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.

The concept of conservatism will have the effect of?

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

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

Short term Assets expected to be converted into cash within 1 year or less than?

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

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

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

Obligation of the Business are known as?

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

___________ helps business to classify transactions according to their nature?

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

Which of the following errors is an error of omission?

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 statements is true?

An account records the ___________ in the balance of an item?

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

Which of these is not a special purpose journal?

Trial balance is prepared to check accuracy of?

The systems of accounting are?

Closing stock in the Trial Balance implies that?

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

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

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

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

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

Journal proper is meant for recording?

Building account is classified as _________ account?

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

Specialized journals are more adequate for which TYPE OF BUSINESSES?

Which of the following is a liability?

The person to whom goods are sold on credit is called?

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

For the business, capital is?

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

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

Investment in own share A/c appears in?

Bank reconciliation is a statement prepared to reconcile?

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

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?

Which of the following is a real account?

The Bank Reconciliation Statement is prepared?

Institute of Chartered Accountants of Pakistan was established in?

Building and furniture are called?

The normal balance of liability account is?

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

Identify the asset from the following?

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

Posting is the process of?

In accounting an Economic event is referred to as?

Which of the following statements is correct about Trial Balance?

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

Which of the following statements is incorrect regarding capital account?

The entry for creating a Provision for bad debts is?

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

_is the cost of converting raw material into finished products?

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

Bank reconciliation statement is a part of?

Which of the following statements is/are true ?

Which of these documents is not required for Bank Reconciliation?

Trial balance is commonly prepared?

What is the basic accounting equation?

An asset posses which of the following?

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

Which of the following is true regarding closing entries?

Cash discount is provided on?

Which of the following is a Real A/c?

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

Double entry means?

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

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

Assets having physical existence are called?

The periodic total of purchase day book is posted to?

Depreciation is a process of?

Cash brought by the owner to start business is called?

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

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

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

_is also known as Appraisal system of depreciation?

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

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

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

Under the direct write-off method of recognizing a bad debt expense. Which of the following statements is/are true?

Which of the following is not a method of charging depreciation?

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

Period cost include which of the following ?

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

The entry on March 31, 2012 to rectify these omissions would include a?

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

__ will be credited if goods are given as charity?

Which of these items are taken into consideration for preparation of adjusted Cash Book?

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

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

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

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

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

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

The periodic total of purchase day book is posted to?

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

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

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

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