Accounting MCQs with answers Page - 10

Here, you will find a collection of MCQ questions on Accounting. Go through these questions to enhance your preparation for upcoming examinations and interviews.

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A

Admin • 802.91K Points
Coach

Q. In accounting, provision means:

  • (A) Liability of uncertain amount
  • (B) Asset of known amount
  • (C) Revenue item
  • (D) Unrealized gain

A

Admin • 802.91K Points
Coach

Q. A reserve created out of profits is called:

  • (A) Capital Reserve
  • (B) General Reserve
  • (C) Revenue Reserve
  • (D) Secret Reserve

A

Admin • 802.91K Points
Coach

Q. Which of the following will be recorded in the journal proper?

  • (A) Cash transactions
  • (B) Credit purchases
  • (C) Opening entry
  • (D) Credit sales

A

Admin • 802.91K Points
Coach

Q. Bank reconciliation statement is prepared by:

  • (A) Auditor
  • (B) Bank
  • (C) Business
  • (D) Accountant

A

Admin • 802.91K Points
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Q. Which of the following is not an indirect expense?

  • (A) Rent
  • (B) Salary
  • (C) Wages
  • (D) Office expenses

A

Admin • 802.91K Points
Coach

Q. Which account is affected when a debtor becomes insolvent?

  • (A) Bad Debts A/c
  • (B) Debtors A/c
  • (C) Bank A/c
  • (D) Sales A/c

A

Admin • 802.91K Points
Coach

Q. Prepaid expenses are adjusted at the end of the year because of:

  • (A) Consistency concept
  • (B) Matching concept
  • (C) Going concern concept
  • (D) Money measurement concept

A

Admin • 802.91K Points
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Q. Which account is not classified under real accounts?

  • (A) Building A/c
  • (B) Machinery A/c
  • (C) Cash A/c
  • (D) Commission A/c

A

Admin • 802.91K Points
Coach

Q. The term 'credit note' is used in relation to:

  • (A) Purchase returns
  • (B) Sales returns
  • (C) Credit purchases
  • (D) Cash receipts

A

Admin • 802.91K Points
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Q. The amount of depreciation charged reduces:

  • (A) Asset value
  • (B) Liability
  • (C) Capital
  • (D) Cash

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