NTS MCQ Quiz Hub

NTS CURRENT AFFAIRS ACCOUNTING MCQ SET 1

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1. According to John Dewey, school is a ________ institution, and education is a ________ process.




2. According to John Dewey, schools must prepare students for




3. According to Rousseau, at what age a person ready to have a companion of the opposite sex?




4. The field of study concerned with the construction of thought processes, including remembering, problem solving, and decision-making is called




5. Jean Piaget proposed __________ stages of Cognitive Development.




6. The more often a particular ability is used the __________ it becomes.




7. The longer a particular ability is unused the __________ it becomes.




8. The more parts of your brain you use, the more likely you are to __________ information.




9. The conclusion of a deductive argument is




10. The truth of the conclusion of an inductive argument is




11. The process of reasoning from one or more given statements to reach a logically certain conclusion is called




12. The reasoning in which the given statements are viewed as supplying strong evidence for the truth of the conclusion is called




13. The main source(s) of Generally Accepted Accounting Principles (GAAP) is/are:




14. What standards are used to prepare financial statements by most of the countries and companies




15. The correct form of Accounting equation is




16. A company sold goods worth $5,000 on 5 June and $10,000 on 28 June. The company received the first payment on 25 June and second on 7 July. The company prepared the financial statement on 30 June. What would be the total sale on the financial statement?




17. Advance payments are recognized as




18. What from the following is NOT a current asset?




19. What from the following is NOT a non-current asset?




20. A machine price was $1,000 and was carried through a truck. The trucks fares were $500. The engineers charged $500 for the installation. The cost of the machine is?




21. Depreciable amount =




22. The accounting process of allocation cost of intangible assets is called




23. The process of recording consumption of natural resources (or wasting assets) is called




24. The concept that the enterprise will continue in a foreseeable future is known as




25. What from the following is NOT a capital expense?




26. An item of equipment cost $300,000 and has a residual value of $50,000 at the end of its expected useful life of four years. What is the depreciable amount?




27. The expected disposal value of the asset (after deducting disposal costs) at the end of its expected useful life is called




28. The figure that appears in the statement of financial position, after the depreciation, is known as




29. Depreciation is normally charged as




30. A company purchases a non-current asset in Year 1 for $90,000. The depreciation charge is $15,000. What net book value would be recorded in financial position statement (or balance sheet) at the end of Year-2?




31. Raw materials that are remaining at the end of the reporting period are treated as




32. The goods that have been sold to the customers are treated as _____ in the financial statements.




33. The goods that have not been sold to the customers till the end of the reporting period are considered as




34. The selling price of some goods is $1500 and cost to sell the goods is $200. What is the Net Realizable Value (NRV)?




35. The selling price of some under-process goods is $1500, cost to finally produce the goods is $300, and cost to sell the goods is $200. What is the Net Realizable Value (NRV)?




36. A bank overdraft is shown as a/an _____ balance in the bank statement.




37. Which from the following is included in the cost of purchases?




38. Cheques issued but not presented, cause the bank statement balance to be ________ the cash book balance.




39. The capital of a business is $100,000 and the liabilities are $40,000. What are the total assets?




40. Any transaction which cannot be recorded in any book of prime entry is recorded in




41. The withdrawal of inventory by the owner for personal use should appear in the trading account as a deduction from




42. A company had opening inventory of $200,000. Sales and purchases during the period were of $400,000 and $80,000 respectively. What is the gross profit for the period if the closing inventory was worth $100,000?




43. Which from the following costs are included in conversion costs?




44. Goods which originally cost $800 were sold for $1,000. In the accounting equation Net Assets will?




45. A debit entry usually represents




46. Which of the following is part of the double entry system in Accounting?




47. In which of the following book returns inwards are recorded?




48. What is the net amount of cash paid to the supplier if: Credit purchases $12,000 out of which $2,000 were rejected and subsequently returned to the supplier. Supplier allowed a discount of 1% on settlement of amount.




49. A company is owned by its




50. Shares of listed companies are traded in the