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Accounting Quiz Q41–Q50 TC Accounting Quiz Q41–Q50 Teal Coral Clean theme — click an option to reveal the correct answer and detailed solution Questions Q41. Wages paid for machine installation debited in wages account, it is: A. An error of Commission B. An error of omission C. An error of Principal D. Compensating Error Answer: An error of Principal Solution: Wages for installation are a capital expenditure and should be capitalized to the asset (machinery). Debiting Wages account instead is a classification error — an error of principle (wrong accounting treatment). Q42. If amount of any known liability can’t be determined with substantial accuracy then: ...

Bank Reconciliation Quiz Q31–Q40 TC Bank Reconciliation Quiz Q31–Q40 Interactive Teal Coral Clean theme — click an option to reveal the correct answer and explanation Questions Q31. Deposit in Transit will be ______ while preparing BRS. A. Subtracted from bank balance B. Added in bank balance C. No effect D. Added to cash book balance Answer: Added in bank balance Solution: A deposit in transit is recorded in the company's cash book but not yet reflected in the bank statement. To reconcile the bank statement to the cash book, deposits in transit are added to the bank balance. Q32. Unpresented cheques are also referred as: A. Bounced Che...

Single Entry Accounting Quiz Q21–Q30 | Teal Coral Clean TC Single Entry Accounting Quiz Q21–Q30 Interactive Teal Coral Clean theme — click an option to reveal the correct answer and detailed solution Questions Q21. Under single entry system in net worth method drawings is added in : A. Opening Capital Select B. Closing Capital Select C. Additional Capital Select D. Cash Select Answer: Closing Capital Solution: Under the net worth (statement of affairs) method, drawings are added back to the closing capital when reconstructing the closing capital figure to compute profit or loss. This adjustment rest...

html Departmental & Branch Accounting MCQ Quiz with Detailed Solutions | Teal Coral Clean AC Departmental & Branch Accounting Quiz (Q11–Q20) MCQs with detailed solutions Instructions Click "Show Solution" for each question to reveal the correct answer and a concise explanation. Q11 Departmental Accounting facilitates A Comparison of trading results B Planning and Control C Evaluate Departmental performance D All of the above Correct: D Explanation: Departmental accounting records results for each department separately. This enables comparison of trading results, supports planning and control by highlighting variances, and helps evaluate departmental performance for profitability and efficiency. ...

Branch Accounting & Financial Ratios Quiz — Teal Coral Clean Theme QC Branch Accounting & Financial Ratios Quiz 10 MCQs • Suggested time: 10–15 minutes Q1. Disclosure of which ratio is not required as per new Schedule III of Companies Act, 2013? A. Inventory Turnover Ratio B. Net Capital Turnover Ratio C. Assets Turnover Ratio D. Trade Receivable Turnover Ratio Answer: B. **Net Capital Turnover Ratio** is not among the standard ratios mandated for disclosure under the amended Schedule III; Schedule III lists specific liquidity, solvency and activity ratios to be disclosed in notes to accounts Q2. Account prepared for calculation of Gross Profit Earned by branch under Stock & Debtors system is A. Branch Stock Account B. Branch Adjustment Account C. Goods Sent to Branch Account D. Branch Debtors Accounts Answer: B...

AC Accounting Quiz — Q61 to Q70 Choose an option to reveal the correct answer and a short explanation. Answered: 0 / 10 Correct: 0 Theme: Teal Coral Clean Reset Reveal All Q61 Current Ratio is: Solvency Ratio Liquidity Ratio Activity Ratio Profitability Ratio Q62 Liquid asset does not include : Bill receivable Debtor Bank Balance Prepaid Expenses Q63 The ___ of a business firm is measured by its ability to satisfy its short term obligations as they become due: Activity Liquidity Debt Profitability Q64 Patent and copyright fall under the category of : Factitious Assets Current Assets Intangib...