Accounting Questions MCQs

Topics: Generally Accepted Accounting Principles, Inventory, Depreciation Pages: 3 (773 words) Published: October 22, 2014

Accounting Comprehensive Exam: 20 MCQs, 30 minutes. Time: 9:30am – 10:00am Concepts to be explained
Adjusting and closing entries
Unpaid salaries Rs. 7,500 (accrued expense)
Outstanding electric bills Rs. 6,500 (accrued expense)
Commission Receivable Rs. 5,000 (accrued revenue)
Depreciation of office furniture at 10% office equipment 15% (Office furniture Rs. 35, 000 and office equipment Rs. 45,000) Allocate allowances for uncollectible 2% on accounts receivable. (Accounts Receivable Rs. 17,000) Closing entries for

Debit Credit Revenue Rs. 1, 000 Revenue Rs. 1, 000 Income Summary Rs.1, 000 Expenses Rs. 700 IS Rs. 700 Expenses Rs. 700 Income Summary (in case of profit)

IS Rs. 300 Capital Rs.700 Drawings Rs.100 Capital Rs.100 Drawings Rs.100 Adjusting entries to record Debit Credit Accrued Revenue: Revenue Receivable Revenue Depreciation: Dep. Exp Allowance for Dep. Accrued Salaries Expenses Salary Exp Salary Payable Bad debts expense B/D exp All. For B/D

Depreciation
Calculating Depreciation Expense per year under Straight Line Method when cost, estimated residual value and estimated useful life are given. Cost of a machine is Rs. 50, 000,
ERV is Rs. 5, 000 and
EUL is 5 years
year Cost Working Dep. Exp Acc. Dep. Book value
1 50,000 2 50,000 3 50,000 Taha purchased a vehicle on 1 November 2007 for Rs.150,000 and books are closed at Dec 31 each year, The estimated useful life of vehicle is 10 years and its resale value at the end of that time is estimated to be Rs. 30,000. Taha...
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