CSS[FPSC-U.S. Civil Service Commission]-USA MCQ Quiz Hub

[USA] CURRENT AFFAIRS MCQ ACCOUNTS

Choose a topic to test your knowledge and improve your CSS[FPSC-U.S. Civil Service Commission]-USA skills

1. Which of the following is part of the double entry system in Accounting?




2. In which of the following book returns inwards are recorded?




3. What is the net amount of cash paid to the supplier if: Credit purchases $12,000 out of which $2,000 were rejected and subsequently returned to the supplier. Supplier allowed a discount of 1% on settlement of amount.




4. The main source(s) of Generally Accepted Accounting Principles (GAAP) is/are:




5. What standards are used to prepare financial statements by most of the countries and companies




6. The correct form of Accounting equation is




7. A company sold goods worth $5,000 on 5 June and $10,000 on 28 June. The company received the first payment on 25 June and second on 7 July. The company prepared the financial statement on 30 June. What would be the total sale on the financial statement?




8. Advance payments are recognized as




9. What from the following is NOT a current asset?




10. What from the following is NOT a non-current asset?




11. A machine price was $1,000 and was carried through a truck. The trucks fares were $500. The engineers charged $500 for the installation. The cost of the machine is?




12. Depreciable amount =




13. The accounting process of allocation cost of intangible assets is called




14. The process of recording consumption of natural resources (or wasting assets) is called




15. The concept that the enterprise will continue in a foreseeable future is known as




16. What from the following is NOT a capital expense?




17. An item of equipment cost $300,000 and has a residual value of $50,000 at the end of its expected useful life of four years. What is the depreciable amount?




18. The expected disposal value of the asset (after deducting disposal costs) at the end of its expected useful life is called




19. The figure that appears in the statement of financial position, after the depreciation, is known as




20. Depreciation is normally charged as




21. A company purchases a non-current asset in Year 1 for $90,000. The depreciation charge is $15,000. What net book value would be recorded in financial position statement (or balance sheet) at the end of Year-2?




22. Raw materials that are remaining at the end of the reporting period are treated as




23. The goods that have been sold to the customers are treated as _____ in the financial statements.




24. The goods that have not been sold to the customers till the end of the reporting period are considered as




25. The selling price of some goods is $1500 and cost to sell the goods is $200. What is the Net Realizable Value (NRV)?




26. The selling price of some under-process goods is $1500, cost to finally produce the goods is $300, and cost to sell the goods is $200. What is the Net Realizable Value (NRV)?




27. A bank overdraft is shown as a/an _____ balance in the bank statement.




28. Which from the following is included in the cost of purchases?




29. Cheques issued but not presented, cause the bank statement balance to be ________ the cash book balance.




30. The capital of a business is $100,000 and the liabilities are $40,000. What are the total assets?




31. Any transaction which cannot be recorded in any book of prime entry is recorded in




32. The withdrawal of inventory by the owner for personal use should appear in the trading account as a deduction from




33. A company had opening inventory of $200,000. Sales and purchases during the period were of $400,000 and $80,000 respectively. What is the gross profit for the period if the closing inventory was worth $100,000?




34. Which from the following costs are included in conversion costs?




35. Goods which originally cost $800 were sold for $1,000. In the accounting equation Net Assets will?




36. A debit entry usually represents




37. The capital of a business would change as a result of:




38. Which of the following is an indirect cost?




39. There is a debit balance on the office expenses at the end of the financial year. In which section of the balance sheet this will be recorded?




40. Which of the following is not a business transaction?




41. A company is owned by its




42. The goods which are purchased for the purpose of resale are known as




43. Cash invested in the business is known as




44. Expenditures which provide benefit in the future period are known as




45. Which of the following is a capital transaction?




46. Financial statements are mainly prepared for




47. Interim audit is performed before the end of the accounting period, normally by the




48. Fundamentally, the auditor report gives an opinion on whether the financial statements




49. The _____ certify or guarantee that the financial statements are correct.




50. IFAC is an abbreviation for