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.

To check the correct answer, simply click the View Answer button provided for each question.

Have your own questions to contribute? Click the button below to share your MCQs with others!

+ Add Question

A

Admin • 833.24K 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 • 833.24K Points
Coach

Q. In accounting, goodwill is classified as:

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

A

Admin • 833.24K 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 • 833.24K Points
Coach

Q. Depreciation is calculated on:

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

A

Admin • 833.24K 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 • 833.24K Points
Coach

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

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

A

Admin • 833.24K Points
Coach

Q. Carriage inward is included in:

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

A

Admin • 833.24K Points
Coach

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 • 833.24K 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 • 833.24K Points
Coach

Q. Bank charges are recorded in:

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

Add MCQ in this Category

If you want to share an MCQ question in this category, it's a great idea! It will be helpful for many other students using this website.

Share Your MCQ

Browse Categories

Click on category to learn MCQs of that category.