Accounting Practice MCQ Page 45

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: 4237   A receipts and payments account is similar to
  1. an income and expenditure account
  2. a statement of affairs
  3. a cash or bank account
  4. a profit and loss account
Question: 4238   A club's income and expenditure account performs the same function as a firm's
  1. trading profit and loss account
  2. balance sheet
  3. bank account
  4. petty cash book
Question: 4239   A club's balance sheet may be referred to as its
  1. income and expenditure account
  2. receipts and payments account
  3. accumulated fund
  4. statement of affairs
Question: 4240   A club's loss is often referred to as
  1. a balance
  2. a deficit
  3. a surplus
  4. drawing
Question: 4241   The amount of member's subscriptions paid advance is
  1. as asset
  2. an expense
  3. a liability
  4. a surplus
Question: 4242   If a club owned a bar, the amount of profit or made by the bar in a financial year would be shown in the
  1. receipts and payments account
  2. income and expenditure account
  3. balance sheet
  4. bank account
Question: 4243   A club's capital may be referred to as its
  1. bank balance
  2. assets
  3. accumulated fund
  4. surplus
Question: 4244   A club has 100 members and the subscription is Rs.10 per year. All have paid the right amount except three members who paid Rs.20 each because they owed for the previous year, and one member who also paid for next year . The income from subscriptions for the year in the income and expenditure account should be
  1. Rs.960
  2. Rs.1,000
  3. Rs.1,030
  4. Rs.1,040
Question: 4245   Depreciation written off the snooker table should be entered in the
  1. receipts and payments account only
  2. receipts and payments account and the income and expenditure account
  3. receipts and payments account and the statement of affairs
  4. income and expenditure account and the statement
Question: 4246   Rs.4,000 spent on a snooker table should be entered in the
  1. receipts and payments account only
  2. receipts and payments account and the income and expenditure account
  3. receipts and payments account and the statement affairs
  4. income and expenditure account and the statement of affairs
Question: 4247   The rate of turnover of stock is the
  1. total value of turnover
  2. average stock divided by the cost of sales
  3. numbers of times the average stock is sold
  4. average of the opening and closing stock
Question: 4248   The cost of goods sold is the
  1. average stock divided by the rate of turnover of stock
  2. average stock multiplied by the turnover
  3. rate of turnover of stock divided by the average stock
  4. average stock multiplied by the rate of turnover of stock

Answers to the questions of Accounting on this page

Following list gives the correct choice for the answer of the Accounting mcqs.
4237 . C       4238 . A       4239 . D       4240 . B       4241 . C       4242 . B       4243 . C       4244 . B       4245 . D       4246 . C       4247 . C       4248 . D      

Select Page Number

Accounting Page 1Accounting Page 2Accounting Page 3Accounting Page 4Accounting Page 5Accounting Page 6Accounting Page 7Accounting Page 8Accounting Page 9Accounting Page 10Accounting Page 11Accounting Page 12Accounting Page 13Accounting Page 14Accounting Page 15Accounting Page 16Accounting Page 17Accounting Page 18Accounting Page 19Accounting Page 20Accounting Page 21Accounting Page 22Accounting Page 23Accounting Page 24Accounting Page 25Accounting Page 26Accounting Page 27Accounting Page 28Accounting Page 29Accounting Page 30Accounting Page 31Accounting Page 32Accounting Page 33Accounting Page 34Accounting Page 35Accounting Page 36Accounting Page 37Accounting Page 38Accounting Page 39Accounting Page 40Accounting Page 41Accounting Page 42Accounting Page 43Accounting Page 44Accounting Page 45Accounting Page 46Accounting Page 47Accounting Page 48Accounting Page 49Accounting Page 50Accounting Page 51Accounting Page 52Accounting Page 53

MCQ for Practicing Subject Tests

Biology Chemistry Computer Sciences Management Physics Other Subjects
USA College Scholarships Computer Sciences MCQ Management Sciences MCQ Physics MCQ Chemistry MCQ Biology MCQ

----------------------