- Earning Revenue
- Outward Charges
- Conversion into cash
- None of these
- a
Accounting MCQs
Accounting MCQs are included in this portion of ETEST Website.All Accounting MCQs are solved with short detail. ETEST Team updates ETEST Website on daily basis.
The purpose of financial market is to:
- Control Inflation
- Allocation saving efficiently
- Increase the price of common stock
- Lower the yield on bonds
- b
Which of the following are incorrect?
Goods Sold for Cash: Cash Sale
Good bought on Credit from T Carter: Purchase T Carter
Goods returned by us to C berry : C berry Outward
Van bought for cash Purchase Cash
- 2 & 4 Only
- 3 Only
- 1 & 3 Only
- 4 Only
- b
The projected benefit obligation is the measure of pension obligation that:
- The employers contribution each period is based on formula.
- The accounting for a defined contribution plan is straight forward and uncomplicated.
- Requires pension expenses to be determined solely on the basis of the plan formula applied to years of service to date and based on existing salary level
- Changes in Employment Rules
- c
Alternative method exist for the measurement of pension obligation, which measure require the use of future salaries in its computation?
- Accumulated benefit obligation
- Projected benefit obligation
- Vested benefit obligation
- None of these
- b
Which of the following is not a characteristic of a defined contribution pension plan?
- The benefit of gain or risk of loss from assets contributed to the pension fund are borne by the employee
- The accounting for a defined contribution plan is straight forward and uncomplicated
- The employers contribution each period is based on a formula
- The benefit to be received by employees are usual determined by employer’s three highest years salary defined by terms of the plan
- D
In a defined contribution plan, a formula is used that?
- Requires an employer to contribution a certain sum each period based on the formula
- Ensure the pension expense and cash funding amount will be different
- Define the benefit that employee will receive at the time of retirement.
- None of the above
- C
In a defined benefit plan, the process of funding refer to:
- Determining the accumulated benefit obligation.
- Determining the projected benefit obligations.
- Making the periodic contribution to a funding agency to ensure that funds are available to meet claims.
- None of these
- C
The income statement should be prepared:
- After retained earning statement and before the balance sheet.
- After the retained earning statement and before the balance sheet.
- Before the retained earning statement & balance sheet.
- After the balance sheet and before the retained earning statement.
- C
Which of the following statement is not true?
- Authority refer to an individual’s obligation to achieve desire results
- If an employee is given the responsibility for a task, that employee should be given make decision within the limits of the task.
- The detail provided to employee is function of the employee’s position with the firm
- None of above
- d