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

91.
The normal balance of capital account is

A. Credit balance

B. Debit balance

C. Cash balance

D. Neither debit nor credit balance

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92.
The normal balance of asset account is

A. Credit balance

B. Debit balance

C. Cash balance

D. Neither debit nor credit balance

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93.
The normal balance of liability account is

A. Credit balance

B. Debit balance

C. Cash balance

D. Neither debit nor credit balance

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94.
Which of the following statements is incorrect regarding capital account?

A. Debit increases the capital account balance

B. Credit increases the capital account balance

C. Fresh capital increases the capital account balance

D. Net income increases the capital account balance

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95.
Which of the following is the normal balance of a rent expense account?

A. Credit balance

B. Cash balance

C. Overdraft

D. Debit balance

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96.
Revenue and expense accounts are referred to as

A. Nominal accounts

B. Real account

C. Cash account

D. Bank account

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97.
Office equipment's account is classified as

A. Nominal accounts

B. Real account

C. Cash account

D. Capital account

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98.
Which of the following are closed at the end of an accounting period?

A. Nominal accounts

B. Personal accounts

C. Real accounts

D. None of them

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99.
Which of the following is the closing balance of a ledger account?

A. Balance c/d

B. Balance b/d

C. Balance e/d

D. Balance f/c

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100.
Trial Balance is prepared to check accuracy of

A. Ledger account balances

B. Balance sheet balances

C. Income statement balances

D. Cash flow statement balances

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Accounting MCQ Questions and Solutions with Explanations | Commerce

91. The normal balance of capital account is

Answer & Solution

92. The normal balance of asset account is

Answer & Solution

93. The normal balance of liability account is

Answer & Solution

94. Which of the following statements is incorrect regarding capital account?

Answer & Solution

95. Which of the following is the normal balance of a rent expense account?

Answer & Solution

96. Revenue and expense accounts are referred to as

Answer & Solution

97. Office equipment's account is classified as

Answer & Solution

98. Which of the following are closed at the end of an accounting period?

Answer & Solution

99. Which of the following is the closing balance of a ledger account?

Answer & Solution

100. Trial Balance is prepared to check accuracy of

Answer & Solution

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91.
The normal balance of capital account is

92.
The normal balance of asset account is

93.
The normal balance of liability account is

94.
Which of the following statements is incorrect regarding capital account?

95.
Which of the following is the normal balance of a rent expense account?

96.
Revenue and expense accounts are referred to as

97.
Office equipment's account is classified as

98.
Which of the following are closed at the end of an accounting period?

99.
Which of the following is the closing balance of a ledger account?

100.
Trial Balance is prepared to check accuracy of