- Sales returns
- Credit purchases
- Credit sales
- Cash purchases
- b
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 of the following principle deals with the valuation and recording of asset at cost?
- Matching principle
- Cost principle
- Entity principle
- Dollar currency principle
- b
Which of the following options indicate how quickly accounts receivables are converted into cash?
- Days to collect accounts receivable
- Accounts receivable turnover
- Working capital turnover
- Total assets turnover
- b
Any expenditure incurred to increase the profit earning capacity of the concern is a Revenue expenditure.
- Deferred revenue expenditure
- Capital expenditure
- Both A & B
- None of these
- b
Economic resources of a business that are expected to be of benefit in the future are referred to as:
- Owner’s equity
- Assets
- Withdrawals
- Liabilities
- b
The process of recording the economic effects of business transactions in a book of:
- original entry is known as which of the following
- Journalizing
- Double entry system
- Debit
- b
Current ratio is:
- Profitability ratio
- Long term solvency ratio
- Short term solvency ratio
- Turnover ratio
- c
When shares are forfeited, the share capital account is debited with the:
- Nominal value of share
- Called up value of share
- Paid up value of share
- None of these
- b
Share may be issued:
- At premium
- At discount
- At par
- All of these
- d
Stock in trade is valued:
- At market price
- At cost or market whichever is less
- At cost price
- At cost less market price
- b