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.

Any donation received for a specific purpose is a?

Another name of journal is?

Which of the following is a revenue expenses?

Which of the following is a capital expenditure?

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?

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

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

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

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

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

reduction in price is called?

Which of the following errors is an error of omission?

For the business, capital is?

Which of the following can be considered as the most important phase of accounting cycle and it is the primarily objective of financial accounting?

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

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

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

Which of the following statements is correct about Trial Balance?

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

Identify the asset from the following?

Which of the following is true regarding closing entries?

Building account is classified as _________ account?

Cash discount is provided on?

Sales and purchase journal don’t record?

The assets which have some market value are called?

Which column of a cash book will not have credit balance?

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

Which of the following is a liability?

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

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

Bad debts recovered account will be transferred to?

Closing stock is generally valued at?

An asset posses which of the following?

The Bank Reconciliation Statement is prepared?

The excess of current assets over current liabilities is called?

Liability are arisen from which of the following events?

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

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

The periodic total of purchase day book is posted to?

Provision is created for?

Sales return is also known as?

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

The entry for creating a Provision for bad debts is?

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

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?

Net loss occurs when?

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

Office equipments account is classified as _________ account?

Double entry means?

________ is the gross inflow of economic benefits?

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

In accounting an Economic event is referred to as?

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 gross decrease in economic benefits for the business are what?

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

Which of the following statements is /are true?

Which of the following is a Nominal A/c ?

What is equity?

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

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

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 statements are / is true? – Events after Balance Sheet are?

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

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?

Which of the following is true?

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

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

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

Revenue and expense accounts are referred as?

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?

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

Which of the following is not depreciated?

Credit balance as per Cash Book mean?

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

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

Liabilities are which of the following?

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

Depreciation is a process of?

Which of the following statements is correct about Depreciation?

A book wherein various accounts are opened is called?

The normal balance of liability account is?

________ is the common base for preparing a trial balance?

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

Which of these errors affect two or more accounts?

Capital expenditure is an expenditure which?

Which of these errors affect only one account?

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

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

Which of these is not a special purpose journal?

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

__ will be credited if goods are given as charity?

The real accounts are accounts of Assets, liabilities and?

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

Modern system of book keeping is called?

Building and furniture are called?

Petty cash balance is a/an?

What is the basic accounting equation?

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

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

The main objective of providing depreciation is to?

Please Refresh the Page for more and new Accounting Mcqs. Every time when you refresh the page you have new Mcqs for preparation.

Pak Gk © 2021