The Balance Sheet gives information regarding the____________?

Byadmin September 12, 2018August 11, 2021

The Balance Sheet gives information regarding the____________?

A. Results of operations for a particular period
B. Financial position during a particular period
C. Profit earning capacity for a particular period
D. Financial position as on a particular date

Accounting MCQs / Q&A

A journal entry in which two or more account is debited or credited is referred as____________?

A journal entry in which two or more account is debited or credited is referred as____________?

A. Journal entry
B. Multi entry
C. Additional entry
D. Compound entry

Read More A journal entry in which two or more account is debited or credited is referred as____________?
Accounting MCQs / Q&A

If goods worth 1,750 returned to a supplier is wrongly entered in sales return book as 1,570, then

If goods worth 1,750 returned to a supplier is wrongly entered in sales return book as 1,570, then

A. Net Profit will decrease by 3,140
B. Gross Profit will increase by 3,320
C. Gross Profit will decrease by 3,500
D. Gross Profit will decrease by 3,320

Read More If goods worth 1,750 returned to a supplier is wrongly entered in sales return book as 1,570, then
Accounting MCQs / Q&A | Ledger

If credit side of a bank account is greater than the debit side, it indicates which of the following?

If credit side of a bank account is greater than the debit side, it indicates which of the following?

A. Bank overdraft
B. Cash at bank
C. Bank balance
D. Current Asset

Read More If credit side of a bank account is greater than the debit side, it indicates which of the following?
Accounting MCQs / Q&A

Gross Profit is equal to_________?

Gross Profit is equal to_________?

A. Sales – Cost of goods sold
B. Sales – Closing Stock + Purchases
C. Opening Stock + Purchases – Closing Stock
D. None of the above

Read More Gross Profit is equal to_________?
Accounting MCQs / Q&A

Which of the following errors is an error of omission?

Which of the following errors is an error of omission?

A. Sale of ` 100 was recorded in the Purchases Journal
B. Wages paid to Mohan have been debited to his account
C. The total of the sales journal has not been posted to the Sales Account
D. Repairs to buildings have been debited to buildings account

Error of omission occurs when a transaction is entirely omitted from record in the original books partially omitted while posting. Therefore, omission of posting of the sales journal to the Sales Account is an error of omission.

Read More Which of the following errors is an error of omission?
Accounting MCQs / Q&A

An average cost is also known as________?

An average cost is also known as________?

A. Variable cost
B. Unit cost
C. Total cost
D. Fixed cost

Read More An average cost is also known as________?

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