LIFO stands for__________?

Related Mcqs:

1. In support of business transaction, any written evidence is called ___________?

   A. Discount
   B. Voucher
   C. Allowance
   D. Price

2. Which of the following will affect the agreement of a trial balance?

   A. Complete omission of a transaction
   B. Partial omission of a transaction
   C. Error of principle
   D. Compensating errors

3. Financial statements differ from management account because

   A. They are mainly prepared for external users of financial information
   B. They are more complex and hard to prepare
   C. The are the summary of accounting data
   D. The are prepared on basis of actual concept

4. Revenue and expense accounts are referred as______________?

   A. Nominal accounts
   B. Real account
   C. Cash accounts
   D. Banks account

5. General journal is a book of _______ entries?

   A. First
   B. Original
   C. Secondary
   D. Generic

6. Which of these items are taken into consideration for preparation of adjusted Cash Book

   A. Mistake in Cash Book
   B. Mistake in Pass Book
   C. Cheque issued but not presented for payment
   D. Cheques deposited but not cleared

7. Tax deducted at source A/c appears in___________?

   A. Assets side
   B. Liability side
   C. Profit & Loss A/c
   D. Debited to Capital A/c

8. If unexpired insurance appears in the Trial Balance, it should be:

   A. Credited to the Profit & Loss Account
   B. Debited to the Profit & Loss Account
   C. Shown on the liabilities side of the Balance Sheet
   D. Shown on the assets side of the Balance Sheet

9. A Bill of Exchange is drawn on 1st April, 2018 payable after 3 months. The due date of the bill is?

   A. 30th June,2018
   B. 1st July,2018
   C. 4th July,2018
   D. 4th August,2018

10. Accommodation bills are generally for?

    A. Genuine trade reasons
    B. For mutual financial accommodation
    C. To help augment money supply
    D. All the three