Accounting MCQs with answers Page - 14

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. Which account is debited for bad debts written off?

  • (A) Debtors A/c
  • (B) Profit & Loss A/c
  • (C) Bad Debts A/c
  • (D) Cash A/c

A

Admin • 833.24K Points
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Q. Provision for doubtful debts is created for:

  • (A) Expected losses from customers
  • (B) Expenses payable
  • (C) Discount allowed
  • (D) Loss on sale of asset

A

Admin • 833.24K Points
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Q. Depreciation is charged on which type of asset?

  • (A) Current Asset
  • (B) Fixed Tangible Asset
  • (C) Fictitious Asset
  • (D) Intangible Asset

A

Admin • 833.24K Points
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Q. Unrecorded asset when discovered is:

  • (A) Debited to Revaluation A/c
  • (B) Credited to Revaluation A/c
  • (C) Debited to Capital A/c
  • (D) Credited to Profit & Loss A/c

A

Admin • 833.24K Points
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Q. Outstanding expense is a type of:

  • (A) Prepaid Expense
  • (B) Accrued Income
  • (C) Current Liability
  • (D) Non-Current Asset

A

Admin • 833.24K Points
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Q. Which of the following is not a cash flow from operating activity?

  • (A) Cash received from customers
  • (B) Cash paid to suppliers
  • (C) Cash paid for purchase of machinery
  • (D) Wages paid

A

Admin • 833.24K Points
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Q. Discount received is shown in:

  • (A) Debit side of Trading A/c
  • (B) Credit side of Trading A/c
  • (C) Credit side of Profit & Loss A/c
  • (D) Debit side of Profit & Loss A/c

A

Admin • 833.24K Points
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Q. Which of the following is a liability?

  • (A) Stock
  • (B) Prepaid Rent
  • (C) Creditors
  • (D) Cash

A

Admin • 833.24K Points
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Q. The full form of GAAP is:

  • (A) Generally Acknowledged Accounting Policies
  • (B) Generally Accepted Accounting Principles
  • (C) General Accounting and Auditing Process
  • (D) Global Accounting and Analysis Procedure

A

Admin • 833.24K Points
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Q. Which type of account is 'Rent Paid A/c'?

  • (A) Personal
  • (B) Real
  • (C) Nominal
  • (D) Liability

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