Under the accrual basis of accounting, expenses are reported in the accounting period when the

Expense Matches the Revenues or is Used up

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.

d. credit to Miscellaneous Expense.

Favourable balance means?

Credit balance in the cash book

Credit balance in the bank statement

Accounting Class 12 MCQ Questions With Answers Quiz

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

1.

Only accounts with a balance are listed in the Trial Balance columns of a work sheet.

2.

Under the accrual basis of accounting, expenses are reported in the accounting period when the

3.

Anything of value that is owned

4.

Cash Short and Over is classified as a(n)

5.

What type of an account is Accounts Payable?

6.

Obligations (amounts owed) are reported on the balance sheet and are referred to as __________.

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.

8.

What will usually cause the liability account Accounts Payable to increase?

9.

Concept: Business transactions are reported in numbers that have common values. Meaning all reporting should be done in terms of money

10.

The accounting period of a business is separated into activitiess that help the business keep its accounting records in an orderly fashion.

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?

12.

Uncollected cheques are also known as?

13.

Trading stock is an/a ________?

14.

What type of an account is cash?

15.

The process where the blood clots.

16.

________ are debts of the business?

17.

An endorsement on the back of a check consisting only of a signature is a(n)

18.

When cash is short, the entry to replenish petty cash includes a

19.

The natural, plant-synthesized dietary source of vitamin K is _________.

20.

Opening balance is __________?

21.

Received cash from owner as investment

22.

Two financial statements are prepared from the information on the work sheet.

23.

Vitamin K was discovered 1929, when the Danish Nutritional scientist ____________ was investigating the role of cholesterol.

24.

In order to perform a bank reconciliation you will need the check register and which of the following?

25.

Favourable balance means?

26.

It is the collective name for a group of fat-soluble compounds with distinctive antioxidant activities.

27.

Who discovered the first vitamin B?

28.

Assets decreases on the _______ side?

29.

Adjusting entries must be posted to the general ledger accounts.

30.

The bone resorbing cell or the cell which breakdown bone.

Time

1. Only accounts with a balance are listed in the Trial Balance columns of a work sheet.

2. Under the accrual basis of accounting, expenses are reported in the accounting period when the

3. Anything of value that is owned

4. Cash Short and Over is classified as a(n)

5. What type of an account is Accounts Payable?

6. Obligations (amounts owed) are reported on the balance sheet and are referred to as __________.

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.

8. What will usually cause the liability account Accounts Payable to increase?

9. Concept: Business transactions are reported in numbers that have common values. Meaning all reporting should be done in terms of money

10. The accounting period of a business is separated into activitiess that help the business keep its accounting records in an orderly fashion.

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?

12. Uncollected cheques are also known as?

13. Trading stock is an/a ________?

14. What type of an account is cash?

15. The process where the blood clots.

16. ________ are debts of the business?

17. An endorsement on the back of a check consisting only of a signature is a(n)

18. When cash is short, the entry to replenish petty cash includes a

19. The natural, plant-synthesized dietary source of vitamin K is _________.

20. Opening balance is __________?

21. Received cash from owner as investment

22. Two financial statements are prepared from the information on the work sheet.

23. Vitamin K was discovered 1929, when the Danish Nutritional scientist ____________ was investigating the role of cholesterol.

24. In order to perform a bank reconciliation you will need the check register and which of the following?

25. Favourable balance means?

26. It is the collective name for a group of fat-soluble compounds with distinctive antioxidant activities.

27. Who discovered the first vitamin B?

28. Assets decreases on the _______ side?

29. Adjusting entries must be posted to the general ledger accounts.

30. The bone resorbing cell or the cell which breakdown bone.

Time

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1.

Only accounts with a balance are listed in the Trial Balance columns of a work sheet.

2.

Under the accrual basis of accounting, expenses are reported in the accounting period when the

3.

Anything of value that is owned

4.

Cash Short and Over is classified as a(n)

5.

What type of an account is Accounts Payable?

6.

Obligations (amounts owed) are reported on the balance sheet and are referred to as __________.

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.

8.

What will usually cause the liability account Accounts Payable to increase?

9.

Concept: Business transactions are reported in numbers that have common values. Meaning all reporting should be done in terms of money

10.

The accounting period of a business is separated into activitiess that help the business keep its accounting records in an orderly fashion.

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?

12.

Uncollected cheques are also known as?

13.

Trading stock is an/a ________?

14.

What type of an account is cash?

15.

The process where the blood clots.

16.

________ are debts of the business?

17.

An endorsement on the back of a check consisting only of a signature is a(n)

18.

When cash is short, the entry to replenish petty cash includes a

19.

The natural, plant-synthesized dietary source of vitamin K is _________.

20.

Opening balance is __________?

21.

Received cash from owner as investment

22.

Two financial statements are prepared from the information on the work sheet.

23.

Vitamin K was discovered 1929, when the Danish Nutritional scientist ____________ was investigating the role of cholesterol.

24.

In order to perform a bank reconciliation you will need the check register and which of the following?

25.

Favourable balance means?

26.

It is the collective name for a group of fat-soluble compounds with distinctive antioxidant activities.

27.

Who discovered the first vitamin B?

28.

Assets decreases on the _______ side?

29.

Adjusting entries must be posted to the general ledger accounts.

30.

The bone resorbing cell or the cell which breakdown bone.