Accounting MCQs with answers Page - 18

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. Which document is issued by a seller when goods are returned by the customer?

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

A

Admin • 802.91K Points
Coach

Q. Goodwill is classified as:

  • (A) Tangible asset
  • (B) Fictitious asset
  • (C) Intangible asset
  • (D) Current asset

A

Admin • 802.91K Points
Coach

Q. Which of the following appears in the trading account?

  • (A) Salaries
  • (B) Rent
  • (C) Opening stock
  • (D) Interest paid

A

Admin • 802.91K Points
Coach

Q. Provision for discount on debtors is shown on:

  • (A) Debit side of trading account
  • (B) Credit side of profit and loss account
  • (C) Liabilities side of balance sheet
  • (D) Asset side of balance sheet as deduction from debtors

A

Admin • 802.91K Points
Coach

Q. Which book is used to record credit sales?

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

A

Admin • 802.91K Points
Coach

Q. A bank reconciliation statement is prepared to:

  • (A) Show the balance of the cash book
  • (B) Show the bank balance in the pass book
  • (C) Reconcile the cash book with the pass book
  • (D) Calculate bank charges

A

Admin • 802.91K Points
Coach

Q. If an asset is shown at a higher value than its realizable value, which principle is violated?

  • (A) Matching concept
  • (B) Conservatism concept
  • (C) Cost concept
  • (D) Going concern concept

A

Admin • 802.91K Points
Coach

Q. Cash discount is allowed to encourage:

  • (A) Bulk buying
  • (B) Timely payment
  • (C) Advance booking
  • (D) Long-term credit

A

Admin • 802.91K Points
Coach

Q. Which financial statement shows the financial position of a business?

  • (A) Cash Flow Statement
  • (B) Profit & Loss Account
  • (C) Balance Sheet
  • (D) Journal

A

Admin • 802.91K Points
Coach

Q. Outstanding salary is shown as:

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

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