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.


Depreciation is calculated on the?

In accounting an Economic event is referred to as?

Which of these documents is not required for Bank Reconciliation?

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

Cost of goods sold excludes?

Liability are arisen from which of the following events?

Double entry implies that?

__ is the first phase of accounting cycle?

Petty cash balance is a/an?

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

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

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

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

Which of the following is an item of capital expenditure?

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

Which of the following error is an error of principle?

Which of the following is a liability?

Double entry means?

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

_is also known as Appraisal system of depreciation?

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

A book wherein various accounts are opened is called?

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

The periodic total of sales day book is posted to?

Identify the asset from the following?

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

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

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

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

Sales and purchase journal don’t record?

At the time of preparation of financial accounts, bad debt recovered account will be transferred to?

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

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

Which of these errors affect only one account?

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

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

Closing stock is generally valued at?

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

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

Assets having physical existence are called?

Closing stock in the Trial Balance implies that?

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

________ is the gross inflow of economic benefits?

Debit side of Bank Pass book corresponds 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?

Which of the following statements is /are true?

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

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?

reduction in price is called?

The concept of conservatism will have the effect of?

The maintenance of accounts in a systematic way is called?

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

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

An income statement in which each item expressed as percentage of Sale?

Liabilities are which of the following?

Cash brought by the owner to start business is called?

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

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

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

Which of the following is a Nominal A/c ?

Which of the following is a Real A/c?

Which of the following statements is correct about Trial Balance?

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

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

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

The normal balance of liability account is?

Identify the correct sequence of accounting process?

If debit side of a bank account is greater than credit side it indicates which of the following?

Credit balance as per Cash Book mean?

Which of these errors affect two or more accounts?

Which of the following is not depreciated?

Posting is the process of?

Which of the following accounts are closed at the end of an accounting period?

Bookkeeping mainly concerns with which part of accounting process?

Financial statements differ from management account because?

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

Goods Return by the customer are termed as ?

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

Tax deducted at source A/c appears in?

An asset posses which of the following?

Institute of Chartered Accountants of Pakistan was established in?

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

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

Purchase journal is kept to record?

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 form of business organization is least regulated?

Bank reconciliation is a statement prepared to reconcile?

The normal balance of capital account is?

Journal proper is meant for recording?

For the business, capital is?

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?

__ will be credited if goods are given as charity?

Identify the nominal account?

Bank reconciliation statement is a part of?

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

Which of the following is an one sided error?

Bad debts recovered account will be transferred to?

A brief explanation recorded below every entry in general journal is commonly known as?

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

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

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