Accounting MCQ Quiz - Multiple Choice Questions & Answers Page 2

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

1. Turnover
2. Other Operating Income
3. Value of Intangible Non-current Assets
4. Distribution Costs

12. Which of the following is not an expense?

1. Wages and Salaries
2. Dividend Payments
3. Stationery
4. Materials

13. Which of the following is not a debit balance?

1. Wages and Salaries
2. Cost of Buildings
3. Taxation Paid
4. Capital Account

14. In which year was the Limited Liability Act passed?

1. 1494
2. 1855
3. 1844
4. 1948

15. Return on Investment Ratio (ROI) =

1. (Gross profit / Net sales) x 100
2. (Gross profit x Sales / Fixed assets) x 100
3. (Net profit / Sales) x 100
4. (Net profit / Total assets) x 100

16. Which account is not a liability account?

1. Accounts payable
2. Accrued expenses
3. Cash
4. Notes payable

17. Which of the following is not a liability?

1. Accrued Accountancy Fees
2. Hire Purchase Creditor
3. Bank Overdraft
4. Depreciation on Motor Vehicle

18. Which of the following is not a credit balance?

1. Accumulated Depreciation of Fixtures and Fittings
2. Sales Income
3. Interest Paid
4. Interest Received

19. Sales expenditure budget is prepared by estimating the expense(s) of

1. Advertisement
2. Market analysis
3. Salesmans salary
4. All of the above

20. Which of these is not included as a separate item in the basic accounting equation?

1. Assets
2. Liabilities
3. Revenues
4. Stockholders equity