(A) Future economic benefits for the business
(B) All kind of benefits for the business
(C) Expenses for the business
(D) Merits and Demerits for the business
The answer is: (A) Future economic benefits for the business
Category: Accounting MCQs FPSC NTS PPSC Past Papers Test Questions
Accounting MCQs quiz test questions with answers. Basic accounting theory and concepts, cost accounting and financial accounting MCQ for test preparation. FPSC NTS PPSC accounting past papers solved test questions and answers.
Liabilities are which of the following?
(A) Resources
(B) Obligations
(C) Future benefits
(D) Expenses
The answer is: (B) Obligations
Liabilities are obligations.
The capital of a business would change as a result of:
(A) Raw material being purchased on credit
(B) Non-current assets being purchased on credit
(C) A supplier being paid by cheque
(D) Wages being paid in cash
The answer is: (D) Wages being paid in cash
Which of the following is an indirect cost?
(A) carriage inwards
(B) production wages
(C) production materials
(D) factory rent
The answer is: (D) factory rent
There is a debit balance on the office expenses at the end of the financial year. In which section of the balance sheet this will be recorded?
(A) capital
(B) current assets
(C) current liabilities
(D) fixed assets
The answer is: (B) current assets