Accounting MCQs with answers Page - 21

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. Loss on sale of asset is shown in:

  • (A) Trading A/c
  • (B) Profit & Loss A/c
  • (C) Capital A/c
  • (D) Balance Sheet

A

Admin • 802.91K Points
Coach

Q. Depreciation reduces:

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

A

Admin • 802.91K Points
Coach

Q. The term 'ledger' refers to:

  • (A) Journal entries
  • (B) Summary of transactions
  • (C) Book of original entry
  • (D) Book of final entry

A

Admin • 802.91K Points
Coach

Q. Provision for discount on creditors is:

  • (A) An asset
  • (B) A liability
  • (C) Not allowed
  • (D) An expense

A

Admin • 802.91K Points
Coach

Q. If a cheque is deposited but not credited by bank, it causes:

  • (A) Increase in cash book balance
  • (B) Decrease in cash book balance
  • (C) Difference in pass book and cash book
  • (D) No difference

A

Admin • 802.91K Points
Coach

Q. A suspense account is opened when:

  • (A) There is an unknown liability
  • (B) Trial balance does not match
  • (C) Cash is short
  • (D) Profit is not found

A

Admin • 802.91K Points
Coach

Q. Which document acts as proof of a transaction?

  • (A) Journal
  • (B) Ledger
  • (C) Voucher
  • (D) Trial Balance

A

Admin • 802.91K Points
Coach

Q. A capital receipt is:

  • (A) Received from daily operations
  • (B) Not recurring in nature
  • (C) A regular income
  • (D) An indirect income

A

Admin • 802.91K Points
Coach

Q. Which of the following is a nominal account?

  • (A) Building A/c
  • (B) Machinery A/c
  • (C) Interest Paid A/c
  • (D) Debtors A/c

A

Admin • 802.91K Points
Coach

Q. Rent received in advance is:

  • (A) An asset
  • (B) An income
  • (C) A liability
  • (D) A reserve

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