Accounting For Managers MCQS With Answers 91 to 100

 

Accounting For Managers

91. The basic concepts related to p& l a/c are:

1. Realization Concept
2. Matching Concept
3. Cost Concept
4. Both a and b above

Correct answer: (D)
Both a and b above

92. All those to whom business owes money are:

1. Debtors
2. Investors
3. Creditors
4. Shareholders

Correct answer: (C)
Creditors

93. All direct & indirect expenses related to business are charged:

1. Profit and loss account
2. Trading account
3. Trading account Profit and Loss account
4. Directly to Balance sheet

Correct answer: (C)
Trading account Profit and Loss account

94. If loan have been guaranteed by managers and directors is called as

1. Loan
2. Unsecured Loan
3. Secured Loan
4. Advance by Manager & director

Correct answer: (C)
Secured Loan

95. Opening stock + ______________ + Direct Expenses (Carriage on Raw material)-Closing Stock = ______________

1. Sales, Purchases
2. Sales, Sales return
3. Purchases, Cost of goods produced
4. Purchases, Cost of goods sold

Correct answer: (C)
Purchases, Cost of goods produced

96. Carriage outward is charged to

1. Debit side Profit & Loss a/c
2. Debit side Trading a/c
3. Credit side of Profit & Loss a/c
4. Credit side of trading a/c

Correct answer: (A)
Debit side Profit & Loss a/c

97. Credit balance of profit & loss a/c shown on

1. Asset side of balance sheet
2. Liability side of balance sheet
3. Not shown in balance sheet
4. Half on asset side and half on liability side

Correct answer: (B)
Liability side of balance sheet

98. Outstanding expenses are charged to

1. Asset side of balance sheet
2. Liability side of balance sheet
3. Not charged to balance sheet
4. None of these

Correct answer: (B)
Liability side of balance sheet

99. Which of the following is a liability?

1. Loan from Mr.Y
2. loan to Mr.y
3. Both (a) (b)
4. None of these

Correct answer: (A)
Loan from Mr.Y

100. The revenue recognition principal dictates that all types of incomes should be recorded or recognized when

1. Cash is received
2. At the end of accounting period
3. When they are earned
4. When interest is paid

Correct answer: (C)
When they are earned

Accounting For Managers

Wednesday, December 29, 2021

• Share