (B)  Fixed liabilities
  • (C)  Current liabilities
  • (D)  Liquid Liabilities
Submitted By :Ali Uppal


Income earned but not received is called ____________?

  • (A)  Fictitious assets
  • (B)  Quick asset
  • (C)  Real asset
  • (D)  Outstanding asset
Submitted By :Ali Uppal