Accounting MCQs with answers Page - 16

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. In ledger, transactions are recorded:

  • (A) Chronologically
  • (B) Date-wise
  • (C) Account-wise
  • (D) Alphabetically

A

Admin • 833.24K Points
Coach

Q. Purchase of machinery for cash is recorded in:

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

A

Admin • 833.24K Points
Coach

Q. Rent paid in advance is shown under:

  • (A) Current Liability
  • (B) Current Asset
  • (C) Fixed Asset
  • (D) Intangible Asset

A

Admin • 833.24K Points
Coach

Q. A debit note is issued when:

  • (A) Goods are returned to a customer
  • (B) Goods are returned to a supplier
  • (C) Goods are purchased on credit
  • (D) Goods are sold on credit

A

Admin • 833.24K Points
Coach

Q. Which is not a cash inflow?

  • (A) Cash from debtors
  • (B) Proceeds from loan
  • (C) Purchase of machinery
  • (D) Cash sales

A

Admin • 833.24K Points
Coach

Q. Provision for bad debts is made on:

  • (A) Debtors before bad debts
  • (B) Debtors after bad debts
  • (C) Total sales
  • (D) Creditors

A

Admin • 833.24K Points
Coach

Q. Income tax paid by business is treated as:

  • (A) Business expense
  • (B) Owner’s drawings
  • (C) Capital expense
  • (D) Operating expense

A

Admin • 833.24K Points
Coach

Q. Which of the following transactions will affect the bank balance?

  • (A) Goods purchased on credit
  • (B) Cheque issued to supplier
  • (C) Depreciation charged
  • (D) Provision for bad debts created

A

Admin • 833.24K Points
Coach

Q. Cash withdrawn by owner is recorded in:

  • (A) Drawings A/c
  • (B) Capital A/c
  • (C) Expense A/c
  • (D) Debtors A/c

A

Admin • 833.24K Points
Coach

Q. The trial balance is prepared to check:

  • (A) Arithmetical accuracy of ledger accounts
  • (B) Accuracy of journal entries
  • (C) Profit or loss of the business
  • (D) Cash balance in hand

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