Accounting MCQs with answers Page - 20

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 of the following is not a feature of partnership?

  • (A) Mutual agency
  • (B) Unlimited liability
  • (C) Free transferability of shares
  • (D) Sharing of profits

A

Admin • 802.91K Points
Coach

Q. Which of the following is a contingent liability?

  • (A) Bills payable
  • (B) Debentures issued
  • (C) Bank guarantee
  • (D) Sundry creditors

A

Admin • 802.91K Points
Coach

Q. Goods withdrawn by proprietor for personal use is recorded in:

  • (A) Capital A/c
  • (B) Purchases A/c
  • (C) Drawings A/c
  • (D) Cash A/c

A

Admin • 802.91K Points
Coach

Q. Purchase of a building is recorded in:

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

A

Admin • 802.91K Points
Coach

Q. Accrued income is shown on:

  • (A) Liabilities side of Balance Sheet
  • (B) Debit side of P&L A/c
  • (C) Assets side of Balance Sheet
  • (D) Credit side of Trading A/c

A

Admin • 802.91K Points
Coach

Q. If purchase returns are more than purchases, the net purchase is:

  • (A) Negative
  • (B) Zero
  • (C) Credited to P&L A/c
  • (D) Not possible

A

Admin • 802.91K Points
Coach

Q. Which account is affected when interest is charged on drawings?

  • (A) Capital A/c
  • (B) Drawings A/c
  • (C) Cash A/c
  • (D) Interest on Drawings A/c

A

Admin • 802.91K Points
Coach

Q. Trade discount is:

  • (A) Recorded in books
  • (B) Not recorded in books
  • (C) Recorded as income
  • (D) Recorded as expense

A

Admin • 802.91K Points
Coach

Q. Which account is affected when goods are donated?

  • (A) Sales A/c
  • (B) Charity A/c
  • (C) Capital A/c
  • (D) Drawings A/c

A

Admin • 802.91K Points
Coach

Q. Which of the following is not a real account?

  • (A) Furniture A/c
  • (B) Cash A/c
  • (C) Rent A/c
  • (D) Building A/c

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