Accounting MCQ Questions and Solutions with Explanations

Section 1 Section 2 Section 3 Section 4 Section 5 Section 6

46.
Identify the asset from the following

A. Cash and cash equivalent

B. Creditors

C. Notes payable

D. Bank loan

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47.
______ is the withdrawal of cash and goods by the owner of the business for his/her personal use

A. Depreciation

B. Drawings

C. Outflow of cash

D. Appreciation

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48.
Net loss occurs when

A. Expenses are greater than income

B. Expenses are less than income

C. Expenses = Income

D. Liabilities are greater than income

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49.
Double entry implies that

A. Recording entries in Journal

B. Recording entries in Ledger account

C. Recording two aspects of every transaction

D. Recording every transaction in books

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50.
Identify the nominal account

A. Machinery account

B. Building account

C. Creditors account

D. Rent expenses account

Answer & Solution Discuss in Board Save for Later

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Accounting MCQ Questions and Solutions with Explanations | Commerce

46. Identify the asset from the following

Answer & Solution

47. ______ is the withdrawal of cash and goods by the owner of the business for his/her personal use

Answer & Solution

48. Net loss occurs when

Answer & Solution

49. Double entry implies that

Answer & Solution

50. Identify the nominal account

Answer & Solution

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46.
Identify the asset from the following

47.
______ is the withdrawal of cash and goods by the owner of the business for his/her personal use

48.
Net loss occurs when

49.
Double entry implies that

50.
Identify the nominal account