MCQs4All - Accounting MCQs for NTS, FPSC, CSS, IELTS, TOEFL

  1. The cost of goods sold was overstated during 2011-2012 and income will be understated during 2012-2013
  2. The income was overstated during 2011-12 and closing inventory will be overstated during 2012-2013
  3. The retained earnings was overstated during 2011-2012 and retained earnings will be understated during 2012-2013
  4. The cost of goods sold was understated during 2011-2012 but retained earnings will not be affected during 2012-2013
  1. Purchase journal
  2. Sales journal
  3. General journal
  4. Cash receipt journal
  1. Debit balance
  2. Credit balance
  3. Cash balance
  4. Neither debit nor credit balance
  1. General journal
  2. Cash journal
  3. Purchase journal
  4. Purchase return journal
  1. Cash
  2. Equity
  3. Net income
  4. Net expenses
  1. Current Asset
  2. Current Liability
  3. Fixed Asset
  4. Income

  1. Posting
  2. Entry making
  3. Adjusting
  4. Journalizing
  1. 30th June,2018
  2. 1st July,2018
  3. 4th July,2018
  4. 4th August,2018
  1. Discounting of the bill with the bank
  2. Payment of the bill on due date
  3. Remitting or receiving the amount
  4. Sending the bill to bank for collection
  1. Cost price of asset
  2. Market price
  3. Cost+ Transport+ Installation expenses
  4. Cost or market values whichever is less
  1. Surplus cash
  2. Bank Overdraft
  3. Terms deposits with bank
  4. None of these
  1. All purchases of goods
  2. All credit purchases of goods
  3. All credit purchases
  4. None of these