_______ the withdrawal of cash and goods by the owner of the busienss for his/her personal use?
A. Depreciation B. Drawings C. Outflow of cash D. Appreciation
accounting-mcqs
accounting-mcqs
accounting-mcqs
________ is the common base for preparing a trial balance?
A. Ledger accounts B. General Journal C. Specialized journals D. Balance sheet
accounting-mcqs
________ is the gross inflow of economic benefits?
A. Assets B. Liabilities C. Income D. Expenses
accounting-mcqs
________ is a separate legal entity that Total capital can be divided in many shares.
A. Partnership B. Sole proprietorship C. Company D. Non-profit organization
accounting-mcqs
_________ is the evidence that a transaction took place?
A. Source documents B. Ledger C. Bonds D. Journals
accounting-mcqs
_________ is the first phase of accounting cycle?
A. Identifying an economic event or transaction B. Preparing journals C. Posting entries to ledger accounts D. Making decisions about
accounting-mcqs
_________ will be credited if goods are given as charity?
A. Cash B. Charity C. Purchases D. Sales
accounting-mcqs
___________ helps business to classify transactions according to their nature?
A. General journal B. Real accounts C. Ledger accounts D. Cash accounts
accounting-mcqs
____________is also known as Appraisal system of depreciation?
A. Inventory system B. Survey system C. Annuity system D. Insurance
accounting-mcqs
_________is the cost of converting raw material into finished products?
A. Prime cost B. Explicit cost C. Job order cost D. Conversion cost