Fundamentals of Accounting MCQs

Land lord A/c
Cash A/c
Rent A/c
Purchases A/c

Answer

To check the Integrity of accountant
To check the accuracy of accounts prepared
To check the arithmetical accuracy of the accounts prepared
All of the above

Answer

The cash book balance will be Rs.1,700 more than the pass book balance
The cash book balance will be Rs.1,700 less than the pass book balance
The cash book balance will be Rs.300 more than the pass book balance
The cash book balance will be Rs.300 less than the pass book balance

Answer

Assets = Capital + Liabilities
Accruals should be recorded
Anticipated profits should not be recognized
Revenue earned in the period should be matched with the expenses of that period.

Answer

Sales + Gross Profit = Revenue
Revenue — Expense = Profit
Revenue — Profit = Expense
Revenue = Profit + Expense

Answer