The normal spoilage is subtracted from total spoilage to calculate _____________?
A. abnormal spoilage
B. Gross weighted spoilage
C. inventoriable spoilage
D. partial spoilage
Accounting MCQs with Answers
The residual material which results from manufacturing products is called ___________?
A. reduced work
B. spoilage
C. rework
D. scrap
An amount of spoilage that is natural in any particular production process is classified as ___________?
A. normal scrap
B. normal spoilage
C. abnormal spoilage
D. weighted spoilage
Cash discount is provided on _______________?
A. Purchases
B. Prompt payment
C. Sales
D. Sales return
For the business, capital is ____________?
A. Expense
B. Liability
C. financial assets
D. All of them
LIFO stands for__________?
A. Lots in , Few out
B. Link input, Format Output
C. Last input, First Output
D. Last in, First Out
The revenues and expenses of a company are displayed in which statement?
A. Balance Sheet
B. Cash Flow Statement
C. Income Statement
D. None of the above
A systematic way to maintain the books of accounts is called_________?
A. Accountancy
B. Economics
C. Book Keeping
D. Auditing
An Art of reading, classifying & Summarizing of accounts in a systematic way is called__________?
A. Accounting
B. Accountancy
C. Auditing
D. Book Keeping
