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MCQs for topic: Accountancy and Book Keeping

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1 The main source(s) of Generally accepted Accounting Principles(GAAP) is/are:

Accountancy and Book Keeping
Accountancy
Accountancy and Book Keeping
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2 What standards are used to prepare financial statements by most of the Countries and Companies:

Accountancy and Book Keeping
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Accountancy and Book Keeping
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3 The correct of Accounting Equation is :

Accountancy and Book Keeping
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Accountancy and Book Keeping
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4 A company sold goods worth Rs 5,000 on 5 June and Rs 10,000 on 28 June. The company received the first payment on 25 June and second on 7 July. The company prepared the financial statement on 30 June. What would be the total sale on the financial statement?

Accountancy and Book Keeping
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Accountancy and Book Keeping
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5 Advance payments are recognized as:

Accountancy and Book Keeping
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6 What from the following is NOT a current asset?

Accountancy and Book Keeping
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Accountancy and Book Keeping
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7 What from the following is NOT a non-current asset?

Accountancy and Book Keeping
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8 What from the following is/are NOT tangible asset(s)? I)Patent rights II)Good Will III)Land

Accountancy and Book Keeping
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Accountancy and Book Keeping
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9 A machine price was Rs 1,000 and was carried through a truck. The truck’s fares were Rs 500. The engineers charged Rs 500 for the installation. The cost of the machine is?

Accountancy and Book Keeping
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Accountancy and Book Keeping
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10 Depreciable amount =

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Accountancy and Book Keeping
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Question ID: 1412