A. Present event
B. Future event
C. Past event
D. None of them
Related Mcqs:
- Which of the following is a liability?
A. Cash
B. Equipment
C. Debtors
D. Creditors - Which of the following is a current liability?
A. Prepaid expenses
B. Trademark
C. Discount on issue of shares
D. Outstanding Salaries - Which of the following is not a contingent liability?
A. Debts included in Sundry Debtors which are doubtful in nature
B. Uncalled liability on partly paid shares
C. Claims against the company not acknowledged as debts
D. Arrears of fixed cumulative dividend - The normal balance of liability account is____________?
A. Debit balance
B. Credit balance
C. Cash balance
D. Neither debit nor credit balance - Which of the following statements are / is true? – Events after Balance Sheet are?
A. All the significant events after the Balance Sheet date
B. The events after Balance Sheet date but before submitting it to the Registrar of Companies
C. The events after Balance Sheet date but before its approval by the board
D. All changes after Balance Sheet date before its approval - Which of the following is a type of cash receipt journal + cash payment journal?
A. Bank statement
B. Statement of cash flow
C. Cash book
D. Cash documents - Which of the following is known as the base for preparing trial balance?
A. Journal
B. Cash account
C. Ledger account
D. Balance sheet - Which of following best describes the increase in equity expands___________?
A. Business operations
B. cash outflows
C. Inflows of cash
D. Appropriation expenses - Which of the following are/is not a fixed asset?
A. Stock
B. Vehicle
C. Fixed deposit in bank
D. Both A. and C. above - When production is equal to sales, which of the following is TRUE?
A. No change occurs to inventories for either use absorption costing or variable costing methods
B. The use of absorption costing produces a higher net income than the use of variable costing
C. The use of absorption costing produces a lower net income than the use of variable costing
D. The use of absorption costing causes inventory value to increase more than they would though the use of variable costing
The correct answer to the question: "Liability are arisen from which of the following events?" is "Past event".
