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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.

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

Which of the following is an item of capital expenditure?

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

Which one of the following is a capital expenditure?

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

Office equipments account is classified as _________ account?

Modern system of book keeping is called?

Liability are arisen from which of the following events?

Goods return to customer are known as?

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 the internal user of financial statements?

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

Financial statements differ from management account because?

Which of the following accounts are closed at the end of an accounting period?

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

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

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

Which of these errors affect only one account?

Bank reconciliation is a statement prepared to reconcile?

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

Which of these transactions will not be recorded in cash book?

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

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

Capital expenditure is an expenditure which?

Specialized journals are more adequate for which TYPE OF BUSINESSES?

Which of the following statements is correct about Depreciation?

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

Provision is created for?

Short term Assets expected to be converted into cash within 1 year or less than?

The entry on March 31, 2012 to rectify these omissions would include a?

Debit side of Bank Pass book corresponds to?

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

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

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

A book wherein various accounts are opened is called?

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

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

The concept of conservatism will have the effect of?

Which of these documents is not required for Bank Reconciliation?

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

Auditing is what?

The concession received on the price of defective goods is called?

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

Which of the following errors is an error of omission?

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?

Double entry implies that?

________ is the common base for preparing a trial balance?

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

Which of the following is an external cause of depreciation?

Institute of Chartered Accountants of Pakistan was established in?

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

In a three column cash book_______________does not exist?

Average Accounting Return is a measure of accounting profit relative to?

What is the basic accounting equation?

Trial balance is prepared to check accuracy of?

Credit memo or credit note No. is entered in which of the following journal?

Which of the following error is an error of principle?

Which of the following is true regarding closing entries?

Discount received is a/an?

Which of the following accounts can be classified as a real account?

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

Another name of journal is?

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?

_is the cost of converting raw material into finished products?

Double entry means?

Which of these is a Part of cash in hand?

Which of the following is true about a trial balance?

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

_is also known as Appraisal system of depreciation?

Closing stock is generally valued at?

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

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

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

Revenue and expense accounts are referred as?

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?

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

Benefits of preparing Bank Reconciliation Statement includes?

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

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

Cash brought by the owner to start business is called?

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

Which of the following is not depreciated?

Which of the following statements is correct about Trial Balance?

Which of these is not a special purpose journal?

Which of the following is true?

Sales return is also known as?

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

The normal balance of asset account is?

The normal balance of capital account is?

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

Which of the following is a Nominal A/c ?

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

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

__ is the first phase of accounting cycle?

Assets having physical existence are called?

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

Revenue receipts are shown in?

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?

Capital expenses are shown in?

Sales and purchase journal don’t record?

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