Accounting For Managers MCQS With Answers 61 to 70

 

Accounting For Managers

61. Management accounting is applicable to

1. Service entities
2. Manufacturing entities
3. Non profit entities
4. All of these

Correct answer: (D)
All of these

62. Insurance prepaid is shown as

1. Current assets
2. Current liabilities
3. Fixed asset
4. Fixed liability

Correct answer: (A)
Current assets

63. Financial accounting is concerned with

1. Recording of business expenses and revenue
2. Recording of costs of products and services
3. Recording of day to day business transactions
4. None of the above

Correct answer: (C)
Recording of day to day business transactions

64. Goods given as samples should be credited to:

1. Advertisement account
2. Sales account
3. Purchase account
4. None of the above

Correct answer: (C)
Purchase account

65. Investment of X company profit in shares of other company PQR Pvt. ltd are recorded in

1. Asset side of Balance Sheet
2. Liability side of Balance Sheet
3. Profit & Loss a/c
4. Not recorded in Balance Sheet

Correct answer: (A)
Asset side of Balance Sheet

66. Sales made to Mahesh for cash should be debited to

1. Cash account
2. Mahesh Account
3. Sales account
4. Purchase account

Correct answer: (A)
Cash account

67. Income tax paid by a sole proprietor on his business income should be:

1. Debited to trading account
2. Debited to profit and loss account
3. Deducted from capital account in the balance sheet
4. None of the above

Correct answer: (C)
Deducted from capital account in the balance sheet

68. What comes in is to be debited, what goes out is to be credited.

1. Rules of Personal
2. Rules of Real
3. Rules of Nominal
4. All of these

Correct answer: (B)
Rules of Real

69. Which of the following is not an example of real a/c:

1. Machinery
2. Building
3. Cash
4. Creditor

Correct answer: (D)
Creditor

70. Payment received from Debtor

1. Decreases the Total Assets
2. Increases the Total Assets
3. Results in no change in the Total Assets
4. Increases the Total Liabilities

Correct answer: (C)
Results in no change in the Total Assets

Accounting For Managers

Wednesday, December 29, 2021

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