Drawings by owner of business are generally recorded on which of the following side of a cash book?
A. Receipts B. Payments C. Incomes D. Expenditures
Accounting MCQs with Answers
Payment of rent expenses is recorded on which side of cash book?
A. Receipts B. Payments C. Income D. Expense
Cash discount is allowed on _______ repayment of debt.
A. Lump sum B. Prompt C. Actual D. None of them
Introduction capital by owner of business is recorded on which side of a cash book?
A. Receipts B. Payments C. Incomes D. Expenditures
A cash book with cash, bank and discount column is commonly referred as________?
A. Cash book B. Two columns cash book C. Three columns cash book D. Petty cash book
The most common imprest system is the ________ system?
A. Petty cash B. Cash book C. Cash receipt D. Discount
Which English alphabet is similar to the shape of an account?
A. I B. T C. H D. None
When production is equal to sales, which of the following is TRUE?
A. No change occurs to inventories for either use absorption costing or variable costing methods B. The use of absorption costing produces a higher net income than the use of variable costing C. The use of absorption costing produces a lower net income than the use of variable costing D. The use of absorption costing … Read more
An average cost is also known as________?
A. Variable cost B. Unit cost C. Total cost D. Fixed cost
Costs that change in response to alternative courses of action are called___________?
A. Relevant costs B. Differential costs C. Target costs D. Sunk costs