3rd/4th Semester

Accounts MCQs

The Answers of the MCQs below will be discussed on our Telegram Discussion Group and it will be updated here soon!

The statement of Assets and Liabilities are Called

  1. - Trail balance

  2. - Balance sheet

  3. - Profit and loss acc

  4. - Trading account

 

Working Capital is

  1. - Proprietors Capital

  2. - Borrowed Capital

  3. - Capital

  4. - Current Assets - Current Liabilities

 

 Assets which are in form of cash or which can be readily or quickly converted in to cash are called

  1. - Liquid

  2. - Fixed

  3. - Floating

  4. - None of these

 

 The excess of Assets over Liability is called

  1. - Cash

  2. - Interest

  3. - Capital

  4. - Loan

 

 Net Sales - Cost of Goods Sold is equals to

  1. - Income from operations

  2. - Gross profit

  3. - Net income

  4. - None of these

 

Goodwill is categorized under which assets?

  1. - Current

  2. - Long term

  3. - Intangible

  4. - Fixed

 

 According to schedule accepted by Group of Restaurants to have uniformity in the accounting system which expenses are taken in schedule D8 in Income Statement

  1. - Salary and wages

  2. - Energy expenses

  3. - Rent and rates

  4. - Marketing expenses

 

EBIT stands for

  1. - Earning before income and taxes

  2. - Earning before interest and taxes

  3. - Earning before insurance and taxes

 

The main Characteristics of Internal Control are

  1. - Division of duty

  2. - Leadership quality

  3. - Experienced, Qualified and Trustworthy Personnel

  4. - All of the above

 

 KOT stands for?

  1. - Kitchen order ticket

  2. - Kitchen oral ticket

 

If the Gross profit is Rs. 5,000 and the net profit is 25% of the Gross profit. Calculate expenses?

  1. - 3750

  2. - 1250

  3. - 4250

  4. - 6250

 

The statutory auditor of a hotel company should be

  1. - Night auditor

  2. - Internal auditor

  3. - Accountant general

  4. - Chartered accountant

 

 Statutory auditor is appointed by

  1. - Shareholders

  2. - Managing director

  3. - Chief executive officer

 

 Internal audit is

  1. - Compulsory

  2. - Optional

  3. - Compulsory for companies

  4. - Compulsory for partnership

 

 Internal check is

  1. - Compulsory

  2. - Not compulsory

  3. - None of the above

 

Night auditing is a part of

  1. - Statutory audit

  2. - Internal audit

  3. - External audit

  4. - None of these

 

In departmental accounting , only _______ department are taken re

  1. - Revenue producing

  2. - Cost incurring

  3. - None operating

  4. - None of these

 

 A statement prepared to show financial position of a business is called

  1. - Balance sheet

  2. - Trial balance

  3. - Cash boom

  4. - Petty cash book

 

 Financial statements are prepared by

  1. - Accountant

  2. - Auditor

  3. - Cashier

  4. - CA

 

________ is the part of internal control

  1. - Segregation of duty

  2. - Termination of employees

  3. - Punishment of employees

 

Sales - cogs (cost of goods sold)

  1. - Profit

  2. - Net profit

  3. - Gross profit

  4. - Loss

 

D1

  1. - Salary of employees

  2. - Food sale

  3. - Income tax

 

D4

  1. - Other income

  2. - Employees benefit

  3. - Marketing expense

  4. - Salary and wages

 

D6

  1. - Interest

  2. - Energy expense

  3. - Administrative and general expense

  4. - Direct operational expense

 

D15

  1. - Depreciation

  2. - Music and entertainment

  3. - Rent and rates

  4. - Interest