Accounting MCQ Questions and Answers Quiz

11. A higher inventory ratio indicates

  1. Better inventory management
  2. Quicker turnover
  3. Both A and B
  4. None of the above

12. The following is (are) the current liability (ies)

  1. Bills payable
  2. Outstanding expenses
  3. Bank overdraft
  4. All of the above

13. Accounting provides information on

  1. Cost and income for managers
  2. Companys tax liability for a particular year
  3. Financial conditions of an institution
  4. All of the above

14. Which of the following would not be found on a standardized income statement?

  1. Cost of Sales
  2. Amounts written off Investments
  3. Tax on Income on Ordinary Activities
  4. Provisions for Liabilities and Charges

15. The long term assets that have no physical existence but are rights that have value is known as

  1. Current assets
  2. Fixed assets
  3. Intangible assets
  4. Investments

16. The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as

  1. Current assets
  2. Fixed assets
  3. Intangible assets
  4. Investments

17. Patents, Copyrights and Trademarks are

  1. Current assets
  2. Fixed assets
  3. Intangible assets
  4. Investments

18. Liquid or Quick assets =

  1. Current assets – (stock + work in progress)
  2. Current assets + stock + work in progress
  3. (Current assets + stock) + work in progress
  4. (Current assets + work in progress) – stock

19. The liabilities that are payable in more than a year and are not be liquidated from current assets

  1. Current liabilities
  2. Fixed liabilities
  3. Contingent liabilities
  4. All of the above

20. The debts, which are to be repaid within a short period (year or less) are known as

  1. Current liabilities
  2. Fixed liabilities
  3. Contingent liabilities
  4. All of the above
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MCQ Multiple Choice Questions and Answers on Accounting

Accounting Question and Answer

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