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

Accounting

Latest Accounting Mcqs Online with Answers.


Which of the following is a Real A/c?

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

In a three column cash book_______________does not exist?

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

An asset posses which of the following?

Modern system of book keeping is called?

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

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

Another name of journal is?

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

Which of these is not a special purpose journal?

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 these errors affect two or more accounts?

Which of the following error is an error of principle?

Closing stock is generally valued at?

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

Which of the following is a Nominal A/c ?

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

Provision is created for?

Which of the following is a revenue expenses?

The Bank Reconciliation Statement is prepared?

Financial statements differ from management account because?

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

A book wherein various accounts are opened is called?

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

__ will be credited if goods are given as charity?

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 specialised journals will record “goods returned by the BUSINESS “?

Office equipments account is classified as _________ account?

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?

Which of the following is an one sided error?

Goodwill A/c is a/an?

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?

Credit balance as per Cash Book mean?

In accounting an Economic event is referred to as?

The normal balance of liability account is?

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

Building and furniture are called?

The gross decrease in economic benefits for the business are what?

Which of the following is a liability?

Which of the following is known as an evidence that a transaction took place?

Identify the correct sequence of accounting process?

________ is the gross inflow of economic benefits?

The periodic total of purchase day book is posted to?

Obligation of the Business are known as?

Goods Return by the customer are termed as ?

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

Bank reconciliation is a statement prepared to reconcile?

If debit balance is greater than creadit balance then the account blance will be?

Petty cash balance is a/an?

Any donation received for a specific purpose is a?

Net loss occurs when?

Which of the following statements are / is true? – Events after Balance Sheet are?

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

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

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

Discount received is a/an?

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

The main objective of providing depreciation is to?

Which of the following is not depreciated?

Liabilities are which of the following?

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

The entry for creating a Provision for bad debts is?

Building account is classified as _________ account?

Which of the following is a real account?

The excess of current assets over current liabilities is called?

Which of the following errors is an error of omission?

_is also known as Appraisal system of depreciation?

Which one of the following is a capital expenditure?

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

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

Which of these documents is not required for Bank Reconciliation?

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

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

Depreciation is a process of?

Auditing is what?

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

Identify the asset from the following?

Cost of goods sold excludes?

Sales return is also known as?

Which of the following is an external cause of depreciation?

Specialized journals are more adequate for which TYPE OF BUSINESSES?

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

Tax deducted at source A/c appears in?

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

The periodic total of purchase day book is posted to?

Double entry means?

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

Cash book records?

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

Which of the following should not be treated as revenue expenditure?

Purchase journal is kept to record?

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

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

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

Which of the following statements is true?

The real accounts are accounts of Assets, liabilities and?

Debit side of Bank Pass book corresponds to?

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

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

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