Accounting MCQs with answers Page - 3

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 financial statement summarizes revenues and expenses?

  • (A) Cash Flow Statement
  • (B) Balance Sheet
  • (C) Income Statement
  • (D) Statement of Changes in Equity

A

Admin • 802.91K Points
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Q. In accounting, goodwill is classified as:

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

A

Admin • 802.91K Points
Coach

Q. A debit note is issued by:

  • (A) Buyer to Seller
  • (B) Bank to Customer
  • (C) Customer to Bank
  • (D) Auditor to Client

A

Admin • 802.91K Points
Coach

Q. Depreciation is calculated on:

  • (A) Current Assets
  • (B) Intangible Assets
  • (C) Fixed Tangible Assets
  • (D) Liabilities

A

Admin • 802.91K Points
Coach

Q. What is the accounting treatment for bad debts recovered?

  • (A) Credited to Debtor’s A/c
  • (B) Credited to Bad Debts A/c
  • (C) Credited to Bad Debts Recovered A/c
  • (D) Credited to Profit and Loss A/c

A

Admin • 802.91K Points
Coach

Q. Which type of account is 'Drawings A/c'?

  • (A) Nominal
  • (B) Real
  • (C) Personal
  • (D) Fictitious

A

Admin • 802.91K Points
Coach

Q. Carriage inward is included in:

  • (A) Direct Expenses
  • (B) Indirect Expenses
  • (C) Administrative Expenses
  • (D) Selling Expenses

A

Admin • 802.91K Points
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Q. Which of the following errors affect the trial balance?

  • (A) Error of Omission
  • (B) Error of Commission
  • (C) Error of Principle
  • (D) Compensating Error

A

Admin • 802.91K Points
Coach

Q. The term 'creditor' denotes:

  • (A) A person who owes money to the business
  • (B) A person to whom business owes money
  • (C) An employee of the business
  • (D) An investor in the business

A

Admin • 802.91K Points
Coach

Q. Bank charges are recorded in:

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

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