A. Debit P&L A/c and Credit Reserve for Discount on Accounts Payable A/c
B. Debit Accounts Payable A/c and Credit P&L A/c C. Debit Reserve for Discount on Accounts Payable A/c and Credit P&L A/c
D. Debit Reserve for Discount on Accounts Payable A/c and credit Accounts Payable A/c
The entry will be as follows:
Reserve for Discount on Creditors A/c……………………………………………… Dr.
To Profit & Loss A/c
It will be shown on the credit side as a separate item and will be shown on the Liabilities side by way of deduction from the Sundry Creditors.
A. Discounting of the bill with the bank
B. Payment of the bill on due date C. Remitting or receiving the amount
D. Sending the bill to bank for collection Read More Details about this Mcq
A. The Trial Balance will not agree
B. The balance of creditors is understated
C. The purchases are understated D. The favorable bank balance as per Pass Book is less than the Bank balance as per Cash book
A. They must be followed by reversing entries
B. They transfer the balances in all of the Nominal Accounts to the Trading and Profit and Loss Account
C. They must be made after the reversing entries but before the adjusting entries D. They must be made after the adjusting entries but before the reversing entries
A. At the time of opening new books of account B. At the time of closing the accounts
C. During the course of accounting period any time
D. After certification of accounts
Accounting Mcqs for Preparation of various Test announced by Fpsc, kppsc, Nts, ppsc. accounting mcqs for accountant. These Mcqs are very helpful for the Preparation of various posts of Senior Auditor, Junior Auditor, Accountant and for Cost Accountant.
Principles of Accounting, Accounting Equation, Analyzing & Classifying Transaction, Journal, Ledger, Banking Transactions, Cash book and Bank Reconciliation Statement, Bill of Exchange, Capital & Revenue, Rectification of Errors, Final Accounts, Adjustments.
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