Accounting MCQs

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The Balance Sheet gives information regarding the____________?

A.Financial position during a particular period

B.Results of operations for a particular period

C.Profit earning capacity for a particular period

D.Financial position as on a particular date

Submitted by: Academy of Pakistan

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Which of the following will be debited if a business purchases goods on credit?

A.Creditor

B.Purchases

C.Debtor

D.Cash

Submitted by: Academy of Pakistan

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Uncollected checks also referred as______________?

A.Uncredited checks

B.Outstanding checks

C.Unpresented checks

D.Bounced checks

Submitted by: Academy of Pakistan

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Which of the following is not a deferred revenue expenditure?

A.Preoperative expenses

B.Heavy advertising expenses to introduce a new product

C.Legal expenses incurred in defending a suit for breach of contract to supply goods

D.Expenses in connection with issue of equity shares

Submitted by: Academy of Pakistan

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Which of the following are/is a current asset?

A.Stock

B.Prepaid insurance

C.Sundry Debtors

D.All of A. B. and C. above

Submitted by: Academy of Pakistan

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A few errors committed in Ahhiwalia’s books of account are given below. State which errors would affect the Trial Balance.

A.c, d, f and h

B.c, d, e and h

C.c, d and f

D.a, c and g

Submitted by: Academy of Pakistan

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If debit balance is greater than creadit balance then the account blance will be__________?

A.Debit balance

B.Debit and credit balance

C.Cash balance

D.Credit balance

Submitted by: Academy of Pakistan

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Cash received for services rendered will______________?

A.Increase fixed assets and cash

B.Increase cash and liability

C.Increase equity and liability

D.Increase cash and equity

Submitted by: Academy of Pakistan

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Which of the following is not classified as inventory in the financial statements?

A.Advance payments made to suppliers for raw materials

B.Finished goods

C.Stores and spares

D.Work-in-process

Submitted by: Academy of Pakistan

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Double entry implies that

A.Recording two aspects of every transaction

B.Recording entries in Ledger account

C.Recording entries in journal

D.Recording every transaction in books

Submitted by: Academy of Pakistan

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Which of these is a Part of cash in hand?

A.Postage stamps

B.Cheque Deposited with Bank

C.B/R

D.B/R endorsed

Submitted by: Academy of Pakistan

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In accounting an Economic event is referred to as:

A.Transaction

B.Cash

C.Bank statement

D.Exchange of money

Submitted by: Academy of Pakistan

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Capital expenses are shown in___________?

A.Trading A/c

B.Balance Sheet

C.None of these

D.Profit and Loss A/c

Submitted by: Academy of Pakistan

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Which of the following accounts will be debited if the business’s owner withdraws cash from business for his personal use?

A.Stock

B.Cash

C.Business

D.Drawings

Submitted by: Academy of Pakistan

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Benefits of preparing Bank Reconciliation Statement includes___________?

A.It bring out any errors committed in preparation of Cash book / Bank Pass Book

B.Help know actual bank balance

C.Highlights under delay in clearance of cheques deposited but not credited

D.All the three

Submitted by: Academy of Pakistan

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Accounting MCQs

The Balance Sheet gives information regarding the____________?

Which of the following will be debited if a business purchases goods on credit?

Uncollected checks also referred as______________?

Which of the following is not a deferred revenue expenditure?

Which of the following are/is a current asset?

A few errors committed in Ahhiwalia’s books of account are given below. State which errors would affect the Trial Balance.

If debit balance is greater than creadit balance then the account blance will be__________?

Cash received for services rendered will______________?

Which of the following is not classified as inventory in the financial statements?

Double entry implies that

Which of these is a Part of cash in hand?

In accounting an Economic event is referred to as:

Capital expenses are shown in___________?

Which of the following accounts will be debited if the business’s owner withdraws cash from business for his personal use?

Benefits of preparing Bank Reconciliation Statement includes___________?

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