Accounting Practice MCQ Page 39

Multiple Choice questions for Accounting in the sets of 10 each on one page with questions and answers. All sets are useful in the preparation of subject tests for employment or admission.
Question: 3890   In a balance sheet the balance of the fixed assets accounts are usually included at
  1. cost
  2. book value
  3. scarp value
  4. replacement value
Question: 3892   which one of the following would usually be regarded as a current liability?
  1. A liability due for payment within 12 months
  2. A liability due for payment within 24 months
  3. A liability due for payment within 36 months
  4. A liability due for payment within 48 months
Question: 3894   Net assets equals
  1. current assets minus current liabilities
  2. fixed assets minus current liabilities
  3. total assets minus current liabilities
  4. fictitious assets minus current liabilities
Question: 3903   whic one of the following not a book of original entry
  1. The cash book
  2. The journal
  3. The ledger
  4. The sales day of book
Question: 3904   Day books are used
  1. because of the requirements of the law
  2. to avoid numerous entries in the general ledger
  3. because the double entry system would not work with- out you must
  4. because the Institute of Charters Account states that you must
Question: 3905   which one of the following is book of original entry and is also part of the ledger?
  1. The cash book
  2. The journal
  3. The sales day book
  4. The purchase day book
Question: 3906   The main source of information for the sales day book is abtained from
  1. invoices received
  2. credit notes sent out
  3. invoices sent out
  4. credit notes sent
  5. the till roll
Question: 3907   The main source of information for the purchase day book is obtained from
  1. invoice received
  2. invoices sent out
  3. credit notes received
  4. debit notes sent out
Question: 3908   The main source of information for the sales returns day book is abtained from
  1. invoices received
  2. invoices sent out
  3. credit notes received
  4. debit notes received
Question: 3910   The main source of information for the purchase returns day book is obtained from
  1. invoices received
  2. invoices sent
  3. credit notes received
  4. debit notes sent out
Question: 3912   The totals of the sales day book are transferred to the
  1. debit side of the sales account
  2. credit side of the sales account
  3. debit side of the sales control account
  4. journal proper
Question: 3914   The totals of the purchase returns day books are transferred to the
  1. debit side of the returns inwards account
  2. debit side of the returns out wards account
  3. credit side of the returns inwards account
  4. credit side of the returns outwards account

Answers to the questions of Accounting on this page

Following list gives the correct choice for the answer of the Accounting mcqs.
3890 . B       3892 . A       3894 . C       3903 . C       3904 . B       3905 . A       3906 . B       3907 . A       3908 . C       3910 . C       3912 . B       3914 . D      

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