Accounting MCQs with answers Page - 8

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 account is credited when interest is earned but not yet received?

  • (A) Interest Received A/c
  • (B) Accrued Interest A/c
  • (C) Interest Outstanding A/c
  • (D) Interest Receivable A/c

A

Admin • 802.91K Points
Coach

Q. Wages paid for construction of building is treated as:

  • (A) Revenue Expenditure
  • (B) Indirect Expense
  • (C) Capital Expenditure
  • (D) Deferred Expense

A

Admin • 802.91K Points
Coach

Q. When a cheque deposited is dishonored, which account is credited?

  • (A) Bank A/c
  • (B) Cash A/c
  • (C) Debtor A/c
  • (D) Discount A/c

A

Admin • 802.91K Points
Coach

Q. Which item will not appear in the trial balance?

  • (A) Opening Stock
  • (B) Closing Stock
  • (C) Capital
  • (D) Drawings

A

Admin • 802.91K Points
Coach

Q. Which concept ensures similar accounting methods are used over time?

  • (A) Conservatism
  • (B) Consistency
  • (C) Going Concern
  • (D) Materiality

A

Admin • 802.91K Points
Coach

Q. Provision for discount on debtors is created on:

  • (A) Total Debtors
  • (B) Debtors before bad debts
  • (C) Debtors after bad debts and provision for doubtful debts
  • (D) Cash received

A

Admin • 802.91K Points
Coach

Q. When goods are given away as free samples, which account is debited?

  • (A) Purchases A/c
  • (B) Sales A/c
  • (C) Advertisement A/c
  • (D) Drawings A/c

A

Admin • 802.91K Points
Coach

Q. Which of the following is a contingent asset?

  • (A) Debtors
  • (B) Advance to supplier
  • (C) Claim under lawsuit which is probable
  • (D) Cash

A

Admin • 802.91K Points
Coach

Q. Which of the following is not considered a business transaction?

  • (A) Purchase of goods
  • (B) Salary paid to employees
  • (C) Rent of owner’s house paid by owner
  • (D) Cash received from debtors

A

Admin • 802.91K Points
Coach

Q. Prepaid insurance is shown under:

  • (A) Current Liability
  • (B) Fixed Asset
  • (C) Current Asset
  • (D) Long-Term Liability

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