CSS[FPSC-U.S. Civil Service Commission]-USA/[USA] CURRENT AFFAIRS MCQ ACCOUNTS Sample Test,Sample questions

Question:
A bank overdraft is shown as a/an _____ balance in the bank statement.

1.debit

2.credit

3.credit - debit

4.none of these


Question:
A company had opening inventory of $200,000. Sales and purchases during the period were of $400,000 and $80,000 respectively. What is the gross profit for the period if the closing inventory was worth $100,000?

1.$20,000

2.$120,000

3.$220,000

4.$320,000


Question:
A company is owned by its

1.directors

2.employees

3.shareholders

4.managers


Question:
A company purchases a non-current asset in Year 1 for $90,000. The depreciation charge is $15,000. What net book value would be recorded in financial position statement (or balance sheet) at the end of Year-2?

1.$75,000

2.$60,000

3.$30,000

4.$15,000


Question:
A company sold goods worth $5,000 on 5 June and $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?

1.$0

2.$5,000

3.$10,000

4.$15,000


Question:
A debit entry usually represents

1.Assets and Expenses

2.Assets and Income

3.Liabilities and Income

4.Liabilities and Expenses


Question:
A machine price was $1,000 and was carried through a truck. The trucks fares were $500. The engineers charged $500 for the installation. The cost of the machine is?

1.$1,000

2.$1,500

3.$2,000

4.$2,500


Question:
Advance payments are recognized as

1.receivable

2.payable

3.bad debt

4.none of these


Question:
An item of equipment cost $300,000 and has a residual value of $50,000 at the end of its expected useful life of four years. What is the depreciable amount?

1.$50,000

2.$250,000

3.$300,000

4.$350,000


Question:
Any transaction which cannot be recorded in any book of prime entry is recorded in

1.Cash book

2.Petty cash book

3.General journal

4.Day books


Question:
Cash invested in the business is known as

1.current asset

2.fixed asset

3.liabilities

4.capital


Question:
Cheques issued but not presented, cause the bank statement balance to be ________ the cash book balance.

1.greater than

2.less than

3.equal to

4.the two statements are irrelevant


Question:
Depreciable amount =

1.Cost of an asset + Residual value

2.Cost of an asset - Residual value

3.Residual value - Cost of an asset

4.None of these


Question:
Depreciation is normally charged as

1.payable

2.receivable

3.expenses

4.advances


Question:
Expenditures which provide benefit in the future period are known as

1.Revenue expenditure

2.Outstanding expenditure

3.Current expenditure

4.Capital expenditure


Question:
Financial statements are mainly prepared for

1.Directors

2.Shareholders

3.Employees

4.Managers


Question:
Fundamentally, the auditor report gives an opinion on whether the financial statements

1.are in accordance with the national standards

2.are in accordance with the international standards

3.have errors, mistakes, or fraud

4.present fairly the position and results of an entity


Question:
Goods which originally cost $800 were sold for $1,000. In the accounting equation Net Assets will?

1.Rise by $1,000

2.Rise by $200

3.Fall by $1,000

4.Fall by $200


Question:
IFAC is an abbreviation for

1.International Federation of Accountants

2.International Federation of Auditors

3.International Framework for Accounting Concepts

4.International Framework for Auditing Concepts


Question:
In which of the following book returns inwards are recorded?

1.Sales returns book

2.Purchase returns book

3.Cash receipts book

4.Cash payment book


Question:
Interim audit is performed before the end of the accounting period, normally by the

1.junior staff

2.senior staff

3.whole audit team

4.board of directors


Question:
Raw materials that are remaining at the end of the reporting period are treated as

1.liabilities

2.expenses

3.fixed assets

4.current assets


Question:
The accounting process of allocation cost of intangible assets is called

1.Amortization

2.Depletion

3.Going Concern

4.Residual Value


Question:
The capital of a business is $100,000 and the liabilities are $40,000. What are the total assets?

1.$40,000

2.$60,000

3.$100,000

4.$140,000


Question:
The capital of a business would change as a result of:

1.Raw material being purchased on credit

2.Non-current assets being purchased on credit

3.A supplier being paid by cheque

4.Wages being paid in cash


Question:
The concept that the enterprise will continue in a foreseeable future is known as

1.Amortization

2.Depletion

3.Going Concern

4.Residual Value


Question:
The correct form of Accounting equation is

1.Assets + Liabilities = Equity

2.Assets - Liabilities = Equity

3.Assets - Receivable = Equity

4.Assets + Receivable = Equity


Question:
The expected disposal value of the asset (after deducting disposal costs) at the end of its expected useful life is called

1.residual value

2.net book value

3.depreciation

4.substance over form


Question:
The figure that appears in the statement of financial position, after the depreciation, is known as

1.depreciation

2.substance over form

3.residual value

4.net book value


Question:
The goods that have been sold to the customers are treated as _____ in the financial statements.

1.inventories

2.expenses

3.income

4.debt


Question:
The goods that have not been sold to the customers till the end of the reporting period are considered as

1.inventories

2.expenses

3.sales

4.purchases


Question:
The goods which are purchased for the purpose of resale are known as

1.inventory

2.merchandise

3.purchases

4.traded goods


Question:
The main source(s) of Generally Accepted Accounting Principles (GAAP) is/are:

1.Company Law

2.Accounting standards

3.Both A and B

4.None of these


Question:
The process of recording consumption of natural resources (or wasting assets) is called

1.Amortization

2.Depletion

3.Going Concern

4.Residual Value


Question:
The selling price of some goods is $1500 and cost to sell the goods is $200. What is the Net Realizable Value (NRV)?

1.$1000

2.$1200

3.$1300

4.$1500


Question:
The selling price of some under-process goods is $1500, cost to finally produce the goods is $300, and cost to sell the goods is $200. What is the Net Realizable Value (NRV)?

1.$1000

2.$1200

3.$1300

4.$1500


Question:
The withdrawal of inventory by the owner for personal use should appear in the trading account as a deduction from

1.sales

2.purchases

3.overdrafts

4.none of these


Question:
The _____ certify or guarantee that the financial statements are correct.

1.management

2.board of governors

3.auditor

4.auditor does not


Question:
There is a debit balance on the office expenses at the end of the financial year. In which section of the balance sheet this will be recorded?

1.capital

2.current assets

3.current liabilities

4.fixed assets


Question:
What from the following is NOT a capital expense?

1.Purchase of property

2.Purchase of office equipment

3.Replacement of a vehicle,

4.Repair of a vehicle


Question:
What from the following is NOT a current asset?

1.Patent rights

2.Inventory

3.Cash

4.Trade receivables


Question:
What from the following is NOT a non-current asset?

1.Capital

2.Property

3.Patent rights

4.Inventory


Question:
What is the net amount of cash paid to the supplier if: Credit purchases $12,000 out of which $2,000 were rejected and subsequently returned to the supplier. Supplier allowed a discount of 1% on settlement of amount.

1.$10,000

2.$12,000

3.$9,900

4.$11,880


Question:
What standards are used to prepare financial statements by most of the countries and companies

1.International Financial Reporting Standards

2.International Financial Accounting Standards

3.International Accounting & Auditing Standards

4.International Risk Reporting Standards


Question:
Which from the following costs are included in conversion costs?

1.Carriage in

2.Carriage outwards

3.Commission of selling staff

4.Supervisors wages


Question:
Which from the following is included in the cost of purchases?

1.Abnormal loss

2.Freight in

3.Rent of store

4.Administrative Salaries


Question:
Which of the following is a capital transaction?

1.Purchase of goods

2.Payment of wages

3.Sale of goods

4.Purchase of machinery


Question:
Which of the following is an indirect cost?

1.carriage inwards

2.production wages

3.production materials

4.factory rent


Question:
Which of the following is not a business transaction?

1.Purchasing office supplies

2.Hiring a new employee

3.Paying interest on a business loan

4.Receiving fees for services


Question:
Which of the following is part of the double entry system in Accounting?

1.Cash book

2.General journal

3.Sales journal

4.Trial balance


More MCQS

  1. [USA] Current Affairs 2021 Set 1
  2. [USA] Current Affairs 2021 Set 2
  3. [USA] Current Affairs 2021 Set 3
  4. [USA] Current Affairs 2021 Set 4
  5. [USA] Current Affairs 2021 Set 5
  6. [USA] Current Affairs 2021 Set 6
  7. [USA] Current Affairs 2021 Set 7
  8. [USA] Current Affairs 2021 Set 8
  9. [USA] Current Affairs 2021 Set 9
  10. [USA] Current Affairs 2021 Set 10
  11. [USA] Current Affairs 2021 Set 11
  12. [USA] Current Affairs 2021 Set 12
  13. [USA] Current Affairs 2021 Set 13
  14. [USA] Current Affairs 2021 Set 14
  15. [USA] Current Affairs 2021 Set 15
  16. [USA] Current Affairs 2021 Computer Set 16
  17. [USA] Current Affairs 2021 Computer Set 17
  18. [USA] Current Affairs 2021 Computer Set 18
  19. [USA] Current Affairs 2021 Computer Set 19
  20. [USA] Current Affairs 2021 Computer Set 20
  21. [USA] CURRENT AFFAIRS MCQ ACCOUNTS
  22. [USA] CURRENT AFFAIRS MCQ COMMERECE
  23. [USA] CURRENT AFFAIRS MCQ GENERAL SCIENCE
  24. [USA] CURRENT AFFAIRS MCQ MEDICAL SCIENCE
  25. [USA] CURRENT AFFAIRS MCQ COMMERECE Set 2
  26. [USA] CURRENT AFFAIRS MCQ 2021
  27. Current affairs mcq education set 1
  28. Current affairs mcq education set 2
  29. Current affairs mcq education set 3
  30. Current affairs mcq education set 4
  31. Current Affairs 2021 English Set 21
  32. Current Affairs 2021 English Set 22
  33. Current Affairs 2021 English Set 23
  34. Current Affairs Business Law 2021
  35. Current Affairs Business Law 2021
  36. Current affairs General Knowledge 2021
  37. Current affairs General Knowledge Set 2
Search
R4R Team
R4Rin Top Tutorials are Core Java,Hibernate ,Spring,Sturts.The content on R4R.in website is done by expert team not only with the help of books but along with the strong professional knowledge in all context like coding,designing, marketing,etc!