Accounting MCQ Questions and Solutions with Explanations

Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Section 7 Section 8 Section 9 Section 10 Section 11 Section 12 Section 13 Section 14 Section 15 Section 16 Section 17 Section 18 Section 19 Section 20 Section 21 Section 22 Section 23 Section 24 Section 25

1.
The three column cash book represents

A. Real accounts

B. Nominal accounts

C. Nominal and personal accounts

D. Real, personal and nominal accounts

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2.
Carriage inwards refers to the cost of transportation for

A. Purchase of materials

B. Sale of products

C. Returns outward

D. Return of unsold goods

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3.
Right shares are the shares

A. Issued by a newly formed company

B. Legally issued to the public at large

C. Offered to the existing equity shareholders

D. That have a right of redemption

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4.
Which of the following is a real account?

A. Salary account

B. Cash account

C. Outstanding rent account

D. Sundry creditors account

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5.
Which of the following is not an item of revenue expenditure?

A. Interest on deposits accepted

B. Annual insurance premium on inventory

C. Customs duty paid in connection with the import of equipment

D. Repairs and maintenance on machinery

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6.
Which of the following is/are fixed asset(s)?

A. Closing inventory

B. Fixed deposit in a bank

C. Patents

D. Prepaid expenses

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7.
The expenses that have fallen due for payment but not paid are

A. Outstanding expenses

B. Deffered expenses

C. Accrues expenses

D. Prepaid expenses

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8.
Which of the following subsidiary books serves the purpose of ledger too, in addition to the recording of accounting transaction?

A. Purchases book

B. Sales book

C. Bills receivable book

D. Cash Book

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9.
Accounting is the process of matching

A. Benefits and costs

B. Revenues and costs

C. Cash inflows and outflows

D. Potential and real performance

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10.
Which of the following event is subject matter of Accounting?

A. Death of key executive of the business

B. Strike of workers

C. Payment of Rs.1000 to bank in discharge of outstanding loan

D. Marriage of the daughter of the MD of the company

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Accounting MCQ Questions and Solutions with Explanations | Commerce

1. The three column cash book represents

Answer & Solution

2. Carriage inwards refers to the cost of transportation for

Answer & Solution

3. Right shares are the shares

Answer & Solution

4. Which of the following is a real account?

Answer & Solution

5. Which of the following is not an item of revenue expenditure?

Answer & Solution

6. Which of the following is/are fixed asset(s)?

Answer & Solution

7. The expenses that have fallen due for payment but not paid are

Answer & Solution

8. Which of the following subsidiary books serves the purpose of ledger too, in addition to the recording of accounting transaction?

Answer & Solution

9. Accounting is the process of matching

Answer & Solution

10. Which of the following event is subject matter of Accounting?

Answer & Solution

Read More Section(Accounting)

1.
The three column cash book represents

2.
Carriage inwards refers to the cost of transportation for

3.
Right shares are the shares

4.
Which of the following is a real account?

5.
Which of the following is not an item of revenue expenditure?

6.
Which of the following is/are fixed asset(s)?

7.
The expenses that have fallen due for payment but not paid are

8.
Which of the following subsidiary books serves the purpose of ledger too, in addition to the recording of accounting transaction?

9.
Accounting is the process of matching

10.
Which of the following event is subject matter of Accounting?