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.

Depreciation is calculated on the?

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

What is equity?

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

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

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

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

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 one of the following should be considered a revenue expenditure?

Goods return to customer are known as?

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

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

Identify the nominal account?

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

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

Which of the following is true?

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

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

Double entry implies that?

Benefits of preparing Bank Reconciliation Statement includes?

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

Which of the following is an item of capital expenditure?

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 statements is true?

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

Which of the following is an one sided error?

Modern system of book keeping is called?

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

Which of the following is a capital expenditure?

__ is the first phase of accounting cycle?

Which of the following error is an error of principle?

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

The systems of accounting are?

Auditing is what?

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

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

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

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

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?

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?

Investment in own share A/c appears in?

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

SALE of old furniture” will be recorded in which of the following specialised journals?

________ is the gross inflow of economic benefits?

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

Tax deducted at source A/c appears in?

The compensation paid by the borrower of fund to lender, from the borrower point of the cost of borrowing fund is called?

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

Obligation of the Business are known as?

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

________ is the common base for preparing a trial balance?

Which of the following statements is/are true ?

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

In a three column cash book_______________does not exist?

Transferring entries from journal to ledger account is commonly known as?

Goods Return by the customer are termed as ?

An asset must be _______ by the business to be shown as an asset in its “balance sheet”?

Bad debts recovered account will be transferred to?

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

Period cost include which of the following ?

Posting is the process of?

The assets which have some market value are called?

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

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

Identify the asset from the following?

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

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

Identify the correct sequence of accounting process?

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

Double entry means?

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

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

An asset posses which of the following?

The normal balance of asset account is?

The real accounts are accounts of Assets, liabilities and?

For the business, capital is?

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

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

Which of the following is true regarding closing entries?

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

Closing stock in the Trial Balance implies that?

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

Revenue and expense accounts are referred as?

The main objective of providing depreciation is to?

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

Which of the following statements is correct about Depreciation?

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

Sales return is also known as?

Capital expenses are shown in?

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

The maintenance of accounts in a systematic way is called?

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

Which one of the following is a capital expenditure?

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

Sales and purchase journal don’t record?

Office equipments account is classified as _________ account?

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

Assets having physical existence are called?

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

Depreciation is a process of?

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