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Accounting Practice MCQ Set 1

This document contains 13 multiple choice questions about accounting practices. It provides the questions, possible answer choices, and identifies the correct answer. It was downloaded from examrace.com, which provides free study material and video lectures. The questions cover topics like double entry bookkeeping, funds flow statements, balance sheets, break even analysis, depreciation, budgets, and retained earnings.

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Amit Jethliya
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416 views3 pages

Accounting Practice MCQ Set 1

This document contains 13 multiple choice questions about accounting practices. It provides the questions, possible answer choices, and identifies the correct answer. It was downloaded from examrace.com, which provides free study material and video lectures. The questions cover topics like double entry bookkeeping, funds flow statements, balance sheets, break even analysis, depreciation, budgets, and retained earnings.

Uploaded by

Amit Jethliya
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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12/30/2019----Accounting Practice MCQs Competitive Exams Set 1- Translation in Hindi, Kannada, Malayalam, Marathi, Punjabi, Sindhi, Sindhi, Tamil,

Telgu - Examrace----Downloaded from examrace.com

Visit examrace.com for free study material, doorsteptutor.com for questions with detailed explanations, and "Examrace" YouTube channel for free
videos lectures

Accounting Practice MCQs Competitive Exams Set 1


Accounting Practice MCQ Set 1 Accounting Practice MCQ Set 2 Accounting Practice MCQ Set 3 Accounting Practice MCQ Set 4 👀 All

For complete answers and explanations visit Doorsteptutor.com

(1) Double entry book-keeping was fathered by:

(a) F.W.Taylor

(b) Henry Fayol

(c) Lucas Pacioli.

Answer: (c)

(2) Funds Flow Statement and sources and application statement are:

(a) Synonymous

(b) Antagonistic

(c) None of these.

Answer: (a)

(3) Depreciation in spirit is similar to:

(a) Depletion

(b) Amortization

(c) Depression.

Answer: (b)

(4) Balance Sheet is always prepared:

(a) for the year ended.

(b) As on a specified date.

(c) None of these

Answer: (b)

(5) In Insurance, the following Profit and Loss Accounts are prepared:

(a) Separate for Fire, Marine, and Accidents etc.

(b) Consolidated for Fire, Marine, and Accidents etc.

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12/30/2019----Accounting Practice MCQs Competitive Exams Set 1- Translation in Hindi, Kannada, Malayalam, Marathi, Punjabi, Sindhi, Sindhi, Tamil,
Telgu - Examrace----Downloaded from examrace.com

Visit examrace.com for free study material, doorsteptutor.com for questions with detailed explanations, and "Examrace" YouTube channel for free
videos lectures
(c) None of these.

Answer: (b)

(6) Partners in Pakistan can today be fixed at the following numbers:

(a) 20

(b) 50

(c) 75.

Answer: (a)

(7) Flexible budget is a budget with the following features:

(a) Changes with volume of production.

(b) Changes with variable expenses

(c) Changes in Direct material.

Answer: (a)

(8) Break Even can be calculated as under:

(a) ______VC_______ FC- TR TC

(b) FC I- VC TR

(c) None of these.

Answer: (b)

(9) Quick Ratio can be computed as under:

(a) Quick . Assets/Quick Liabilities

(b) Quick . Liabilities Current Assets

(c) Current Assets/ Current Liabilities

Answer: (c)

(10) In straight line method of depreciation, the written down value of a fixed asset will be at the
end of the life of the asset as under:

(a) Rupee one

(b) Rupee zero

(c) None of these.

Answer: (b)

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12/30/2019----Accounting Practice MCQs Competitive Exams Set 1- Translation in Hindi, Kannada, Malayalam, Marathi, Punjabi, Sindhi, Sindhi, Tamil,
Telgu - Examrace----Downloaded from examrace.com

Visit examrace.com for free study material, doorsteptutor.com for questions with detailed explanations, and "Examrace" YouTube channel for free
videos lectures
(11) Sales budget must be prepared:

(a) Independently

(b) Depending on production capacity

(c) Based on Sales forecasts of market.

Answer: (c)

(12) Consolidation of subsidiary accounts in the balance sheet of an unlisted Holding company
is at present in Pakistan:

(a) Compulsory

(b) Voluntary

(c) Required.

Answer: (c)

(13) Retained earnings is synonymous to:

(a) Accumulated profit and loss account

(b) Profit for the year

(c) None of these.

Answer: (a)

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