Accounting MCQs with answers Page - 12

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 • 833.24K Points
Coach

Q. A voucher is used for:

  • (A) Recording journal entries
  • (B) Proof of transaction
  • (C) Calculating depreciation
  • (D) Preparing trial balance

A

Admin • 833.24K Points
Coach

Q. Profit is calculated when:

  • (A) Assets = Liabilities
  • (B) Income > Expenses
  • (C) Capital = Cash
  • (D) Liabilities = Income

A

Admin • 833.24K Points
Coach

Q. Discount allowed is treated as:

  • (A) Income
  • (B) Expense
  • (C) Liability
  • (D) Asset

A

Admin • 833.24K Points
Coach

Q. Which of the following is a direct expense?

  • (A) Office rent
  • (B) Electricity charges
  • (C) Wages paid to factory workers
  • (D) Stationery

A

Admin • 833.24K Points
Coach

Q. Closing entries are passed in:

  • (A) Cash Book
  • (B) Ledger
  • (C) Journal Proper
  • (D) Purchase Book

A

Admin • 833.24K Points
Coach

Q. Which account is affected when goods are returned to the supplier?

  • (A) Sales Return A/c
  • (B) Purchase Return A/c
  • (C) Debtors A/c
  • (D) Cash A/c

A

Admin • 833.24K Points
Coach

Q. In double entry system, every transaction affects:

  • (A) Only one account
  • (B) Two accounts
  • (C) Three accounts
  • (D) Any number of accounts but at least two

A

Admin • 833.24K Points
Coach

Q. Salary paid in advance is classified as:

  • (A) Liability
  • (B) Expense
  • (C) Income
  • (D) Asset

A

Admin • 833.24K Points
Coach

Q. Unpresented cheques are:

  • (A) Already cashed by the bank
  • (B) Not yet recorded by the company
  • (C) Issued by the company but not yet cashed
  • (D) Returned by the bank

A

Admin • 833.24K Points
Coach

Q. Debit balance of trial balance shows:

  • (A) Total income
  • (B) Total liabilities
  • (C) Total assets and expenses
  • (D) Total capital and revenue

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