Accounting MCQs with Explanations

Explanation

A profit and Loss Account is prepared for the period ending which shows the financial or operating results of the concern for a period.

Explanation

Three columns cash book is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.

Explanation

Past event is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.

Explanation

Accounts receivable is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.

Explanation

Book of original entries is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.

Explanation

Prepaid expenses are the expenses which relate to the unexpired portion of the benefit of the expense. Hence, these are valued on the Balance Sheet at the cost less expired portion

Explanation

Crane value is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.

Explanation

Office equipment is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.

Explanation

Land is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.

Explanation

Drawings is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.