MCQ- Management – set III

1. Of the following account types, which would be increased by the credit?

  • Liabilities and expenses
  • Assets and equity
  • Assets and expenses
  • Equity and revenuesd

2. Matching concept of accounting is to match the expenses incurred during the accounting period with the revenues recognized

  • During previous period
  • During same period
  • During next period
  • During future period

3. Under cash method of accounting, all incomes and expenses are considered to be earned only when they are received and payment in

  • cash
  • kind
  • person
  • future period

4. Double entry system of book keeping where each transaction is recorded in …. of its aspects

  • one
  • both
  • many
  • individual

5. There are …. types of accounts

  • one
  • two
  • many
  • three

6. Increase in assets is

  • debit
  • credit
  • sales
  • sales return

7. Increase in Liabilities is

  • debit
  • credit
  • sales
  • sales return

8. Expenses are always

  • debit
  • credit
  • profit
  • purchase

9. An expense does not bring into existence an asset but is incurred if the process of producing revenue

  • Revenue expenditure
  • capital expenditure
  • incomes
  • Purchase

10. An expenditure that brings into existence an asset of lasting value or benifit of an enduring nature or a valuable right is

  • Revenue expenditure
  • capital expenditure
  • incomes
  • Purchase

 

Leave a Reply

Your email address will not be published. Required fields are marked *