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


Latest Accounting Mcqs Online with Answers.

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

Which of these errors affect only one account?

Identify the asset from the following?

Which of the following is a revenue expenses?

Amount paid to Masood posted to the credit side of his account would affect?

Identify the correct sequence of accounting process?

Cost of goods sold excludes?

_______ the withdrawal of cash and goods by the owner of the busienss for his/her personal use?

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

The Bank Reconciliation Statement is prepared?

Building and furniture are called?

Which of the following is true?

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

Depreciation is a process of?

Petty cash balance is a/an?

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

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

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

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

Which of these is not a special purpose journal?

Which of the following is a capital expenditure?

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

Which of the following is known as the base for preparing trial balance?

Which of the following is an one sided error?

Net loss occurs when?

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?

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

When a person purchasing goods on credit he becomes a_________in the books of the seller?

Any donation received for a specific purpose is a?

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

Cash discount is provided on?

Obligation of the Business are known as?

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

Another name of journal is?

The systems of accounting are?

The concept of conservatism will have the effect of?

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

Which of the following statements is /are true?

Which of the following is an external cause of depreciation?

Which of the following statements is/are true ?

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

Building account is classified as _________ account?

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

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

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?

The assets which have some market value are called?

Which of these items are taken into consideration for preparation of adjusted Cash Book?

Which of the following methods is not a practical way of realizing revenue?

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

The entry for creating a Provision for bad debts is?

Sales return is also known as?

Bookkeeping mainly concerns with which part of accounting process?

The unsold goods are?

The normal balance of liability account is?

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

_is the cost of converting raw material into finished products?

If a company has contingent liabilities, they appear in the?

Auditing is what?

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

__ is the first phase of accounting cycle?

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

A book wherein various accounts are opened is called?

Identify the nominal account?

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

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

What is equity?

Capital expenses are shown in?

Which of the following statements is correct about Depreciation?

The maintenance of accounts in a systematic way is called?

_is also known as Appraisal system of depreciation?

Trial balance is prepared to check accuracy of?

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

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

Which of the following is not depreciated?

The real accounts are accounts of Assets, liabilities and?

Cash received from debtors would be deemed as___________of funds?

Which of the following will affect the agreement of a trial balance?

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?

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

Which of these documents is not required for Bank Reconciliation?

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

Goods return to customer are known as?

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

Specialized journals are more adequate for which TYPE OF BUSINESSES?

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

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

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

Benefits of preparing Bank Reconciliation Statement includes?

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

Financial statements differ from management account because?

For the business, capital is?

Posting is the process of?

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?

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

Period cost include which of the following ?

Bank reconciliation statement is a part of?

________ is the common base for preparing a trial balance?

Which of the following statements is incorrect regarding capital account?

Double entry implies that?

The main objective of providing depreciation is to?

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