When goods, in which business deals are sold, it is called___________?
A. Purchases B. Return inward C. Sales D. Return outwards The correct answer to the question: “When goods, in which business deals are sold, it is called___________?” is “Sales”.
Accounting MCQs with Answers
Sales return is also known as____________?
A. Return received B. Return Payed C. Return inward D. Return outward Return inwards refer to the goods returned to an organization by its customers. They are goods which were sold, but usually, because of being unsatisfactory, were returned back by the customers. They are also called the Sales returns. The correct answer to the … Read more
reduction in price is called:
A. Paid price B. Invoice price C. Book price D. Discount The correct answer to the question: “reduction in price is called:” is “Discount”.
Cash brought by the owner to start business is called__________?
A. Capital B. Loan C. Drawing D. None of these The correct answer to the question: “Cash brought by the owner to start business is called__________?” is “Capital”.
The concession received on the price of defective goods is called:
A. Discount B. Cash discount C. Allowance D. Trading discount The correct answer to the question: “The concession received on the price of defective goods is called:” is “Allowance “.
In support of business transaction, any written evidence is called ___________?
A. Discount B. Voucher C. Allowance D. Price The correct answer to the question: “In support of business transaction, any written evidence is called ___________?” is “Voucher”.
If the beginning work in process inventory units are 2600, units started are 9000, ending work in process units are 2300 and the completed good units are 8000 then total spoilage will be ____________?
A. 1200 units B. 990 units C. 1300 units D. 1000 units To find the total spoilage, we need to calculate the total units that were lost or spoiled during the production process. Formula: Total Spoilage = (Beginning WIP + Units Started) – (Ending WIP + Completed Good Units) Given: Beginning Work-in-Process (WIP) = 2,600 … Read more
The accounting process of gradually converting the unexpired cost of fixed assets into expenses over a series of accounting periods is_________?
A. Depreciation B. Physical deterioration of the asset C. Decrease in market value of the asset D. Valuation of an asset at a point of time Depreciation is the accounting process of gradually converting the cost of a fixed asset into expenses over its useful life. Depreciation is an accounting method that spreads out the … Read more
In March 2025, which country completed the second of eight contracted submarines for Pakistan, enhancing their military relationship?
A. Russia B. United States C. China D. France A Chinese shipyard completed the second of eight contracted Hangor-class submarines for Pakistan in March 2025, further strengthening the military ties between the two countries. In March 2025, China completed the second of eight contracted Hangor-class submarines for Pakistan, further strengthening their military ties and enhancing … Read more
What was the magnitude of the main earthquake that struck Myanmar and Thailand on 28th March 2025?
A. 6.4 B. 7.7 C. 7.0 D. 6.8 A powerful earthquake killed at least 144 people across Myanmar and Thailand on Friday, toppling buildings and bridges and trapping over 80 workers in an under-construction skyscraper in Bangkok. The shallow 7.7-magnitude tremor hit northwest of the city of Sagaing in central Myanmar, and was followed minutes … Read more