11th Principles of Accounting MCQS Chapter 10

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11th Principles of Accounting MCQS
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From business point of view, Interest on capital is considered as
An income
A liability
An expense
A profit

The system of accounting in which accounting entries are made only when cash received or paid is known as
Single system
Cash system
Mercantile system
Accrual system

Patent is an example of

Deprecation is
An expense
A loss
A Liability
Both b & c

All those expenses which have not become due but paid in advance are called
Outstanding expenses
Accrued expenses
Payable expenses
Prepaid expenses

Wages paid of installing a machine should be debited to
Wages a/c
cash a/c
Machinery a/c
None of these

The amount becomes due from the customers is called
Doubtful debts

Bad debts are business

The accounting system in which accounting entries are made on the basis of amount having become due for payment or receipt, is called
Outstanding system
None of these
Accrual or mercantile system
Cash system

An income which has earned but not received is called
Accrued revenue
Revenue received in advance
None of these
Unearned income

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