Accounting MCQs with answers Page - 7

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 document is used to initiate a purchase transaction?

  • (A) Invoice
  • (B) Purchase Order
  • (C) Delivery Note
  • (D) Credit Note

A

Admin • 802.91K Points
Coach

Q. A statement which shows the assets and liabilities of a business is called:

  • (A) Trial Balance
  • (B) Profit and Loss Account
  • (C) Balance Sheet
  • (D) Cash Flow Statement

A

Admin • 802.91K Points
Coach

Q. Which principle requires that expenses should be matched with revenues?

  • (A) Consistency Principle
  • (B) Matching Principle
  • (C) Conservatism Principle
  • (D) Going Concern Principle

A

Admin • 802.91K Points
Coach

Q. Which of the following is not a current liability?

  • (A) Creditors
  • (B) Bills Payable
  • (C) Bank Overdraft
  • (D) Debentures

A

Admin • 802.91K Points
Coach

Q. Which account will be credited when goods are sold on cash?

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

A

Admin • 802.91K Points
Coach

Q. Which of the following is an example of deferred revenue expenditure?

  • (A) Advertisement expenses for product launch
  • (B) Salary paid to staff
  • (C) Electricity bill paid
  • (D) Purchase of building

A

Admin • 802.91K Points
Coach

Q. Income tax paid by sole proprietor is debited to:

  • (A) P&L A/c
  • (B) Capital A/c
  • (C) Drawings A/c
  • (D) Salaries A/c

A

Admin • 802.91K Points
Coach

Q. Which of the following errors will not be revealed by the trial balance?

  • (A) Error of principle
  • (B) Error of posting
  • (C) Error of casting
  • (D) Error of balancing

A

Admin • 802.91K Points
Coach

Q. Which type of discount is recorded in the books of accounts?

  • (A) Trade Discount
  • (B) Quantity Discount
  • (C) Cash Discount
  • (D) Seasonal Discount

A

Admin • 802.91K Points
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Q. Losses from natural disasters are classified as:

  • (A) Operating Expenses
  • (B) Revenue Loss
  • (C) Abnormal Loss
  • (D) Capital Loss

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