Bashir Farooqi MANAGEMENT SCIENCES - Financial Accounting

All of the following are forms of organizations except

A. Corporation. B. Partnership. C. Properitorship. D. Retailer.

Like(0)

disLike (0)

Comment(0)

Explanation

Bashir Farooqi MANAGEMENT SCIENCES - Financial Accounting

The investment of personal assets by the owner

A. Decreases liabilities. B. Increases expenses. C. Has no effect on assets but increases owner’s equity. D. Increases total assets and increases owner’s equity.

Like(0)

disLike (0)

Comment(0)

Explanation

Bashir Farooqi MANAGEMENT SCIENCES - Financial Accounting

The business form(s) in which the owner(s) is (are) personally liable is (are) the

A. Limited liability company. B. Soleproprietor . C. Partnership. D. Both B &C.

Like(0)

disLike (0)

Comment(0)

Explanation

Bashir Farooqi MANAGEMENT SCIENCES - Financial Accounting

Users of accounting information includes

A. Tax department. B. Shareholders. C. Creditors. D. All of these.

Like(0)

disLike (0)

Comment(0)

Explanation

Bashir Farooqi MANAGEMENT SCIENCES - Financial Accounting

Under the diminishing balance method, depreciation amount is

A. Deficit. B. Surplus. C. Reciept. D. Expenditure.

Like(0)

disLike (0)

Comment(0)

Explanation

Bashir Farooqi MANAGEMENT SCIENCES - Financial Accounting

Amount, cash, or other assets removed from business by owner is called

A. Drawings. B. Self-Help. C. Capital. D. None of these.

Like(0)

disLike (0)

Comment(0)

Explanation

Bashir Farooqi MANAGEMENT SCIENCES - Financial Accounting

Unpaid and unrecorded expenses are called

A. Prepaid Expenses. B. Unearned Revenue. C. Accrued Expenses. D. Deferred Cost.

Like(0)

disLike (0)

Comment(0)

Explanation

Bashir Farooqi MANAGEMENT SCIENCES - Financial Accounting

For preparing balance sheets prepaid expenses are shown as part of

A. Revenue. B. Expenses. C. Assets. D. Liability.

Like(0)

disLike (0)

Comment(0)

Explanation

Bashir Farooqi MANAGEMENT SCIENCES - Financial Accounting

Books of original entry are called

A. Journal. B. Ledger. C. Trial Balance. D. Income Statement.

Like(0)

disLike (0)

Comment(0)

Explanation

Muhammad Tayyab Ikhlas MANAGEMENT SCIENCES - Audit & Assurance

Verification includes

A. Checking vouchers. B. Checking audit reports. C. Self stock taking. D. None of these.

Like(0)

disLike (0)

Comment(0)

Explanation

Add Mcqs

update

Plz Contact admin for this action

All of the following are forms of organizations except

The investment of personal assets by the owner

The business form(s) in which the owner(s) is (are) personally liable is (are) the

Users of accounting information includes

Under the diminishing balance method, depreciation amount is

Amount, cash, or other assets removed from business by owner is called

Unpaid and unrecorded expenses are called

For preparing balance sheets prepaid expenses are shown as part of

Books of original entry are called

Verification includes

MANAGEMENT SCIENCES