A. Nominal A/c
B. Tangible Asset
C. Intangible Asset
D. Fictitious Asset
Related Mcqs:
- An Art of reading, classifying & Summarizing of accounts in a systematic way is called__________?
A. Accounting
B. Accountancy
C. Auditing
D. Book Keeping - Institute of Chartered Accountants of Pakistan was established in____________?
A. 1949
B. 1956
C. 1961
D. 1972 - Debit note is the basis for recording a transaction in which of the following journals?
A. General journal
B. Cash journal
C. Purchase journal
D. Purchase return journal - Net loss occurs when______________?
A. Expenses are greater than Income
B. Expenses are less than Income
C. Expenses=Income
D. Liabilities are greater than income - Journals are also referred as_____________?
A. Book of entries
B. Book of original entries
C. T account
D. Books of economic event - For the past 3 years, DK Ltd. has failed to accrue unpaid wages earned by workers during the last week of the year. The amounts omitted, which were considered material, were as follows:
March 31,2010 – ` 56,000
March 31, 2011 – ` 51,000
March 31, 2012 – ` 64,000
The entry on March 31, 2012 to rectify these omissions would include aA. Credit to wage expense for ` 64,000
B. Debit to wage expense for ` 64,000
C. Debit to wage expense for ` 51,000
D. Debit to wage expense for ` 13,000 - Which of the following is a Nominal A/c ?
A. Outstanding Salary A/c
B. Rent A/c
C. SBI A/c
D. Debtors A/c - Which of the following will not appear in Profit and Loss Account of a business?
A. Drawings
B. Bad debts
C. Accrued expenses
D. Reserve for discount on Sundry Creditors - Bank reconciliation statement is the comparison of a bank statement (sent by bank) with the _________ (prepared by business).
A. Cash receipt journal
B. Cash payment journal
C. Cash book
D. Financial statements - One of the most important tools in cost planning is__________?
A. Direct cost
B. Cost Sheet
C. Budget
D. Marginal Costing.
The correct answer to the question: "Goodwill A/c is a/an__________?" is "Intangible Asset".