- Journal entry
- Compound entry
- Adjusting entry
- Reversing entry
- b
-
In this entry, more than account debit and more than one account credit.
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 one of the following is temporary account?
- Accounts receivables
- Insurance expense
- Cash
- Accounts payable
- b
-
Temporary Account is a such account that is needed to close at the end of fiscal year.(1st July-30th June)
Which of the following feature is shown by the income statement for a merchandising company?
- Gross profit
- Cost of goods sold
- sales revenue section
- All of the given options
- d
-
Income Statement shows company’s income and expenses.
The audit is not a necessary requirement for which of the following companies.
- Sole proprietorship
- Corporation
- Limited companies
- Partnerships
- a
-
Sole Proprietorship means a single person running a business.
Which of the following is not among the five main kinds of current asset?
- Cash and equivalents
- Deferred income
- Accounts receivable
- Prepaid expenses
- b
-
Cash
Cash Equivalents
Accounts Receivable
Stock Inventory / Prepaid Expenses
Marketable Securities
Which of the following is the acronym for GAAP?
- Generally Accepted Accounting Principles
- General Accounting Assessment Principles
- Generally Applied Accountability Principles
- General Accepted Assessment Principles
- a
-
GAAP are a collection of accounting rules and standard for financial reports.
Real accounts are related with:
- Expenses and incomes
- Customers and creditors
- Assets
- None of these
- c
-
A real account is related to Assets and Liabilities for example Bank Account.
The board of directors shall appoint first auditor of a company ___________
- within one month of the commencement of the business of the company
- within one month of completion of capital subscription state of the company
- within one month of incorporation of the company
- within one month of the promotion of the company
- c
Production function refers:
- Input to output
- Cost to output
- Wages to profit
- Cost to input
- a
A shareholder in a company:
- Cannot be its debenture holder
- Can be member of board of directors
- Can be its debenture holder
- Can be liable to unlimited entry
- b