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.
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Accounting Mcqs Online with Answer for Entry Test NTS PPSC PTS OTS
Accounting
Latest Accounting Mcqs Online with Answers.
Which of the following specialized journals records “goods returned by customers”?
A. Purchase journal
B. Sales journal
C. Purchases return journal
D. Sales return journal
Right Answer: Sales return journal
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Which of the following assets is/are to be valued at the lower of cost and net realizable value?
A. Goodwill
B. Inventories
C. Investments
D. Both B. and C. above.
Right Answer: Inventories
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The systems of accounting are?
A. Two
B. Three
C. Five
D. Six
Right Answer: Two
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Transactions that a BUSINESS doesn’t record in any specialised journal are recorded in which of the following journals or day books?
A. Cash payments journal
B. Cash receipts journal
C. Purchases return journal
D. General journal
Right Answer: General journal
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Transferring entries from journal to ledger account is commonly known as?
A. Recording
B. Transferring
C. Posting
D. Entry making
Right Answer: Posting
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Which of these errors affect only one account?
A. Errors of casting
B. Errors of carry forward
C. Errors of posting
D. All the three
Right Answer: All the three
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A systematic way to maintain the books of accounts is called?
A. Accountancy
B. Economics
C. Book Keeping
D. Auditing
Right Answer: Book Keeping
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Investment in own share A/c appears in?
A. Asset side
B. Liability side
C. Netted from Capital
D. Profit & Loss A/c
Right Answer: Asset side
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When owner withdraw cash for its private use, it is called?
A. Profit
B. Income
C. Expense
D. Drawing
Right Answer: Drawing
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Liability are arisen from which of the following events?
A. Present event
B. Future event
C. Past event
D. None of them
Right Answer: Past event
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Capital expenditure is an expenditure which?
A. Benefits the current accounting period
B. Will benefit the next accounting period
C. Results in the acquisition of a permanent asset
D. Results in the acquisition of a current asset
Right Answer: Results in the acquisition of a permanent asset
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Which of the following methods is not a practical way of realizing revenue?
A. Delivery method
B. Percentage-of-completion method
C. Production method
D. Moving average method
Right Answer: Moving average method
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Difference in Bank Balance as per Pass Book and Cash Book may arise on account of?
A. Cheque issued but not presented
B. Cheque issued but dishonoured
C. Cheque deposited and credited by bank
D. All of A. and B. above
Right Answer: Cheque issued but not presented
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Which of the following is the external user of financial statements?
A. Manager of the business
B. CEO of the business
C. Creditor of the business
D. Controller of the business
Right Answer: Creditor of the business
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Which of the following account with normal balance is shown at the credit side of a trial balance?
A. Cash account
B. Bank account
C. Equipment account
D. Accrued expenses account
Right Answer: Accrued expenses account
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During the year 2011-2012, the value of closing inventory was overstated by 25,000. Which of the following is true?
A. The cost of goods sold was overstated during 2011-2012 and income will be understated during 2012-2013
B. The income was overstated during 2011-12 and closing inventory will be overstated during 2012-2013
C. The retained earnings was overstated during 2011-2012 and retained earnings will be understated during 2012-2013
D. The cost of goods sold was understated during 2011-2012 but retained earnings will not be affected during 2012-2013
Right Answer: The retained earnings was overstated during 2011-2012 and retained earnings will be understated during 2012-2013
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Cash received from debtor is recorded in which of the following SPECIALIZED journals?
A. Purchase journal
B. Sales journal
C. Cash receipts
D. Cash payments journal
Right Answer: Cash receipts
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Keeping the log of financial information in books of original entries is called?
A. Recording
B. summarizing
C. Grouping
D. Processing
Right Answer: Recording
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Modern system of book keeping is called?
A. Double entry system
B. American system
C. Single entry system
D. Italic system
Right Answer: Double entry system
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Generally the term fund is used to mean the difference between?
A. Current assets and current liabilities
B. Profit and loss A/C and Balance sheet
C. Current assets and non-current liabilities
D. Current liabilities and non-current liabilities
Right Answer: Current assets and current liabilities
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Debit note is the basis for recording a transaction in which of the following journals?
A. General journal
B. Cash journal
C. Purchase journal
D. Purchase return journal
Right Answer: General journal
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The normal balance of capital account is?
A. Credit balance
B. Debit balance
C. Cash balance
D. Neither debit nor credit balance
Right Answer: Credit balance
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Which of the following statements is incorrect regarding capital account?
A. Debit increases the capital account balance
B. Credit increases the capital account balance
C. Fresh capital increases the capital account balance
D. Net income increases the capital account balance
Right Answer: Debit increases the capital account balance
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Which of the following statement is considered as the accountant’s snapshot of firm’s accounting value as of a particular date?
A. Income Statement
B. Balance Sheet
C. Cash Flow Statement
D. Retained Earning Statement
Right Answer: Balance Sheet
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Which of the following is the normal balance of a rent expense account?
A. Credit balance
B. Cash balance
C. Overdraft
D. Debit balance
Right Answer: Debit balance
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Which of the following is true regarding closing entries?
A. They must be followed by reversing entries
B. They transfer the balances in all of the Nominal Accounts to the Trading and Profit and Loss Account
C. They must be made after the reversing entries but before the adjusting entries
D. They must be made after the adjusting entries but before the reversing entries
Right Answer: They must be made after the adjusting entries but before the reversing entries
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The concession received on the price of defective goods is called?
A. Discount
B. Cash discount
C. Allowance
D. Trading discount
Right Answer: Allowance
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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?
A. Added, Reduced
B. Added, Added
C. Deducted, Added
D. Deducted, Deducted
Right Answer: Deducted, Added
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The concept of conservatism will have the effect of?
A. Overstatement of Assets
B. Understatement of Assets
C. Overstatement of Liabilities
D. Understatement of Liabilities
Right Answer: Understatement of Assets
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Which of the following statements is correct about Depreciation?
A. Depreciation cannot be provided in case of loss in a financial year
B. Depreciation is a charge against profit
C. Depreciation is provided in the books only when there is profit
D. Depreciation is an appropriation of profit
Right Answer: Depreciation is a charge against profit
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A sale of Rs. 50.000 to A was entered as a sale to B. This is an example of?
A. Error of omission
B. Error of commission
C. Compensating error
D. Error of principle
Right Answer: Error of commission
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Credit memo or credit note No. is entered in which of the following journal?
A. General journal
B. Cash journal
C. Purchase journal
D. Sales return day book
Right Answer: General journal
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The closing balance of a petty cash book is a / an?
A. Liability
B. Gain
C. Assets
D. Loss
Right Answer: Assets
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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?
A. 20,000 Loss
B. 20,000 Profit
C. 10,000 Loss
D. 10,000 Profit
Right Answer: 20,000 Loss
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Trial balance is commonly prepared?
A. Frequently during the year
B. At the end of an accounting period
C. At the end of a month
D. At the end of a year
Right Answer: At the end of an accounting period
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Which of the following is true?
A. Error of casting affects personal accounts
B. Omission of a transaction from a subsidiary record affects only one account
C. Error of carry forward affects two accounts
D. Error of principle involves an incorrect allocation of expenditure or receipt between capital and revenue
Right Answer: Error of principle involves an incorrect allocation of expenditure or receipt between capital and revenue
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Financial statements differ from management account because?
A. They are mainly prepared for external users of financial information
B. They are more complex and hard to prepare
C. The are the summary of accounting data
D. The are prepared on basis of actual concept
Right Answer: They are mainly prepared for external users of financial information
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Which of the following form of business organization is least regulated?
A. Sole-proprietorship
B. General Partnership
C. Limited Partnership
D. Corporation
Right Answer: Sole-proprietorship
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Any donation received for a specific purpose is a?
A. Liability
B. Assets
C. Revenue receipts
D. Capital receipts
Right Answer: Capital receipts
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Which of the following statements is true?
A. If a Trial Balance tallies, it always means that none of the transactions has been completely omitted
B. A Trial Balance will not tally if a transaction is omitted
C. A customer to whom goods have been sold on credit cannot avail himself of a cash discount
D. A credit balance in the Pass Book indicates excess of deposits over withdrawals
Right Answer: A credit balance in the Pass Book indicates excess of deposits over withdrawals
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BUSINESS paid rent amounting to $100″ which of the following specialized journals records this transaction?
A. Cash receipts journal
B. Cash payments journal
C. Sales journal
D. Purchase journal
Right Answer: Cash payments journal
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Which of the following will affect the agreement of a trial balance?
A. Complete omission of a transaction
B. Partial omission of a transaction
C. Error of principle
D. Compensating errors
Right Answer: Partial omission of a transaction
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Which of the following errors affects the agreement of a Trial Balance?
A. Mistake in balancing an account
B. Omitting to record a transaction entirely in the subsidiary books
C. Recording of a wrong entry in the subsidiary books
D. Posting an entry on the correct side but in the wrong account
Right Answer: Mistake in balancing an account
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In accounting an Economic event is referred to as?
A. Cash
B. Bank statement
C. Transaction
D. Exchange of money
Right Answer: Transaction
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Closing stock in the Trial Balance implies that?
A. It is already adjusted in the opening stock
B. It is adjusted in the Purchase A/c
C. It is adjusted in the Cost of Sale A/c
D. It is adjusted in the Profit &Loss A/c
Right Answer: It is adjusted in the Purchase A/c
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Which one of the following is a capital expenditure?
A. Compensation paid to Directors on termination of their services
B. Expenditure incurred in connection with the renewal of a Trade Mark.
C. Gratuities paid to Directors on termination of their services.
D. Royalty paid in installments for the purchase of rights to manufacture and sell patient medicines.
Right Answer: Compensation paid to Directors on termination of their services
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Debit balance = Credit balance in a trial balance indicates that?
A. No error in recording transactions
B. No error in posting entries to ledger accounts
C. Account balances are correct
D. Mathematically Capital+Liabilities=Assets
Right Answer: Mathematically Capital+Liabilities=Assets
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Buildings account is debited with an amount towards repairs. This is an example of?
A. Error of commission
B. Error of principle
C. Error of omission
D. Compensating error
Right Answer: Error of principle
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Revenue and expense accounts are referred as?
A. Nominal accounts
B. Real account
C. Cash accounts
D. Banks account
Right Answer: Nominal accounts
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Credit purchase of plant and machinery is recorded in which of the following journals?
A. General journal
B. Cash journal
C. Purchase journal
D. Purchase return journal
Right Answer: General journal
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An asset posses which of the following?
A. Future economic benefits for the business
B. All kind of benefits for the business
C. Expenses for the business
D. Merits and Demerits for the business
Right Answer: Future economic benefits for the business
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Goods Return by the customer are termed as ?
A. Purchase return
B. Customer return
C. Sales return
D. Inventory return
Right Answer: Sales return
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Amount paid to Masood posted to the credit side of his account would affect?
A. Masood’s account
B. Cash account
C. Cash account and Gagan’s account
D. None of these
Right Answer: Masood’s account
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If a transaction is completely omitted from the books of accounts, will it affect the agreement of a trial balance?
A. Yes
B. No
C. Transactions can’t be omitted
D. none of these
Right Answer: No
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Liabilities are which of the following?
A. Resources
B. Obligations
C. Future benefits
D. Expenses
Right Answer: Obligations
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Which of the following items should not be capitalized relating to fixed assets?
A. Interest payable on loans or deferred credits taken for the acquisition or construction of fixed assets before they are ready for use
B. Stand by equipment and servicing equipment
C. Expenditure incurred on test runs and experimental production
D. Administration and general expenses
Right Answer: Administration and general expenses
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Cost of goods sold excludes?
A. Opening Stock
B. Carriage inward
C. Wages & Salary
D. Postage & Stamps
Right Answer: Postage & Stamps
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Bank reconciliation is a statement prepared to reconcile?
A. Trial balance
B. Cash book
C. Bank A/c
D. Cash as per cash book with bank balance as per bank pass book
Right Answer: Cash as per cash book with bank balance as per bank pass book
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Net loss occurs when?
A. Expenses are greater than Income
B. Expenses are less than Income
C. Expenses=Income
D. Liabilities are greater than income
Right Answer: Expenses are greater than Income
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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?
A. 17,000 (overstated.
B. 12,000 (understated.
C. 7,000 (overstated.
D. 7,000 (understated.
Right Answer: 7,000 (overstated.
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The adjustment to be made for income received in advance is?
A. Add income received in advance to respective income and show it as a liability
B. Deduct income received in advance from respective income and show it as a liability
C. Add income received in advance to respective income and show it as asset
D. Deduct income received in advance from respective income and show it as an asset in the Balance Sheet
Right Answer: Deduct income received in advance from respective income and show it as a liability
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Sales return is also known as?
A. Return received
B. Return Payed
C. Return inward
D. Return outward
Right Answer: Return inward
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Obligation of the Business are known as?
A. Liabilities
B. Revenues
C. Expenses
D. Assets
Right Answer: Liabilities
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Which of the following is a capital expenditure?
A. Repair of plant and machinery
B. Salary paid to workers
C. Cost of stand by equipment
D. Annual whitewash of the office building
Right Answer: Cost of stand by equipment
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An asset must be _______ by the business to be shown as an asset in its “balance sheet”?
A. Possessed
B. Owned
C. Controlled
D. Used
Right Answer: Controlled
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Which of the following is true about a trial balance?
A. It lists down the balances of accounts
B. It lists down the balances of a balance sheet
C. It is a kind of financial statement
D. It is not a part of accounting cycle
Right Answer: It lists down the balances of accounts
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The balance of Revaluation Reserve pertaining to an asset that has been disposed off or retired can be transferred to?
A. General Reserve A/c
B. Profit & Loss A/c
C. Asset A/c
D. Capital Reserve A/c
Right Answer: Capital Reserve A/c
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The amount payable to a person as consideration for the use of rights vested in him is?
A. Dividend
B. Royalty
C. Purchase consideration
D. Installment
Right Answer: Royalty
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Debit side of Bank Pass book corresponds to?
A. Credit side of Cash Book
B. Debit side of Cash Book
C. Debit side of Trial Balance
D. Credit side of Balance Sheet
Right Answer: Credit side of Cash Book
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Which is the most important characteristic that all assets of a business have?
A. Long life of assets
B. Value of assets
C. Intangible nature of assets
D. Future economic benefits
Right Answer: Future economic benefits
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Which of the following error is an error of principle?
A. 5,000 received from Sham credited to Ram A/c
B. 5,000 incurred on installation of new plant debited to travelling expenses A/c
C. 500 paid for wages debited to salary A/c
D. 500 being purchase of raw material debited to purchase A/c ` 50
Right Answer: 5,000 incurred on installation of new plant debited to travelling expenses A/c
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Which of these documents is not required for Bank Reconciliation?
A. Bank column of Cash Book
B. Bank Pass Book
C. Bank Statement
D. Trial Balance
Right Answer: Trial Balance
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The assets which have some market value are called?
A. Fixed asset
B. Quick asset
C. Fictitious assets
D. Real assets
Right Answer: Real assets
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The periodic total of purchase day book is posted to?
A. Creditors A/c
B. Debtors A/c
C. Purchase A/c
D. None
Right Answer: Creditors A/c
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The unsold goods are?
A. Equity
B. Sale return
C. Inventory
D. Purchases
Right Answer: Inventory
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Revenue is generally recognized as being earned at that point of time when?
A. sale is effected
B. cash is received
C. production is completed
D. debts are collected
Right Answer: sale is effected
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Identify the nominal account?
A. Machinery account
B. Building account
C. Creditors account
D. Rent expenses account
Right Answer: Rent expenses account
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The excess of current assets over current liabilities is called?
A. Working Capital
B. Circulating capital
C. Fixed capital
D. Trading capital
Right Answer: Working Capital
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Which of these transactions will not be recorded in cash book?
A. Cash received from debtors
B. Cash paid to creditors
C. Salary remained outstanding
D. Cash deposited with bank
Right Answer: Salary remained outstanding
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The entry for creating a Provision for bad debts is?
A. Debit Provision for Bad Debts A/c and credit Debtors A/c
B. Debit Debtors A/c and credit Provision for Bad Debts A/c
C. Debit Provision for Bad Debts A/c and credit Profit & Loss A/c
D. Debit Profit and Loss A/c and credit Provision for Bad Debts A/c.
Right Answer: Debit Profit and Loss A/c and credit Provision for Bad Debts A/c.
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An Art of reading, classifying & Summarizing of accounts in a systematic way is called?
A. Accounting
B. Accountancy
C. Auditing
D. Book Keeping
Right Answer: Accounting
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Which of the following enhances the earning capacity of an asset?
A. Increase in working capacity of an asset
B. Reduction in operating costs
C. Replacing damaged parts of an asset
D. Both A. and C. above
Right Answer: Both A. and C. above
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In which of the following methods, the cost of the asset is spread over in equal proportion during its useful economic life?
A. Straight-line method
B. Written down value method
C. Units-of-production method
D. Sum-of-the years‘-digits method
Right Answer: Straight-line method
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Cash received from debtors would be deemed as___________of funds?
A. No flow
B. Sources
C. Uses
D. Gain
Right Answer: No flow
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The main objective of providing depreciation is to?
A. Calculate the true profit
B. Show the true financial position in the Balance Sheet
C. Provide funds for replacement of fixed assets
D. Both A. and B. above
Right Answer: Show the true financial position in the Balance Sheet
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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?
A. The Trial Balance will not agree
B. The balance of creditors is understated
C. The purchases are understated
D. The favorable bank balance as per Pass Book is less than the Bank balance as per Cash book
Right Answer: The favorable bank balance as per Pass Book is less than the Bank balance as per Cash book
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Financial accounting provides financial information to all of the following external users except?
A. Government agencies
B. investors
C. Creditors
D. Managers
Right Answer: Managers
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Which of the following specialised journals will record “goods returned by the BUSINESS “?
A. Purchase journal
B. Sales journal
C. Purchases return journal
D. Sales return journal
Right Answer: Purchases return journal
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________ is the common base for preparing a trial balance?
A. Ledger accounts
B. General Journal
C. Specialized journals
D. Balance sheet
Right Answer: Ledger accounts
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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?
A. Arithmetic accuracy
B. Errors of commission
C. Omissions of economic events
D. Understatements of balances
Right Answer: Arithmetic accuracy
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The periodic total of purchase day book is posted to?
A. Purchase register
B. Purchase A/c
C. Cash purchase A/c
D. Credit purchase A/c
Right Answer: Purchase A/c
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Depreciation is a process of?
A. Valuation
B. Valuation and allocation
C. Allocation
D. Appropriation
Right Answer: Allocation
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Capital expenses are shown in?
A. Balance Sheet
B. Profit and Loss A/c
C. Trading A/c
D. None of these
Right Answer: Balance Sheet
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The amount invested by the proprietor to start the business is called?
A. Capital
B. Business
C. Drawings
D. All of them
Right Answer: Capital
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Which of the following is a real account?
A. Office equipment
B. Rent expenses
C. Rent income
D. Insurance expense
Right Answer: Office equipment
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Specialized journals are more adequate for which TYPE OF BUSINESSES?
A. Small businesses
B. Big businesses
C. Sole proprietorship
D. Partnership
Right Answer: Big businesses
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Which of the following account with normal balance is shown at the debit side of a trial balance?
A. Rent income account
B. Creditors account
C. Unearned income account
D. Cash account
Right Answer: Cash account
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Cash discount is provided on?
A. Purchases
B. Prompt payment
C. Sales
D. Sales return
Right Answer: Prompt payment
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Identify the correct sequence of accounting process?
A. Communicating→Recording→Identifying
B. Recording→Communicating→Identifying
C. Identifying→communicating→recording
D. Identifying→recording→communicating
Right Answer: Identifying→recording→communicating
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When a person purchasing goods on credit he becomes a_________in the books of the seller?
A. Debtor
B. Creditor
C. Defaulter
D. Offender
Right Answer: Debtor
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