Accounting Mcqs Online with Answer

Accounting is the art of recording classifying and summarize financial transactions in the preparation of financial statements.It is a systematic process of identifying, recording, measuring, classifying, verifying, summarizing, interpreting and communicating financial information. It reveals profit or loss for a given period, and the value and nature of a firm’s assets, liabilities and owners’ equity.It encompass Financial Cost Advance, and managerial Accounting as well. Latest GAAP principles have been updated over here in form of Mcqs respectively.Just follow the Mcqs online quiz being dispatched over here with respect to your preparation for entry admission test NTS PPSC OTS PTS and missllenous job exams simultaneously.

Here we have large collection of Accounting Mcqs for all Students and jobs test preparation purpose. These Accounting Mcqs will be updated on daily basis and added more multiple choice question about Accounting frequently.You can prepare your Accounting Subject for different Entry Test, Jobs Test,Recruitment Test and interviews here.

Accounting Mcqs Online with Answer for Entry Test NTS PPSC PTS OTS

Accounting

Latest Accounting Mcqs Online with Answers.


A sale of Rs. 50.000 to A was entered as a sale to B. This is an example of?

The periodic total of purchase day book is posted to?

Which of the following is the external user of financial statements?

Generally the term fund is used to mean the difference between?

The gross decrease in economic benefits for the business are what?

Which of the following can be considered as the most important phase of accounting cycle and it is the primarily objective of financial accounting?

Which of the following is true?

The normal balance of capital account is?

Which of the following is a representative Personal A/c?

Goods sent on approval basis’ have been recorded as ‘Credit sales’. This is an example of?

Which of the following should not be treated as revenue expenditure?

Which of the following account with normal balance is shown at the credit side of a trial balance?

Which of the following specialized journals records “goods returned by customers”?

The closing balance of a petty cash book is a / an?

Goodwill A/c is a/an?

Net loss occurs when?

If debit side of a bank account is greater than credit side it indicates which of the following?

Which of the following statements is true?

In accounting an Economic event is referred to as?

The entry for creating a Provision for bad debts is?

Bank reconciliation is a statement prepared to reconcile?

An income statement in which each item expressed as percentage of Sale?

If a transaction is completely omitted from the books of accounts, will it affect the agreement of a trial balance?

Which of the following statements is/are true ?

The assets which come into existence upon the happening of a certain event are called?

Sales on credit is recorded in which of the following journal?

Which of these errors affect two or more accounts?

Tax deducted at source A/c appears in?

Which of the following is true about a trial balance?

reduction in price is called?

A systematic way to maintain the books of accounts is called?

_is the cost of converting raw material into finished products?

The balance of Revaluation Reserve pertaining to an asset that has been disposed off or retired can be transferred to?

The amount invested by the proprietor to start the business is called?

Investment in own share A/c appears in?

Cost of goods sold excludes?

Depreciation is a process of?

If debit balance is greater than creadit balance then the account blance will be?

Which of the following items should not be capitalized relating to fixed assets?

Which of the following enhances the earning capacity of an asset?

Which of the following errors affects the agreement of a Trial Balance?

Which of the following statements is incorrect regarding capital account?

Which of the following is the normal balance of a rent expense account?

Closing stock is generally valued at?

Which of the following is the internal user of financial statements?

An asset posses which of the following?

Which of the following specialised journals will record “goods returned by the BUSINESS “?

Petty cash balance is a/an?

Which is the most important characteristic that all assets of a business have?

Which of these documents is not required for Bank Reconciliation?

Institute of Chartered Accountants of Pakistan was established in?

Cash received from debtor is recorded in which of the following SPECIALIZED journals?

Which of the following is a real account?

Which of the following form of business organization is least regulated?

The normal balance of liability account is?

Double entry means?

Which of the following is a type of cash receipt journal + cash payment journal?

Bank reconciliation statement is a part of?

Which of the following statement is considered as the accountant’s snapshot of firm’s accounting value as of a particular date?

Financial accounting provides financial information to all of the following external users except?

Financial statements differ from management account because?

Cash book records?

Auditing is what?

A second hand car is purchased for 2,00,000 and sold at 1,40,000 after two years. If depreciation is charged @ 10% on SLM method, find the profit or loss on sale of the car?

Which of the following is a liability?

Any donation received for a specific purpose is a?

Goods return to customer are known as?

Building and furniture are called?

The systems of accounting are?

Depreciation is calculated on the?

In a three column cash book_______________does not exist?

Which of these errors affect only one account?

Difference in Bank Balance as per Pass Book and Cash Book may arise on account of?

Which of the following is a revenue expenses?

Revenue receipts are shown in?

Which of the following statements is correct about Depreciation?

Which of the following is not a method of charging depreciation?

Identify the correct sequence of accounting process?

Which of these types of expenditure would not be treated as a Capital Expenditure?

________ is a separate legal entity that Total capital can be divided in many shares?

The balance of which of the following accounts do not disappear, once they are debited/credited to Trading Account?

The amount payable to a person as consideration for the use of rights vested in him is?

Payments received in advance from a customer for a contract can be?

Obligation of the Business are known as?

The main objective of providing depreciation is to?

Transactions that a BUSINESS doesn’t record in any specialised journal are recorded in which of the following journals or day books?

If goods worth 1,750 returned to a supplier is wrongly entered in sales return book as 1,570, then?

The adjustment to be made for income received in advance is?

Debit side of Bank Pass book corresponds to?

Which of these is a Part of cash in hand?

The Bank Reconciliation Statement is prepared?

The maintenance of accounts in a systematic way is called?

Revenue and expense accounts are referred as?

The periodic total of purchase day book is posted to?

Building account is classified as _________ account?

Which of the following statements is /are true?

Which of the following is a Real A/c?

Bookkeeping mainly concerns with which part of accounting process?

Which of the following is an item of capital expenditure?

What is equity?

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