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 Section 26 Section 27 Section 28 Section 29 Section 30

1.
Accounting provides information on

A. Cost and income for managers

B. Company's tax liability for a particular year

C. Financial conditions of an institutions

D. All of the above

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2.
The long term assets that have no physical existence but are rights that have value is known as

A. Current assets

B. Fixed assets

C. Intangible assets

D. Investments

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3.
The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as

A. Current assets

B. Fixed assets

C. Intangible assets

D. Investments

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4.
Patents, Copyrights and Trademarks are

A. Current assets

B. Fixed assets

C. Intangible assets

D. Investments

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5.
The debts which are to be repaid within a short period (year or less) are known as

A. Current liabilities

B. Fixed liabilities

C. Contingent liabilities

D. All of the above

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6.
The sales income (Credit and Cash) of a business during a given period is called

A. Transactions

B. Sales Returns

C. Turnover

D. Purchase Returns

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7.
Any written evidence in support of a business transaction is called

A. Journal

B. Ledger

C. Ledger posting

D. Voucher

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8.
The account that records expenses, gains and losses is

A. Personal account

B. Real account

C. Nominal account

D. None of the above

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9.
Real account records

A. Dealings with creditors or debtors

B. Dealings in commodities

C. Gains and losses

D. All of the above

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10.
In Journal, the business transaction is recorded

A. Same day

B. Next day

C. Once in a week

D. Once in a month

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Accounting MCQ Questions and Solutions with Explanations | Commerce

1. Accounting provides information on

Answer & Solution

2. The long term assets that have no physical existence but are rights that have value is known as

Answer & Solution

3. The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as

Answer & Solution

4. Patents, Copyrights and Trademarks are

Answer & Solution

5. The debts which are to be repaid within a short period (year or less) are known as

Answer & Solution

6. The sales income (Credit and Cash) of a business during a given period is called

Answer & Solution

7. Any written evidence in support of a business transaction is called

Answer & Solution

8. The account that records expenses, gains and losses is

Answer & Solution

9. Real account records

Answer & Solution

10. In Journal, the business transaction is recorded

Answer & Solution

Read More Section(Accounting)

1.
Accounting provides information on

2.
The long term assets that have no physical existence but are rights that have value is known as

3.
The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as

4.
Patents, Copyrights and Trademarks are

5.
The debts which are to be repaid within a short period (year or less) are known as

6.
The sales income (Credit and Cash) of a business during a given period is called

7.
Any written evidence in support of a business transaction is called

8.
The account that records expenses, gains and losses is

9.
Real account records

10.
In Journal, the business transaction is recorded