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  • 8/18/2019 AFS Questions


    MCQ’s on Balance Sheet

    1)  Rent receivable (given in trial balance) is an item of:

    A) Balance Sheet

    B) Profit & Loss Account 

    C) Trading Account

    D) Both Balance Sheet and Profit & Loss Account

    2)  When closing stock is given in trial balance then it !ill effect:

    A) Trading account only

    B) Balance sheet only

    C) Owner's equity only

    D) Both Trading account and Balance sheet

    ")  Which of the follo!ing acco#nt is affecte$ from the %ra!ings of cash in sole& 'ro'rietorshi' b#siness

    A) Caital account

    B) Shareholder account

    C) Lia!ility account

    D) "#ense account

    )  *n asset is consi$ere$ to be a c#rrent asset if:

    A) $t has !een !ought recently and was !ought new and not used

    B) $t can !e reali%ed in cash or sold or consued in the !usiness within one year

  • 8/18/2019 AFS Questions


    C) $t is a iece of new achinery that is e#ected to last for at least ten years

    D) All of the gien otions

    +)  ,eneral office e-'enses are charge$ to !hich of the follo!ing hea$:

    A) Adinistratie e#enses

    B) (areting e#enses

    C) Selling e#enses

    D) *inancial e#enses

    .)  Which of the follo!ing !o#l$ /0 be consi$ere$ as a com'onent of cost of stock

    A) Salaries of selling staff 

    B) Transortation inward costs

    C) $ort duties

    D) Purchase rice

    3)  Consi$er the follo!ing $ata an$ i$entif4 the amo#nt !hich !ill be $e$#cte$ from S#n$r4 %ebtors in Balance Sheet

    5artic#lars 6

    Bad de!ts +fro trial !alance) ,-.//

    Proision for dou!tful de!ts +old) 0-///

    Current year1s roision +new) 2//

    A) 34// 

    B) 32// 

    C) 30-///

    D) 30-4//

  • 8/18/2019 AFS Questions


    7)  Which of the follo!ing is /0 correct abo#t income ta-

    A) Different coanies ay ta# on different rates

    B) $t is treated as an e#ense and de!ited in Profit & Loss account

    C) 5hen financial stateents are reared- an estiate of e#ected ta# lia!ility is ade

    D) $t is treated as an e#ense and credited in Profit & Loss account

    8)  (*mo#nt of ne! 'rovision 9 *mo#nt of ba$ $ebts)  *mo#nt of ol$ 'rovision then amo#nt !ill be sho!n on:

    A) De!it side of P & L account

    B) Credit side of P & L account

    C) Asset side of Balance Sheet

    D) Lia!ility side of Balance Sheet Answers :

    1) A 2) D 3) A 4) B 5) A 6) A 7) B 8) B 9) B

  • 8/18/2019 AFS Questions


    Multiple Choice Questions on !" Account

    1) Accor#in$ to the #ou%le entr& s&ste' o( ccountin$* n ccount tht

    o%tins %ene+t is:

    A) Cre#it

    B) De%it 

    C) ,nco'e

    D) -o nee# to show s ccountin$ recor#

    2) .er' /Cre#it/ 'ens0000000 %& the %usiness

    A) eceiin$ o( %ene+ts

    B) ,t hs no eect on %usiness 

    C) roi#in$ o( %ene+ts

    D) ,t #epen#s upon ite's

    3) hen  "i%ilit& is re#uce# or #ecrese#* it is recor#e# on the:

    A) "e(t or cre#it si#e o( the ccount 

    B) i$ht or #e%it si#e o( the ccount

    C) i$ht or cre#it si#e o( the ccount

    D) "e(t or #e%it si#e o( the ccount

    4) hen Cpitl is increse# %& n 'ount* it is recor#e# on the: htt