Accounting MCQs with answers Page - 15

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 which account is the loss of stock by fire recorded?

  • (A) Trading A/c
  • (B) Profit & Loss A/c
  • (C) Insurance A/c
  • (D) Loss by Fire A/c

A

Admin • 802.91K Points
Coach

Q. The balance of the cash book is shown in:

  • (A) Trading Account
  • (B) Profit and Loss Account
  • (C) Balance Sheet
  • (D) Trial Balance only

A

Admin • 802.91K Points
Coach

Q. Which of the following is an example of a capital receipt?

  • (A) Interest received
  • (B) Commission received
  • (C) Loan taken from bank
  • (D) Rent received

A

Admin • 802.91K Points
Coach

Q. Which one of the following errors will not affect the trial balance?

  • (A) Omission of a transaction
  • (B) Wrong totaling
  • (C) Partial posting
  • (D) Posting to the wrong side

A

Admin • 802.91K Points
Coach

Q. What does the term 'realization' mean in accounting?

  • (A) Converting cash into assets
  • (B) Converting profit into capital
  • (C) Conversion of assets into cash
  • (D) Conversion of liabilities into equity

A

Admin • 802.91K Points
Coach

Q. Which type of expenditure is incurred to maintain the business?

  • (A) Capital Expenditure
  • (B) Revenue Expenditure
  • (C) Deferred Revenue Expenditure
  • (D) Development Expenditure

A

Admin • 802.91K Points
Coach

Q. The amount brought in by the owner into the business is called:

  • (A) Liability
  • (B) Revenue
  • (C) Asset
  • (D) Capital

A

Admin • 802.91K Points
Coach

Q. Which one of the following is not a part of final accounts?

  • (A) Trading Account
  • (B) Trial Balance
  • (C) Profit and Loss Account
  • (D) Balance Sheet

A

Admin • 802.91K Points
Coach

Q. Goods returned by customers are recorded in:

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

A

Admin • 802.91K Points
Coach

Q. The primary purpose of financial accounting is to:

  • (A) Provide information for internal decision making
  • (B) Provide information to external users
  • (C) Calculate tax liability
  • (D) Prepare production budgets

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