TasDia Network
TasDia Network

MCQs 1: For the business, capital is ____________?

Expense Liability Assets All of them
Answer Explanation

MCQs 2: When owner withdraw cash for its private use, it is called ___________?

Profit Income Expense Drawing
Answer Explanation

MCQs 3: Assets having physical existence are called ___________?

Current asset intangible asset Tangible asset Liquid asset
Answer Explanation

MCQs 4: The assets which have some market value are called ____________?

Fixed asset Quick asset Fictitious assets Real assets
Answer Explanation

MCQs 5: The assets which come into existence upon the happening of a certain event are called__________?

Contingent assets Fixed assets Fictitious assets Quick assets
Answer Explanation

MCQs 6: Income earned but not received is called ____________?

Fictitious assets Quick asset Real asset Outstanding asset
Answer Explanation

MCQs 7: Debts which are payable in the course of a month are called _____________?

External liabilities Fixed liabilities Current liabilities Liquid Liabilities
Answer Explanation

MCQs 8: The unsold goods are ______________?

Equity Sale return Inventory Purchases
Answer Explanation

MCQs 9: The systems of accounting are _____________?

Two Three Five Six
Answer Explanation

MCQs 10: A sale of Rs. 50.000 to A was entered as a sale to B. This is an example of____________?

Error of omission Error of commission Compensating error Error of principle
Answer Explanation

MCQs 11: Goods sent on approval basis’ have been recorded as ‘Credit sales’. This is an example of____________?

Error of principle Error of commission Error of omission Error of duplication
Answer Explanation

MCQs 12: Institute of Chartered Accountants of Pakistan was established in____________?

1949 1956 1961 1972
Answer Explanation

MCQs 13: Trial balance is prepared to check accuracy of_______________?

Ledger accounts balances Balance sheet balances Income statement balances Cash flow statement balances
Answer Explanation

MCQs 14: If a transaction is completely omitted from the books of accounts, will it affect the agreement of a trial balance?

Yes No Transactions can’t be omitted none of these
Answer Explanation

MCQs 15: ________ is the common base for preparing a trial balance?

Ledger accounts General Journal Specialized journals Balance sheet
Answer Explanation

MCQs 16: Which of the following is true about a trial balance?

It lists down the balances of accounts It lists down the balances of a balance sheet It is a kind of financial statement It is not a part of accounting cycle
Answer Explanation

MCQs 17: Debit balance = Credit balance in a trial balance indicates that:

No error in recording transactions No error in posting entries to ledger accounts Account balances are correct Mathematically Capital+Liabilities=Assets
Answer Explanation

MCQs 18: Trial balance is commonly prepared?

Frequently during the year At the end of an accounting period At the end of a month At the end of a year
Answer Explanation

MCQs 19: Which of the following will affect the agreement of a trial balance?

Complete omission of a transaction Partial omission of a transaction Error of principle Compensating errors
Answer Explanation

MCQs 20: If debit balances = credit balances, trial balance only shows or check the ____________ and it does not indicate that no errors were made during recording and posting.

Arithmetic accuracy Errors of commission Omissions of economic events Understatements of balances
Answer Explanation

Related Topics

About Us | Contact Us | Privacy Policy
ABOUT US
Category
Who We Are

TasDia Network, this platform not only provides you the best educational stuff but besides this, we are creating thousands of new ideas to making your signature and planning much more on a single platform.

© 2020-2023, TasDia Network

All rights of the publication are reserved by tasdia.com.