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Accounting Mcqs
Practice MCQs under Accounting Mcqs. 571 available
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Bank reconciliation statement MCQs
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Ledger
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Principles of Accounting
Questions
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1.
What is the accounting method called that systematically allocates the unexpired cost of fixed assets as expenses over multiple accounting periods?
Depreciation
Wear and tear of the asset
Reduction in asset's market price
Asset revaluation at a specific date
None of the above
2.
What is the term used for any written document that serves as proof of a business transaction?
Rebate
Receipt
Credit Note
Invoice
Voucher
3.
What term is used for the price reduction granted on faulty or damaged goods?
Price reduction
Cash rebate
Allowance
Sales discount
None of the above
4.
What is the term for the money invested by the owner to initiate a business?
Capital
Borrowed Funds
Owner's Withdrawal
Not Applicable
No Value
5.
What term is used to describe a decrease in the original price of an item?
Final cost
Billing amount
Listed price
Discount
None of the above
6.
What is another term used for sales returns?
Goods returned
Payment returns
Return inward
Return outward
None of the above
7.
What term is used to describe the transaction of selling goods in business?
Acquisitions
Goods returned by customers
Sales
Goods returned to suppliers
None of the above
8.
What term describes the surplus of current assets compared to current liabilities?
Working Capital
Circulating Funds
Permanent Capital
Operating Capital
None of the above
9.
What term is used to describe the process of sending goods back to the supplier?
Return of merchandise
Purchase return
Inward return
Sales reversal
None of the above
10.
What term is used to describe the debts or financial responsibilities of a company?
Liabilities
Income
Costs
Resources
None of the above
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