Accounting MCQs Part 6

51. The Funds Flow Statement and sources and application statement are?

A. Synonymous

B. Duplication

C. Antagonistic 

D. None of these

52. The auditor is liable for his annual audit of accounts o?

A. Owners

B. Creditors
C. Bankers
D. None of above

54. Amount, cash or other assets removed from business by owner is?

A. Capital
B. Assets
C. Drawings

D. None of these

55. Banks, for the preparation of financial statements, are governed under?

A. State Bank of Pakistan Act
B. Banking Companies Ordinance, 1962

C. A & B

D. None of these

56. A fixed cost?

A. Will not change in total because it is not related to changes in production Is constant per unit for each unit of change in production

B. May change in total when such change is not related to changes in production
C. May change in total, depending on production with the relevant range
D. None of these

57. Which of the following specialized journals will record "goods returned by the business"?

A. Sales journal

B. Sales return journal

C. Purchase journal

D. Purchases return journal

58. A journal entry in which two or more account is debited or credited is referred as

A. Additional entry

B. Journal entry

C. Compound entry

D. Multi entry

59. Which of the following will be debited if a business purchases goods on credit?

A. Cash

B. Purchases

C. Debtor

D. Creditor

60. Is the common base for preparing a trial balance?

A. Ledger Accounts

B. General Journal

C. Specialized Journals

D. None of Above

61. Trial balance is prepared to check accuracy of?

A. Balance sheet balances

B. Income statement balances

C. Leger accounts balances

D. None of above

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