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.

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

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

The systems of accounting are?

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

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

Which of these errors affect only one account?

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

Investment in own share A/c appears in?

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

Liability are arisen from which of the following events?

Capital expenditure is an expenditure which?

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

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

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

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

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

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

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

Modern system of book keeping is called?

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

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

The normal balance of capital account is?

Which of the following statements is incorrect regarding capital account?

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

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

Which of the following is true regarding closing entries?

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

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 concept of conservatism will have the effect of?

Which of the following statements is correct about Depreciation?

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

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

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

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?

Trial balance is commonly prepared?

Which of the following is true?

Financial statements differ from management account because?

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

Any donation received for a specific purpose is a?

Which of the following statements is true?

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

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

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

In accounting an Economic event is referred to as?

Closing stock in the Trial Balance implies that?

Which one of the following is a capital expenditure?

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

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

Revenue and expense accounts are referred as?

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

An asset posses which of the following?

Goods Return by the customer are termed as ?

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

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

Liabilities are which of the following?

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

Cost of goods sold excludes?

Bank reconciliation is a statement prepared to reconcile?

Net loss occurs when?

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?

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

Sales return is also known as?

Obligation of the Business are known as?

Which of the following is a capital expenditure?

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

Which of the following is true about a trial balance?

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

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

Debit side of Bank Pass book corresponds to?

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

Which of the following error is an error of principle?

Which of these documents is not required for Bank Reconciliation?

The assets which have some market value are called?

The periodic total of purchase day book is posted to?

The unsold goods are?

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

Identify the nominal account?

The excess of current assets over current liabilities is called?

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

The entry for creating a Provision for bad debts is?

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

Which of the following enhances the earning capacity 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?

Cash received from debtors would be deemed as___________of funds?

The main objective of providing depreciation is to?

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?

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

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

________ is the common base for preparing a trial balance?

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?

The periodic total of purchase day book is posted to?

Depreciation is a process of?

Capital expenses are shown in?

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

Which of the following is a real account?

Specialized journals are more adequate for which TYPE OF BUSINESSES?

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

Cash discount is provided on?

Identify the correct sequence of accounting process?

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

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