Accounting Mcqs

A. Straight-line method
B. Written down value method
C. Units-of-production method
D. Sum-of-the years‘-digits method

A. Regular reduction of asset value to correspond to changes in market value as the asset ages
B. A process of correlating the market value of an asset with its gradual decline in physical efficiency
C. Allocation of cost in a manner that will ensure that Plant and Equipment items are not carried on the Balance Sheet in excess of net realizable value
D. Allocation of the cost of an asset to the periods in which services are received from the asset

A. Postage stamps
B. B/R
C. Cheque Deposited with Bank
D. B/R endorsed

A. Interest payable on loans or deferred credits taken for the acquisition or construction of fixed assets before they are ready for use
B. Stand by equipment and servicing equipment
C. Expenditure incurred on test runs and experimental production
D. Administration and general expenses

A. Two times a year
B. once a year
C. Frequently during the accounting period
D. At the end of a accounting period

A. Two
B. Three
C. Five
D. Six

A. External liabilities
B. Fixed liabilities
C. Current liabilities
D. Liquid Liabilities

A. Fictitious assets
B. Quick asset
C. Real asset
D. Outstanding asset

A. Contingent assets
B. Fixed assets
C. Fictitious assets
D. Quick assets

A. Fixed asset
B. Quick asset
C. Fictitious assets
D. Real assets