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.

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

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

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

Specialized journals are more adequate for which TYPE OF BUSINESSES?

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

Journal proper is meant for recording?

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

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

The main objective of providing depreciation is to?

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

Liabilities are which of the following?

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

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

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

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

Posting is the process of?

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

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

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

Which of the following is a liability?

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

Goodwill A/c is a/an?

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

Cash discount is provided on?

During the year 2011-2012, the value of closing inventory was overstated by 25,000. Which of the following is true?

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

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

Sales return is also known as?

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

The maintenance of accounts in a systematic way is called?

___________ helps business to classify transactions according to their nature?

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

Obligation of the Business are known as?

Cash received from debtors would be deemed as___________of funds?

A book wherein various accounts are opened is called?

The periodic total of purchase day book is posted to?

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

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

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

Depreciation is calculated on the?

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

Assets having physical existence are called?

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

Bank reconciliation statement is a part of?

In a three column cash book_______________does not exist?

Bookkeeping mainly concerns with which part of accounting process?

The normal balance of capital account is?

Investment in own share A/c appears 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?

Which of these errors affect two or more accounts?

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

Which of the following is an one sided error?

Bank reconciliation is a statement prepared to reconcile?

Liability are arisen from which of the following events?

Benefits of preparing Bank Reconciliation Statement includes?

The real accounts are accounts of Assets, liabilities and?

Which of the following is a real account?

Sales and purchase journal don’t record?

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

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

An asset posses which of the following?

Modern system of book keeping is called?

The normal balance of liability account is?

__ is the first phase of accounting cycle?

Identify the nominal account?

Cost of goods sold excludes?

Which of the following factors are primarily considered to determine the economic life of an asset?

In which of the following methods, the cost of the asset is spread over in equal proportion during its useful economic life?

Which of the following statements is incorrect regarding capital account?

_is also known as Appraisal system of depreciation?

Goods Return by the customer are termed as ?

Building and furniture are called?

________ is the gross inflow of economic benefits?

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

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

Which of the following errors is an error of omission?

The concept of conservatism will have the effect of?

The excess of current assets over current liabilities is called?

The periodic total of purchase day book is posted to?

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

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

Which of the following is a Real A/c?

What is equity?

Cash book records?

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

Which of these documents is not required for Bank Reconciliation?

Institute of Chartered Accountants of Pakistan was established in?

The normal balance of asset account is?

Which of the following is an item of capital expenditure?

Which of these errors affect only one account?

Which of these is not a special purpose journal?

Any donation received for a specific purpose is a?

Which of these is a Part of cash in hand?

Tax deducted at source A/c appears in?

Which one of the following is a capital expenditure?

Which of the following is true regarding closing entries?

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

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

Double entry means?

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

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