- Transactions
- Account Number
- Date
- A & B
- c
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.
Which System produces information used for inventory valuation, budgeting, cost control, performance reporting and make buy decision?
- Sales Order Processing
- Purchase / Accounts Payable
- Cash Disbursement
- None of these
- d
Audit of bank is an example of :
- Balance Sheet Audit
- Concurrent Audit
- Statutory Audit
- All of the Above
- d
Current Ratio is calculated as :
- Current Liabilities / Current Assets
- Current Assets / Current Liabilities
- Capital / Current Asset
- None of these
- b
Important tool for cost Planning is :
- Audit
- Budget
- Management
- None of these
- b
-
Budget provides different way for planning in future to meet the goals of organization.
Internal Audit should be done by:
- External Management
- Internal Management
- External Auditors
- None of these
- b
-
The Organization held audit as internal audit by the accountant of organization, it is called internal audit.
External Audit always performed by third party.
The principal method for the procurement of goods, services and work is:
- FIFO
- Open Competitive Bidding
- Close Competitive Bidding
- LIFO
- b
-
There are four procedure to open Competitive Bidding.
Every transaction has …… Effect.
- Single
- Double
- Triple
- Zero
- b
-
Every transaction has double effect. Each transaction will be credit and in another voucher same transaction will be debit
Gross Profit is:
- Cost of goods sold + Opening Stock
- Excess of sales over cost of goods sold
- Net profit less expenses of the period
- Sales less Purchase
- b
Which of the following is not asset?
- Prepaid Expenses
- Loan from Bank
- Buildings
- Cash Balance
- b