Accounting MCQs — Test 1
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Question 1
reduction in price is called:
Question 2
Which of the following is not true about opinion on financial statements?
Question 3
The beginnings inventory of the current year is overstated by 5,000 and closing inventory is overstated by 12,000. These errors will cause the net income for the current year by
Question 4
Budgeted sales for the next year is 5,00,000 units. Desired ending finished goods inventory is 1,50,000 units and equivalent units in ending W-I-P inventory is 60,000 units. The opening finished goods inventory for the next year is 80,000 units, with 50,000 equivalent units in beginning W-I-P inventory How many equivalent units should be produced?
Question 5
Depreciation is a process of____________?
Question 6
The term ‘Audit’ is derived from a Latin word “audire” which means___________?
Question 7
A systematic way to maintain the books of accounts is called_________?
Question 8
An Art of reading, classifying & Summarizing of accounts in a systematic way is called__________?
Question 9
The maintenance of accounts in a systematic way is called__________?
Question 10
Goods Return by the customer are termed as :