Accounting Practice MCQ Page 47

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: 4260   if a store's mark up is 25% the margin must be
  1. 5%
  2. 10%
  3. 15%
  4. 20%
Question: 4261   Ten people formed a partnership and contributed Rs.100 each to the venture. The total capital was used to purchase goods which were resold at a mark up of 100% on cost. If expenses were 25% of sales an the net profit was distributed equally to the partners, each partner has increased his initial capital by
  1. 25%
  2. 50%
  3. 75%
  4. 100%
Question: 4266   A firm owes Rs. 200 to trade creditors at the start in the year and Rs.300 at the end. Purchases on credit during the year totalled Rs.10,000. If suppliers allowed a total of Rs. 500 cash discount during the year, the amount paid so the creditors have been
  1. Rs. 9,200
  2. Rs. 9,400
  3. Rs. 9,600
  4. Rs. 9,200
Question: 4267   A firm's debtors fell from Rs.1,000 at the start of the year to Rs.900 at the end. the total of the sales day book was Rs.7,900 and the cash book showed that Rs. 7,700 was received from debtors during the year. Assuming a bad debt of Rs. 100 was written off, the cash discount allowed to credit customers during the year must have amounted to
  1. Rs. 200
  2. Rs. 400
  3. Rs. 700
  4. Rs. 900
Question: 4268   the main purpose of a manufacturing account is to find the
  1. cost of overheads
  2. cost of raw materials used
  3. cost of production
  4. gross profit
Question: 4270   Which one of the following is not an overhead?
  1. cost of raw materials
  2. depreciation of plant and machinery
  3. rent and rates of the factory
  4. foreman's wages
Question: 4272   An alternative expression for indirect expenses is
  1. prime cost
  2. production cost
  3. work in progress
  4. overheads
Question: 4273   Which one of the following would not be included in the prime cost?
  1. manufacturing wages
  2. direct power
  3. direct factory expenses
  4. heating and lighting of the factory
Question: 4275   The prime cost consists of
  1. wages plus overheads
  2. materials plus overheads
  3. all direct factory expenses
  4. indirect factory expense
Question: 4286   A bank reconciliation statement reconciles the
  1. ledger with the journals
  2. petty cash book with the bank account
  3. bank statement with the cash book
  4. day books with the bank statement
Question: 4287   Assuming that it reconciles with the cash book, a credit balance on a bank statement on the 31st December would appear in the balance sheet as a
  1. current asset
  2. current liability
  3. fixed asset
  4. long term liability
Question: 4288   when the monthly bank statement is sent out which one of the following would appear?
  1. cheques written but not yet presented for payment
  2. credit transfer received form customers
  3. payment into the bank not yet credited
  4. A sales ledger balance written off as a bad debt

Answers to the questions of Accounting on this page

Following list gives the correct choice for the answer of the Accounting mcqs.
4260 . D       4261 . B       4266 . B       4267 . A       4268 . C       4270 . A       4272 . D       4273 . D       4275 . C       4286 . C       4287 . A       4288 . B      

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