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MCQ Questions for CBSE Class 12 with Answers
MCQ Questions for CBSE Class 11 with Answers
MCQ Questions for CBSE Class 10 with Answers
MCQ Questions for CBSE Class 9 with Answers
MCQ Questions for CBSE Class 8 with Answers
MCQ Questions for CBSE Class 7 with Answers
MCQ Questions for CBSE Class 6 with Answers
MCQ Questions for CBSE Class 5 with Answers
MCQ Questions for CBSE Class 4 with Answers
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MCQ Questions for CBSE Class 2 with Answers
MCQ Questions for CBSE Class 1 with Answers
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Accounting Class 12 MCQ Questions With Answers
1.
Only accounts with a balance are listed in the Trial Balance columns of a work sheet.
True
False
2.
Under the accrual basis of accounting, expenses are reported in the accounting period when the
Cash is Paid
Expense Matches the Revenues or is Used up
3.
Anything of value that is owned
account
asset
withdrawal
expense
4.
Cash Short and Over is classified as a(n)
a. asset.
b. liability.
c. expense.
d. equity.
5.
What type of an account is Accounts Payable?
ASSET
LIABILITIES
OWNER'S EQUITY
6.
Obligations (amounts owed) are reported on the balance sheet and are referred to as __________.
Assets
Liabilities
Debt
Owner Equity
7.
The ________________ __________________ is one of the main financial statements and reports revenues and expenses for a period of time such as a month or year.
Income Statement
Balance Sheet
Income Worksheet
Balance Sheet
8.
What will usually cause the liability account Accounts Payable to increase?
Debit
Credit
9.
Concept: Business transactions are reported in numbers that have common values. Meaning all reporting should be done in terms of money
Unit of measurement
historical cost
materiality
matching expenses with revenue
10.
The accounting period of a business is separated into activitiess that help the business keep its accounting records in an orderly fashion.
Accounting Period Cycle
Source Document
Fiscal Year
None of the Above
11.
A company is classifying its costs. It discovers that for any level of output between 10 000 and 15 000 units the freight cost per unit is always the same figure of $2 per unit. Of which type of cost is this an example?
fixed cost
semi variable cost
stepped cost
variable cost
12.
Uncollected cheques are also known as?
Outstanding cheques
Uncleared cheques
Outstation cheques
Both A & B
13.
Trading stock is an/a ________?
equity
liabilities
assets
owners equity
14.
What type of an account is cash?
ASSET
LIABILITIES
OWNER'S EQUITY
15.
The process where the blood clots.
Coagulation factor
Coagulation system
Coagulation process
Coagulation cascade
16.
________ are debts of the business?
assets
liabilities
owners equity
vehicles
17.
An endorsement on the back of a check consisting only of a signature is a(n)
a. blank endorsement.
b. special endorsement.
c. restrictive endorsement.
d. incorrect endorsement.
18.
When cash is short, the entry to replenish petty cash includes a
a. debit to Cash Short and Over.
b. credit to Cash Short and Over.
c. debit to Petty Cash.
d. credit to Miscellaneous Expense.
19.
The natural, plant-synthesized dietary source of vitamin K is _________.
Phylloquinone
Menaquinone
Menadione
VItamin K2
20.
Opening balance is __________?
balance of payments
balance carried down
balance broad-down
money
21.
Received cash from owner as investment
Increase cash & capital
Decrease cash & capital
Increase assets & liabilities
Decreases assets & liabilities
22.
Two financial statements are prepared from the information on the work sheet.
True
False
23.
Vitamin K was discovered 1929, when the Danish Nutritional scientist ____________ was investigating the role of cholesterol.
Dr. Henry Chu
Dr. Henrik Dam
Dr. Edward A. Doisy
Dr. Edwin A. Doisy
24.
In order to perform a bank reconciliation you will need the check register and which of the following?
Bank Statement
Chart of Accounts
Accounts Payable
Accounts Receivable
25.
Favourable balance means?
Credit balance in the cash book
Credit balance in the bank statement
Debit balance in cash book
Both B & C
26.
It is the collective name for a group of fat-soluble compounds with distinctive antioxidant activities.
Vitamin A
Vitamin D
Vitamin E
Vitamin K
27.
Who discovered the first vitamin B?
B.C.P Jansen
Sir Frederick Gowland Hopkins
Elmer Vernon McCollum
Casimir Funk
28.
Assets decreases on the _______ side?
debit
two
credit
sixth
29.
Adjusting entries must be posted to the general ledger accounts.
True
False
30.
The bone resorbing cell or the cell which breakdown bone.
osteoclast
osteocytes
osteoblast
osteocalcin
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