Accounting MCQs Part 5

accounting mcqs, Financial accounting mcqs, junior auditor and senior auditor mcqs
 41. An endowment insurance policy can be taken in respect of.?
A. Life insurance
B. Fire insurance
C. Accident insurance

D. None of these

42. Discount for quick repayment of debt is normally referred as
A. Cash discount
B. Trade discount
C. Bulk discount
D. Prompt payment discount

43. Which of the following is the internal user of financial statements?
A. Creditor of the business
B. Government agency
C. Shareholder of the business
D. Manager of the business

44. Every business transaction affects at least ________ accounts.?
A. One
B. Two
C. Three
D. Infinite

45. The other name of journal is
A. Day book
B. Cash book
C. Ledger
D. T account

46. Verification includes.?
A. Checking Vouchers
B. Examining audit report
C. A & B
D. None of the above

47. Process Cost is very much applicable in.?
A. Pharmaceutical Industry
B. Construction Industry
C. Air line company
D. None of these

48. M & A stands for.?
A. Mergers & Analysis
B. Mergers & Acquisitions
C. Mergers & Allocation
D. None of these

49. Identify the asset from the following
A. Notes payable
B. Creditors
C. Cash and cash equivalent
D. Bank loan

50. Depreciation is based on.?
A. Declared life of asset by supplier
B. Normal life of asset
C. Economic life of asset
D. None of these

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