Accounting MCQs With Answers
351. Sales invoices are first entered in:
- The Cash Book
- The Purchases Journal
- The Sales Journal
- The Sales Account
Correct answer: (C)
The Sales Journal
352. Credit notes issued by us will be entered in our:
- Sales Account
- Returns Outwards Journal
- Returns Inwards Journal
- Returns Inwards Account
Correct answer: (C)
Returns Inwards Journal
353. If an accumulated provision for depreciation account is in use then the entries for the year's depreciation would be:
- Credit Asset Account, debit Provision for Depreciation Account
- Debit Asset Account, credit Profit and Loss Account
- Credit Provision for Depreciation Account, debit Profit and Loss Account
- Credit Profit and Loss Account, debit Provision for Depreciation Account
Correct answer: (C)
Credit Provision for Depreciation Account, debit Profit and Loss Account
354. If we take goods for own use we should:
- Debit Drawings Account: Credit Purchases Account
- Debit Drawings Account: Credit Stock Account
- Debit Sales Account: Credit Stock Account
- Debit Purchases Account: Credit Drawings Account
Correct answer: (A)
Debit Drawings Account: Credit Purchases Account
355. A cheque paid by you, but not yet passed through the banking system, is:
- A credit transfer
- A dishonored cheque
- An un-presented cheque
- A standing order
Correct answer: (C)
An un-presented cheque
356. Given desired cash float of £200, if £146 is spent in the period, how much will be reimbursed at the end of the period?
- £53
- £146
- £254
- £200
Correct answer: (B)
£146
357. Which of these errors would be disclosed by the trial balance?
- A purchase of £250 was omitted entirely from the books
- Credit sales of £300 entered in both double entry accounts as £30
- Selling expenses had been debited to Sales Account
- Cheque £95 from C Smith entered in Smith's account as £59
Correct answer: (D)
Cheque £95 from C Smith entered in Smith's account as £59
358. MC83 If cost price is £90 and selling price is £120, then:
- (i) Mark-up is 25 per cent
- (ii) Margin is 331/3 per cent
- (iii) Margin is 25 per cent
- (iv) Mark-up is 331/3 per cent
- (i) and (ii)
- (i) and (iii)
- (iii) and (iv)
- (ii) and (iv)
Correct answer: (C)
(iii) and (iv)
359. A Receipts and Payments Account is one:
- In which the surplus of income over expenditure is calculated
- In which the opening and closing cash balances are shown
- Which is accompanied by a balance sheet
- In which the profit is calculated
Correct answer: (B)
In which the opening and closing cash balances are shown
360. Where there is no partnership agreement then profits and losses:
- Must be shared equally
- Must be shared in same proportion as capitals
- Must be shared equally after adjusting for interest on capital
- None of these
Correct answer: (A)
Must be shared equally
Saturday, November 20, 2021