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 statements is/are true ?

Building and furniture are called?

The normal balance of asset account is?

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

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

The excess of current assets over current liabilities is called?

The amount payable to a person as consideration for the use of rights vested in him is?

Posting is the process of?

Sales return is also known as?

Goods Return by the customer are termed as ?

Which of the following is an one sided error?

_is the cost of converting raw material into finished products?

Which of the following is an item of capital expenditure?

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

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

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

The Bank Reconciliation Statement is prepared?

Capital expenditure is an expenditure which?

What is equity?

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

Which of the following is a Nominal A/c ?

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

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

Double entry means?

________ is the gross inflow of economic benefits?

The concept of conservatism will have the effect of?

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

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

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

For the business, capital is?

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

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

Capital expenses are shown in?

What is the basic accounting equation?

Identify the correct sequence of accounting process?

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

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

Which of these errors affect only one account?

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

Financial statements differ from management account because?

Which of the following statements is /are true?

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

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

Which one of the following is a capital expenditure?

Which of these errors affect two or more accounts?

Which of the following is a capital expenditure?

Cost of goods sold excludes?

Debit side of Bank Pass book corresponds to?

Which of the following is not depreciated?

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

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

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

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

Building account is classified as _________ account?

Tax deducted at source A/c appears in?

Financial accounting provides financial information to all of the following external users except?

Which of the following is true?

Any donation received for a specific purpose is a?

Bad debts recovered account will be transferred to?

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

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

Which of the following errors is an error of omission?

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

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?

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

Obligation of the Business are known as?

Which of the following is true regarding closing entries?

__ is the first phase of accounting cycle?

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

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

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

The main objective of providing depreciation is to?

Which of the following is a liability?

Which of the following statements is true?

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

The periodic total of purchase day book is posted to?

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

Which of the following statements is correct about Trial Balance?

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?

Bank reconciliation is a statement prepared to reconcile?

Trial balance is commonly prepared?

Difference in Bank Balance as per Pass Book and Cash Book may arise on account of?

Which of the following statements is correct about Depreciation?

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

Bookkeeping mainly concerns with which part of accounting process?

________ is the common base for preparing a trial balance?

Liabilities are which of the following?

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

Depreciation is calculated on the?

Which of these documents is not required for Bank Reconciliation?

The periodic total of purchase day book is posted to?

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

Net loss occurs when?

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

Cash received from debtors would be deemed as___________of funds?

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

The assets which have some market value are called?

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

The unsold goods are?

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