Skip to content
MCQtimes.com
GK
Pakistan Studies
Current Affairs
Islamic Studies
English
MCQtimes.com
Toggle Menu
Head of Accounts
Home
/
Financial Accounting
/
Head of Accounts
- Page 6
Show/Hide Answers
Head of Accounts
Control accounts are most commonly used for which of the following purposes?
Preparing cash flow statement
Making entries in other accounts
Accumulating the total balances of related accounts
Detecting errors in accounting records
Author:
rikazzz
Comment
Head of Accounts
A revenue item is recognized when:
It is probable that the increase of future economic benefits related to the increase in assets and/or decrease in liabilities will occur
The increase in future economic benefits related to the increase in assets and/or decrease in liabilities can be measured reliability
Receipts are accounted on a cash basis
All of these
Author:
rikazzz
Comment
Head of Accounts
A and B share profit and loss in the ratio of 2/5 and 2/5 respectively and having capital account balances of $100,000 each. At the time of revaluation. The firm’s total asset book value was $60,000 while they can only be sold for $40,000. Which of the following is the balance of A’s capital account after revaluation of firm’s assets?
100000
112000
88000
$72,00
Author:
rikazzz
Comment
Head of Accounts
The receipts and payments account of a non-profit organization is a:
Nominal account
Real account
Income companies
Financial statements
Author:
rikazzz
Comment
Head of Accounts
Which of the following items would not be included in a full set of company financial statements?
Ordinary share capital
Trade payables
Share premium
Retained profits
Author:
rikazzz
Comment
Head of Accounts
Which of the followings sub head accounts are used for small savings, provident funds, etc.?
National small saving fun
State provident funds
Other accounts
All of these
Author:
rikazzz
Comment
Head of Accounts
Is partnership type of business considered as a separate legal entity?
No
Yes
Sometimes No sometimes Yes
None of these
Author:
rikazzz
Comment
Head of Accounts
Which of the following would not make a distinction between a hire purchase and a ‘normal’ purchase?
Purchaser pays for item by installments over a period of time
Cost to buyer is likely to be higher than it would be for a normal purchase
Asset does not belong to purchaser when delivery is received from supplier
Trade discount cannot be offered on hire purchase
Author:
rikazzz
Comment
Head of Accounts
Which of the following SSAPs was introduced to deal with accounting for leases and hire purchase contracts?
SSAP 12
SSAP 21
SSAP 22
SSAP 2
Author:
rikazzz
Comment
Head of Accounts
AandB are partners sharing profit or loss equally. A new partner enters in the partnership and invests a piece of land that had historical cost of $50,000, book value = $25000 and current market value = $30,000. By what amount the new partners account should be increased?
25000
50000
30000
75000
Author:
rikazzz
Comment
Page navigation
Previous Page
Previous
1
…
4
5
6
7
8
…
15
Next Page
Next
Go to Page
Light
Dark
GK
Pakistan Studies
Current Affairs
Islamic Studies
English