Accounting MCQs Part 4

31. Which of the following accounts can be classified as a real account.?

A. Rent expenses account

B. Cash account

C. Rent income account

D. Insurance expenses account

32. Users of accounting information include.?

A. The tax authorities
B. Investors
C. Creditors
D. All of these

33. Journals are also referred as.?

A. Book of entries

B. T account

C. Book of original entries

D. Books of economic event

34. Which of these types of expenditure would not be treated as a Capital Expenditure.?

A. Acquisition of an Asset
B. Maintenance of the Asset

C. Extension of an Asset
D. Improvement of the existing Asset

35. Depreciation is a process of

A. Allocation

B. Valuation
C. Valuation and allocation
D. Appropriation

36. Provision is created for.?

A. Unknown Liabilities
B. Creation of Secret Reserves
C. Known Liabilities

D. All the Three

37. The basic of accounting equation.?

A. Capital + assets = liabilities

B. Assets + liabilities = Capital

C. Capital + Liabilities = Assets

D. None of above

38. Double entry book-keeping was fathered by.?

A. F.W. Taylor
B. Luca Pacioli

D. Henry Fayal

D. None of above

39. Process Costing is relevant to.?

A. Job Order cost oriented Projects
B. Phonic Industry

C. Cement industry

D. None of the above

40. Cash purchases is recorded in which of the following specialized journals.?

A. Purchase journal

B. Cash payments journal

C. Sales journal

D. Purchases return journal

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