ACCOUNTING MCQs



Cost of Goods sold is classified as which type of account?

  1. Asset
  2. Liability
  3. Revenue
  4. Expense

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In capital budgeting, term of bond which has great sensitivity to interest rates is

  1. long-term bonds
  2. short-term bonds
  3. internal term bonds
  4. external term bonds

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The largest expense of most manufacturing firms is?

  1. Salaries Expense
  2. Amortization Expense
  3. Rent Expense
  4. Cost of goods sold

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Which of the following product costs is both a prime cost and conversion cost?

  1. Direct labor
  2. Manufacturing overhead
  3. Indirect material
  4. All of the above

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Net sales = Sales less?

  1. Sales returns
  2. Sales discounts
  3. Sales returns & allowances
  4. Sales returns & allowances and sales discounts

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