MCQs 1: Closing stock appearing in the Trial Balance is shown in:
MCQs 2: Depreciation Account appearing in the Trial Balance is shown in:
MCQs 3: Profit on sale of old plant is:___________?
In Trading A/c
In Profit and Loss Appropriation A/c
Profit and Loss A/c
Being a non operating item ignored
MCQs 4: Carriage on goods purchased is shown in:___________?
MCQs 5: Which of these is not an operating income?
MCQs 6: Riaz holds an average inventory of 36,000(CP) with an inventory turnover of 5 times. If the firm makes a gross profit of 25% on sales, find the total sales of the company.
MCQs 7: From the following details what will be the partners commission? Net profit before charging partners commission 65,000. Partners commission @ 11% after charging such commission.
MCQs 8: From the following details what will be the partners commission? Net profit before charging partners commission 65,000. Partners commission 11% before charging such commission
MCQs 9: Arrangement of Balance Sheet in a logical order is known as __________?
MCQs 10: Find the value of opening stock from the following data. Purchases 1,50,000, Closing stock 30,000 Sales 2,20,000, Gross profit 40,000.
MCQs 11: A Bill of Exchange is drawn on 1st April, 2018 payable after 3 months. The due date of the bill is?
MCQs 12: When bill discounted with the bank is dishonored?
Acceptor‘s Account is debited in the books of drawer
Bills Receivable Account is credited in the books of drawer
Bank Account is debited in the books of drawer
Bills Payable Account is debited in the books of drawer
MCQs 13: In the books of the drawer, the accounting treatment involved on receipt of a bill of exchange duly accepted by the drawee is?
i. Debit Bills Receivable Account
ii. Debit Drawee‘s Account
iii. Credit Drawee‘s Account
iv. Credit Sales Account
MCQs 14: The noting charges levied on dishonour of an endorsed bill by the Notary Public are to be borne by
The drawer of the bill
The person responsible for dishonour
The holder of the bill
The endorser of the bill
MCQs 15: The drawer of a trade bill passes relevant entries with regard to the transaction involved in it. But, in case of an accommodation bill, he passes an entry in addition to the usual entries. The additional entry so passed is with respect to
Discounting of the bill with the bank
Payment of the bill on due date
Remitting or receiving the amount
Sending the bill to bank for collection
MCQs 16: Under which of the following situations, is journal entry not passed in the books of the drawer?
When a discounted bill is honoured by the drawee on the due date
When a bill is sent to the bank for collection
When a bill is renewed at the request of the drawee
When a debtor accepts a bill drawn by the drawer
MCQs 17: Which of the following is not a feature of a promissory note?
It must be in writing
It contains an unconditional promise to pay
It is payable to the bearer
It must be signed by the maker
MCQs 18: How many parties are generally found in a Bill of Exchange?
MCQs 19: Negotiable Instrument Act was enacted in_________?
MCQs 20: Which of these is not an essential feature of a bill of exchange?
ABOUT US
Category
Who We Are