11th Principles of Accounting MCQS Chapter 5

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11th Principles of Accounting MCQS
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The payments side of the cash book is undercast by Rs. 200, when overdraft as per bank statement i s the starting points:
Rs. 200 will be deducted
Rs. 400 will be deducted
Rs. 200 will be added
Rs. 400 will be added

Profit & Loss a/c is prepared to ascertain
Gross Loss
Gross Profit
Real Profit
Net Profit

Office rent is a
Financial Expense
Management Expense
Maintenance Expense
Abnormal Loss

Goodwill, patent, copyright are classified as
Tangible Assets
Current Assets
Wasting Assets
Fixed Assets

Wages paid for installing a machine should be debited to
Machinery a/c
Wages a/c
none of these
Cash a/c

In adjusting the cash balance one of the following is not taken into account:
None of the abvove
Mistakes in the cash book
Mistake in the bank statement
Interest and dividends credited in the bank statement

Gross profit is derived from
Trial Balance
Balance Sheet
Profit & Loss a/c
Trading a/c

Assets having some market value
Unreal Assets
Fictitious Assets
None of these
Real Assets

The bad debts which are showed in the trial balance are called
additional bad debts
old bad debts
new bad debts
further bad debts

Financial accounting is mainly confined to preparation of:
Production statement
Financial statements
Manufacturing statement
Sale statement

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