Working capital is calculated as: MCQ with Answer and Explanation
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Practice More Accountancy and Book Keeping Questions
Question #1
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Which of the following is not a subfield of accounting?
Correct Answer: Option A
Explanation:
Common subfields include financial, cost, management, tax, social responsibility accounting. Social Science Accounting is not a recognized subfield.
Common subfields include financial, cost, management, tax, social responsibility accounting. Social Science Accounting is not a recognized subfield.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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S1: Zero-Based Budgeting (ZBB) starts with a zero base for every new period. S2: Flexible Budget is prepared for a single level of activity. Which statement(s) is/are correct?
Correct Answer: Option C
Explanation:
ZBB requires justifying all expenses from scratch (zero base) for each period. A Flexible Budget is designed to change with different levels of activity, not a single level (which is a Fixed Budget). S1 is correct, S2 is incorrect.
ZBB requires justifying all expenses from scratch (zero base) for each period. A Flexible Budget is designed to change with different levels of activity, not a single level (which is a Fixed Budget). S1 is correct, S2 is incorrect.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The petty cash book is balanced:
Correct Answer: Option B
Explanation:
Under imprest system, petty cash book is closed when cash is replenished, not periodically.
Under imprest system, petty cash book is closed when cash is replenished, not periodically.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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