Accounting MCQs with answers Page - 13

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

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Q. The accounting equation is:

  • (A) Assets = Liabilities + Capital
  • (B) Capital = Assets + Liabilities
  • (C) Liabilities = Assets + Capital
  • (D) Assets = Capital - Liabilities

A

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Q. Which of the following is a current asset?

  • (A) Machinery
  • (B) Land
  • (C) Debtors
  • (D) Goodwill

A

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Q. What type of account is 'Capital A/c'?

  • (A) Real Account
  • (B) Personal Account
  • (C) Nominal Account
  • (D) Expense Account

A

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Q. Which book is used to record all cash transactions?

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

A

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Q. Which of the following is a fictitious asset?

  • (A) Goodwill
  • (B) Preliminary Expenses
  • (C) Stock
  • (D) Furniture

A

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Q. Which document is sent by a buyer to a seller for returning goods?

  • (A) Debit Note
  • (B) Credit Note
  • (C) Invoice
  • (D) Receipt

A

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Q. Which account is debited when depreciation is charged?

  • (A) Asset A/c
  • (B) Depreciation A/c
  • (C) Provision A/c
  • (D) Capital A/c

A

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Q. Which type of error occurs when a transaction is completely omitted?

  • (A) Error of Principle
  • (B) Error of Omission
  • (C) Compensating Error
  • (D) Error of Commission

A

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Q. Which one of the following is an intangible asset?

  • (A) Building
  • (B) Furniture
  • (C) Patent
  • (D) Inventory

A

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Q. Which of the following is not shown in the Profit & Loss Account?

  • (A) Sales
  • (B) Salaries
  • (C) Creditors
  • (D) Interest Received

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