Adjusting Entries MCQs 2



MCQs 1 To 10

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1. What will be the Book value of asset if its original cost is Rs. 50,000; accumulated depreciation is Rs. 20,000; and depreciation expense for the year is Rs. 10,000?

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2. Amount owing from the debtor which is not expected to be received?

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3. Net realizable value of accounts receivable is?

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4. A provision is?

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5. What is an expense that a business has incurred but has not yet paid?

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6. The amount reserved for doubtful receivables?

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7. If the allowance method of accounting for uncollectible receivables is used, what general ledger account is credited to write off a customer's account as uncollectible?

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8. Which of the following asset is not depreciated?

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9. Recovery of bad debts is treated as?

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10. What will the effects on financial statements, if machinery is depreciated @ 10%?

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Adjustment Entries II (1-10)
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MCQs 11 To 20

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11. The amount of depreciation charged on machinery will be debited to?

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12. Accrued expenses affects the?

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13. Wages and salaries payable are classified as a?

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14. When an account becomes uncollectible and must be written off?

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15. The difference between the balance of a fixed asset account and the related accumulated depreciation account is termed?

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16. Expired cost of any fixed assets is called?

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17. Which of the following is correct for Doubtful Debt?

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18. Bad debts written off (given in adjustment) always affect the?

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19. Under the allowance method, writing off a specific customer’s uncollectible account?

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20. Equipment cost Rs. 36,000 and is expected to be useful for 5 years and have no salvage value. Under the straight-line method, monthly depreciation will be?

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Adjustment Entries II (11-20)
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References

Mukharji, A., & Hanif, M. (2003). Financial Accounting (Vol. 1). New Delhi: Tata McGraw-Hill Publishing Co.

Narayanswami, R. (2008). Financial Accounting: A Managerial Perspective. (3rd, Ed.) New Delhi: Prentice Hall of India.

Ramchandran, N., & Kakani, R. K. (2007). Financial Accounting for Management. (2nd, Ed.) New Delhi: Tata McGraw Hill.

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