Accounting for Business Decisions | Chapter 2 | Part 2 | MBA MCQs | ABD
- True & fair profit and loss a/c of a company know by
- Preparing trial balance
- Preparing respective ledger of account
- Preparing trading a/c
- Preparing trading & profit & loss a/c
- According to which concept business is treated as a unit apart from owner
- Dual concept
- Divider concept
- Entity concept
- Landlord concept
- Authorized capital, also known as
- Nominal capital
- Paid up capital
- Issues capital
- None of these
- Credit balance of profit & loss a/c shown on
- Asset side of balance sheet
- Liability side of balance sheet
- Not shown in balance sheet
- Half on asset side and half on liability side
- Under which concept it is assumed that the enterprises has neither the intention nor the necessity of liquidation or of curtailing materiality the scale of operation
- Revenue realization concept
- Matching cost concept
- Going concern concept
- None of these
- Making the provision for doubtful debts and discount on debtors in anticipation of actual bad debts and discount is an example for which concept
- Conservatism concept
- Continuity concept
- Realization concept
- All of these
- Financial accounting use data
- Projected data
- External data only
- Historic data
- Manager data only
- Payment received from Debtor
- Decreases the Total Assets
- Increases the Total Assets
- Results in no change in the Total Assets
- Increases the Total Liabilities
- Bookkeeping is an……………………of correctly recording of business transition.
- Art and Science
- Art
- Science
- Art or Science
- Journal Entries are known as book of ………………Entry.
- Original
- Duplicate
- Personal
- Nominal
- Every adjustment has two effects, i.e., ______________.
- One Debit & One Credit
- Debit
- Credit
- None of the above
- Depreciation is debited to ______________.
- BRS
- Balance Sheet
- Trading A/c
- Profit and Loss A/c
- Income Accrued but Not Received is recorded to ______________.
- Profit and Loss A/c Debit Side
- Profit and Loss A/c Credit Side
- Trading A/c Debit Side
- Trading A/c Credit Side
- Prepaid Expenses shown at ______________.
- Balance Sheet Asset Side
- Profit and Loss A/c Credit Sid
- Trading A/c Debit Side
- Trading A/c Credit Side
- Closing Stock is recorded to ______________.
- Profit and Loss A/c Debit Side
- Profit and Loss A/c Credit Sid
- Trading A/c Debit Side
- Trading A/c Credit Side
- Outstanding Expenses shown at ______________.
- Balance Sheet Liability Side
- Profit and Loss A/c Credit Side
- Balance Sheet Asset Side
- Trading A/c Credit Side
- Goods Withdrawn from business is considered as ______________.
- Sales
- Purchases
- Capital
- Drawings
- Interest on Capital is debited to ______________.
- Capital A/c
- Balance Sheet
- Trading A/c
- Profit and Loss A/c
- Interest on Drawings is credited to ______________.
- Journal A/c
- Balance Sheet
- Trading A/c
- Profit and Loss A/c
- Goods Distributed as Free Samples is debited to______________.
- Capital A/c
- Personal A/c
- Trading A/c
- Profit and Loss A/c