Accounting MCQs with answers Page - 9

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 accounting concept assumes that the business is separate from its owner?

  • (A) Money Measurement Concept
  • (B) Business Entity Concept
  • (C) Accrual Concept
  • (D) Going Concern Concept

A

Admin • 802.91K Points
Coach

Q. Rent received in advance is shown as:

  • (A) Asset
  • (B) Liability
  • (C) Revenue
  • (D) Expense

A

Admin • 802.91K Points
Coach

Q. Outstanding salaries are classified as:

  • (A) Asset
  • (B) Expense
  • (C) Income
  • (D) Liability

A

Admin • 802.91K Points
Coach

Q. Which account is used to record goods taken by the owner for personal use?

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

A

Admin • 802.91K Points
Coach

Q. A fixed asset is recorded at:

  • (A) Market value
  • (B) Cost price
  • (C) Sale value
  • (D) Depreciated value

A

Admin • 802.91K Points
Coach

Q. Which one of the following is not shown in the Balance Sheet?

  • (A) Stock
  • (B) Outstanding Expenses
  • (C) Salaries
  • (D) Capital

A

Admin • 802.91K Points
Coach

Q. Return inward is also known as:

  • (A) Purchase Return
  • (B) Sales Return
  • (C) Debit Note
  • (D) Credit Note

A

Admin • 802.91K Points
Coach

Q. Which item is not adjusted in the Revaluation Account?

  • (A) Appreciation of asset
  • (B) Increase in liability
  • (C) Unrecorded asset
  • (D) Provision for depreciation

A

Admin • 802.91K Points
Coach

Q. The balance of suspense account is cleared after:

  • (A) Preparing the trial balance
  • (B) Auditing the books
  • (C) Rectification of errors
  • (D) Preparation of Balance Sheet

A

Admin • 802.91K Points
Coach

Q. Which is not a capital receipt?

  • (A) Loan from bank
  • (B) Capital introduced
  • (C) Sale of fixed assets
  • (D) Commission received

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