Principles of Accounting MCQs and Notes
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Q 1. 4 oct Opening balance=500 units @Rs 20 each, 5 Oct:Purchase=1000 units @Rs 15 ,6 Oct Sales=500 units.What will be rate at which the sales unit will be valued as per weighted avg method?
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Q 2. What is the formula for calculating depreciation in SLM Method?
P
Q 3. What are the causes of depreciation?
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Q 4. Where do we show Gas and Fuel in final accounts?
V
Q 5. What are the two statements prepared for summarising the transactions? I)Balance Sheet II)Journal III)P&L IV)Cash Book
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Q 6. The process of transferring the debit and credit items from a journal to their respective account in the ledger is termed as?
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Q 7. When Salary is paid by cheque, which account is credited.
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Q 8. In trial balance, which accounts with is/are recorded at the credit side?
I)Sales
II)Sales return
III)Cash
IV)Loan
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Q 9. When proprietor withdrew cash from business for personal use , it is known as -
V
Q 10. Business enterprise is separate from its owner according to concept.
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