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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.
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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Which of the following is an item of capital expenditure?
A. Research and development costs during the year
B. Interest on borrowed fund utilized for acquisition of Office Furniture
C. Installation charges paid in conjunction with the purchase of Office Equipment
D. Monthly rent of a machinery used in the business
Right Answer: Installation charges paid in conjunction with the purchase of Office Equipment
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A brief explanation recorded below every entry in general journal is commonly known as?
A. Narration
B. Explanation
C. Summary
D. Other information
Right Answer: Narration
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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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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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Office equipments account is classified as _________ account?
A. Nominal
B. Real
C. Cash
D. Capital
Right Answer: Real
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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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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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Goods return to customer are known as?
A. Merchandise return
B. Purchase return
C. Return inwards
D. Sales return
Right Answer: Purchase return
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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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Which of the following is the internal user of financial statements?
A. Creditor of the business
B. Government agency
C. Shareholder of the business
D. Manager of the business
Right Answer: Manager of the business
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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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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 accounts are closed at the end of an accounting period?
A. Nominal accounts
B. Balance sheet accounts
C. Real accounts
D. None of them
Right Answer: Nominal accounts
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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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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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The person to whom goods are sold on credit is called?
A. Buyer
B. Seller
C. Debtor
D. Creditor
Right Answer: Debtor
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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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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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Which of these items are taken into consideration for preparation of adjusted Cash Book?
A. Mistake in Cash Book
B. Mistake in Pass Book
C. Cheque issued but not presented for payment
D. Cheques deposited but not cleared
Right Answer: Mistake in Cash Book
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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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Sales on credit is recorded in which of the following journal?
A. Purchase journal
B. Sales journal
C. Purchases return journal
D. Sales return journal
Right Answer: Sales journal
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Expenses of the following nature are treated as a Revenue expenses except?
A. Expenses for day to day running of the business
B. Putting the new asset in working condition
C. Depreciation
D. Purchase of raw material
Right Answer: Putting the new asset in working condition
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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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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 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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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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Provision is created for?
A. Unknown Liabilities
B. Known Liabilities
C. Creation of Secret Reserves
D. All the Three
Right Answer: Known Liabilities
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Short term Assets expected to be converted into cash within 1 year or less than?
A. Current Assets
B. Fixed Assets
C. Current Assets& current liabilities
D. All of the above
Right Answer: Current Assets
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The entry on March 31, 2012 to rectify these omissions would include a?
A. Credit to wage expense for ` 64,000
B. Debit to wage expense for ` 64,000
C. Debit to wage expense for ` 51,000
D. Debit to wage expense for ` 13,000
Right Answer: Debit to wage expense for ` 13,000
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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 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 is known as the base for preparing trial balance?
A. Journal
B. Cash account
C. Ledger account
D. Balance sheet
Right Answer: Ledger account
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Which one of the following should be considered a revenue expenditure?
A. 1000 paid for the execution of a new plant
B. Loss of 10,000 incurred in increasing the sitting accommodation of a hotel
C. Damage paid on account of breach of a contract to supply certain goods
D. Repair to machinery purchased, second hand.
Right Answer: Damage paid on account of breach of a contract to supply certain goods
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A book wherein various accounts are opened is called?
A. Subsidiary books
B. Journal
C. Ledger
D. Trial Balance
Right Answer: Ledger
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Which of the following is a representative Personal A/c?
A. Outstanding Salary A/c
B. Rent A/c
C. SBI A/c
D. Bad debts A/c
Right Answer: Outstanding Salary A/c
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The assets which come into existence upon the happening of a certain event are called?
A. Contingent assets
B. Fixed assets
C. Fictitious assets
D. Quick assets
Right Answer: Contingent assets
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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 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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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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Auditing is what?
A. Reporting the financial information
B. Examination of financial statements
C. Preparation financial statements
D. maintaining the ledger records
Right Answer: Examination of financial statements
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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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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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Which of the following errors is an error of omission?
A. Sale of ` 100 was recorded in the Purchases Journal
B. Wages paid to Mohan have been debited to his account
C. The total of the sales journal has not been posted to the Sales Account
D. Repairs to buildings have been debited to buildings account
Right Answer: The total of the sales journal has not been posted to the Sales Account
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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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Double entry implies that?
A. Recording entries in journal
B. Recording entries in Ledger account
C. Recording two aspects of every transaction
D. Recording every transaction in books
Right Answer: Recording two aspects of every transaction
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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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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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Which of the following is an external cause of depreciation?
A. Routine repair and maintenance
B. Misuse
C. Obsolescence
D. Wear and tear
Right Answer: Obsolescence
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Institute of Chartered Accountants of Pakistan was established in?
A. 1949
B. 1956
C. 1961
D. 1972
Right Answer: 1961
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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 a three column cash book_______________does not exist?
A. Cash column
B. Bank column
C. Petty cash column
D. Discount column
Right Answer: Petty cash column
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Average Accounting Return is a measure of accounting profit relative to?
A. Book value
B. Intrinsic value
C. Cost
D. Market value
Right Answer: Book value
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What is the basic accounting equation?
A. Capital+Liabilities=Assets
B. Assets+ liabilities =Capital
C. Capital+assets=liabilities
D. Liabilities+Capital
Right Answer: Capital+Liabilities=Assets
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Trial balance is prepared to check accuracy of?
A. Ledger accounts balances
B. Balance sheet balances
C. Income statement balances
D. Cash flow statement balances
Right Answer: Ledger accounts balances
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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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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 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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Discount received is a/an?
A. Asset
B. Expense
C. Liability
D. Revenue
Right Answer: Revenue
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Which of the following accounts can be classified as a real account?
A. Rent expenses account
B. Rent income account
C. insurance expenses account
D. Cash account
Right Answer: Cash account
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Which of these types of expenditure would not be treated as a Capital Expenditure?
A. Acquisition of an Asset
B. Extension of an Asset
C. Improvement of the existing Asset
D. Maintenance of the Asset
Right Answer: Maintenance of the Asset
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Another name of journal is?
A. Specialized journal
B. Day book
C. Cash book
D. Record book
Right Answer: Day book
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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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_is the cost of converting raw material into finished products?
A. Prime cost
B. Explicit cost
C. Job order cost
D. Conversion cost
Right Answer: Conversion cost
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Double entry means?
A. Entry in two sets of books
B. Entry at two ends
C. Entry at two dates
D. Entry for two aspects of the transaction
Right Answer: Entry for two aspects of the transaction
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Which of these is a Part of cash in hand?
A. Postage stamps
B. B/R
C. Cheque Deposited with Bank
D. B/R endorsed
Right Answer: Postage stamps
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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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Credit note is the basis for recording a transaction in which of the following SPECIALIZED journals?
A. Purchase journal
B. Sales return journal
C. General journal
D. Cash receipt journal
Right Answer: Sales return journal
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_is also known as Appraisal system of depreciation?
A. Inventory system
B. Survey system
C. Annuity system
D. Insurance
Right Answer: Inventory system
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Closing stock is generally valued at?
A. Cost Price
B. Market Price
C. Cost price or Market price whichever is higher
D. Cost price or Market price whichever is lower
Right Answer: Cost price or Market price whichever is lower
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Cash purchases is recorded in which of the following specialized journals?
A. Purchase journal
B. Sales journal
C. Purchases return journal
D. Cash payments journal
Right Answer: Cash payments journal
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An account records the ___________ in the balance of an item?
A. Increase
B. Decrease
C. Increase or decrease
D. Appreciation
Right Answer: Increase or decrease
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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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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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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?
A. Previous year‘s profit is overstated and current year‘s profit is also overstated.
B. Previous year‘s profit is understated and current year‘s profit is overstated.
C. Previous year‘s profit is overstated and current year‘s profit is understated.
D. There will be no impact on the profit of either the previous year or the current year.
Right Answer: Previous year‘s profit is overstated and current year‘s profit is understated.
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When goods, in which business deals are sold, it is called?
A. Purchases
B. Return inward
C. Sales
D. Return outwards
Right Answer: Sales
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Benefits of preparing Bank Reconciliation Statement includes?
A. It bring out any errors committed in preparation of Cash book / Bank Pass Book
B. Highlights under delay in clearance of cheques deposited but not credited
C. Help know actual bank balance
D. All the three
Right Answer: All the three
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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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The portion of the acquisition cost of the asset yet to be allocated is known as?
A. Written down value
B. Accumulated value
C. Salvage value
D. Residual Value
Right Answer: Written down value
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Cash brought by the owner to start business is called?
A. Capital
B. Loan
C. Drawing
D. None of these
Right Answer: Capital
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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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Which of the following is not depreciated?
A. Building
B. Land
C. Plant and Machinery
D. Office equipment
Right Answer: Land
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Which of the following statements is correct about Trial Balance?
A. The Trial Balance is prepared after preparing the Profit and Loss Account
B. The Trial Balance shows only balances of Assets and Liabilities
C. The Trial Balance shows only nominal account balances
D. The Trial Balance has no statutory importance from the point of view of law
Right Answer: The Trial Balance has no statutory importance from the point of view of law
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Which of these is not a special purpose journal?
A. Cash journal
B. Purchase journal
C. Debtors journal
D. Sales journal
Right Answer: Debtors journal
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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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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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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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The normal balance of asset account is?
A. Credit balance
B. Debit balance
C. Cash balance
D. Neither debit nor credit balance
Right Answer: Debit balance
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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 column of a cash book will not have credit balance?
A. Bank column
B. Discount column
C. Cash column
D. None
Right Answer: Cash column
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Which of the following is a Nominal A/c ?
A. Outstanding Salary A/c
B. Rent A/c
C. SBI A/c
D. Debtors A/c
Right Answer: Rent A/c
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Payments received in advance from a customer for a contract can be?
A. Shown as a deduction from contract work-in-progress on asset side
B. Shown as a liability
C. Credited to P&L A/c
D. Either A. or B. above
Right Answer: Either A. or B. above
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The balance of which of the following accounts do not disappear, once they are debited/credited to Trading Account?
A. Sales
B. Purchases
C. Inward returns
D. Closing stock
Right Answer: Closing stock
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__ is the first phase of accounting cycle?
A. Identifying an economic event or transaction
B. Preparing journals
C. Posting entries to ledger accounts
D. Making decisions about business
Right Answer: Identifying an economic event or transaction
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Assets having physical existence are called?
A. Current asset
B. intangible asset
C. Tangible asset
D. Liquid asset
Right Answer: Tangible asset
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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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Revenue receipts are shown in?
A. Balance Sheet
B. Profit and Loss appropriation A/c
C. Manufacturing A/c
D. Trading and Profit and Loss A/c
Right Answer: Trading and Profit and Loss A/c
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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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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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Sales and purchase journal don’t record?
A. Credit sales
B. Credit purchases
C. Credit sales and purchases
D. Cash sales and purchases
Right Answer: Cash sales and purchases
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