Accounting MCQs with answers Page - 5

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 • 802.91K Points
Coach

Q. What is the main objective of financial accounting?

  • (A) To determine tax liability
  • (B) To calculate cost of production
  • (C) To provide information to external users
  • (D) To control inventory

A

Admin • 802.91K Points
Coach

Q. Which of the following is not a book of original entry?

  • (A) Journal
  • (B) Cash Book
  • (C) Ledger
  • (D) Sales Book

A

Admin • 802.91K Points
Coach

Q. If a firm sells goods on credit, it will be recorded in:

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

A

Admin • 802.91K Points
Coach

Q. Purchase of furniture for office use is a:

  • (A) Revenue expenditure
  • (B) Capital expenditure
  • (C) Deferred revenue expenditure
  • (D) Indirect expenditure

A

Admin • 802.91K Points
Coach

Q. Which of the following is recorded on the credit side of a cash book?

  • (A) Cash received from customers
  • (B) Cash deposited into bank
  • (C) Cash withdrawn from bank
  • (D) Payment to creditors

A

Admin • 802.91K Points
Coach

Q. Contingent liabilities are shown:

  • (A) In the Balance Sheet
  • (B) In the Profit and Loss Account
  • (C) As a footnote in the Balance Sheet
  • (D) Nowhere

A

Admin • 802.91K Points
Coach

Q. Unrecorded liabilities at the time of retirement of a partner are:

  • (A) Credited to retiring partner
  • (B) Debited to Revaluation A/c
  • (C) Credited to Revaluation A/c
  • (D) Ignored

A

Admin • 802.91K Points
Coach

Q. Which of the following is not an intangible asset?

  • (A) Trademark
  • (B) Goodwill
  • (C) Building
  • (D) Patent

A

Admin • 802.91K Points
Coach

Q. The term 'credit balance' means:

  • (A) Total of debit side is greater
  • (B) Total of credit side is greater
  • (C) Both sides are equal
  • (D) Account is closed

A

Admin • 802.91K Points
Coach

Q. Which account is used to close all nominal accounts?

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

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.