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.


If debit balances = credit balances, trial balance only shows or check the ____________ and it does not indicate that no errors were made during recording and posting?

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

Which of these errors affect only one account?

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

BUSINESS paid rent amounting to $100″ which of the following specialized journals records this transaction?

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

Buildings account is debited with an amount towards repairs. This is an example of?

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

Any gain on the sale of non-current assets should be _________ from the net profit and the loss must be _________to the net profit in determining fund from operation?

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

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

Expenses of the following nature are treated as a Revenue expenses except?

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

For which step of accounting process the accountants of business entity prepare financial statements?

Cash received from debtors would be deemed as___________of funds?

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

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

Which of the following is an one sided error?

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

Identify the nominal account?

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

The person to whom goods are sold on credit is called?

Obligation of the Business are known as?

Keeping the log of financial information in books of original entries is called?

When goods, in which business deals are sold, it is called?

Depreciation is calculated on the?

The beginnings inventory of the current year is overstated by 5,000 and closing inventory is overstated by 12,000. These errors will cause the net income for the current year by?

Liabilities are which of the following?

The concept of conservatism will have the effect of?

Trial balance is prepared to check accuracy of?

Which one of the following should be considered a revenue expenditure?

Net loss occurs when?

The entry for creating a Provision for bad debts is?

Discount received is a/an?

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

The normal balance of asset account is?

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

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

Which of the following is a liability?

A brief explanation recorded below every entry in general journal is commonly known as?

Which of the following is a Real A/c?

The normal balance of capital account is?

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 a revenue expenses?

The normal balance of liability account is?

Which of the following is known as an evidence that a transaction took place?

_is also known as Appraisal system of depreciation?

Cash purchases is recorded in which of the following specialized journals?

Credit purchase of plant and machinery is recorded in which of the following journals?

During the accounting period, sales revenue is Rs. 25,000 and accounts receivable increases by Rs. 8,000. What will be the amount of cash received from customers for the period?

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

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

At the time of preparation of financial accounts, bad debt recovered account will be transferred to?

reduction in price is called?

Revenue receipts are shown in?

Which column of a cash book will not have credit balance?

The portion of the acquisition cost of the asset yet to be allocated is known as?

Credit balance as per Cash Book mean?

In support of business transaction, any written evidence is called?

In accounting an Economic event is referred to as?

Which of the following is a real account?

Cash brought by the owner to start business is called?

A book wherein various accounts are opened is called?

An account records the ___________ in the balance of an item?

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

While finalizing the current year‘s accounts, the company realized that an error was made in the calculation of closing stock of the previous year. In the previous year, closing stock was valued more by 50,000. As a result?

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

When owner withdraw cash for its private use, it is called?

Identify the asset from the following?

What is the basic accounting equation?

Another name of journal is?

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

Depreciation is a process of?

Sales return is also known as?

Debit balance = Credit balance in a trial balance indicates that?

The accounting process of gradually converting the unexpired cost of fixed assets into expenses over a series of accounting periods is?

Debit side of Bank Pass book corresponds to?

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

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

Closing stock in the Trial Balance implies that?

The accountant of Leo Ltd. recorded a payment by cheque to a creditor for supply of materials as 1,340.56. The bank recorded the cheque at its correct amount of 3,140.56. The Company has not passed any rectification entries and the error is not detected through the bank reconciliation. The impact of this error is?

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

________ is the common base for preparing a trial balance?

An Art of reading, classifying & Summarizing of accounts in a systematic way is called?

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

Which of the following is true?

Which of the following assets is/are to be valued at the lower of cost and net realizable value?

Any donation received for a specific purpose is a?

Bad debts recovered account will be transferred to?

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

_is the cost of converting raw material into finished products?

Auditing is what?

Which one of the following is a capital expenditure?

Revenue is generally recognized as being earned at that point of time when?

Purchase journal is kept to record?

Credit note is the basis for recording a transaction in which of the following SPECIALIZED journals?

Liability are arisen from which of the following events?

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

The excess of current assets over current liabilities is called?

Which of the following statements is correct about Trial Balance?

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