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

11.
The following is (are) the type(s) of Journal

A. Purchase Journal

B. Sales Journal

C. Cash Journal

D. All of the above

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12.
The process of entering all transactions from the Journal to Ledger is called

A. Posting

B. Entry

C. Accounting

D. None of the above

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13.
The following is a statement showing the financial status of the comapany at any given time

A. Trading account

B. Profit & Loss statement

C. Balance Sheet

D. Cash Book

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14.
The following is a statement of revenues and expenses for a specific period of time

A. Trading account

B. Trial Balance

C. Profit & Loss statements

D. Balance Sheet

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15.
Balance sheet is a statement of

A. Assets

B. Liabilities

C. Capital

D. All of the above

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16.
Balance sheets are prepared

A. Daily

B. Weekly

C. Monthly

D. Annually

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17.
The ratios that refer to the ability of the firm to meet the short term obligations out of its short term resources

A. Liquidity ratio

B. Leverage ratio

C. Activity ratio

D. Profitability ratio

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18.
The measure of how efficiently the assets resources are employed by the firm is called

A. Liquidity ratio

B. Leverage ratio

C. Activity ratio

D. Profitability ratio

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19.
The following is (are) the current liability (ies)

A. Bills payable

B. Outstanding expenses

C. Bank Overdraft

D. All of the above

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20.
Current ratio =

A. Quick assets/Current liabilities

B. Current assets/Current liabilities

C. Debt/Equity

D. Current assets/Equity

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Accounting MCQ Questions and Solutions with Explanations | Commerce

11. The following is (are) the type(s) of Journal

Answer & Solution

12. The process of entering all transactions from the Journal to Ledger is called

Answer & Solution

13. The following is a statement showing the financial status of the comapany at any given time

Answer & Solution

14. The following is a statement of revenues and expenses for a specific period of time

Answer & Solution

15. Balance sheet is a statement of

Answer & Solution

16. Balance sheets are prepared

Answer & Solution

17. The ratios that refer to the ability of the firm to meet the short term obligations out of its short term resources

Answer & Solution

18. The measure of how efficiently the assets resources are employed by the firm is called

Answer & Solution

19. The following is (are) the current liability (ies)

Answer & Solution

20. Current ratio =

Answer & Solution

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11.
The following is (are) the type(s) of Journal

12.
The process of entering all transactions from the Journal to Ledger is called

13.
The following is a statement showing the financial status of the comapany at any given time

14.
The following is a statement of revenues and expenses for a specific period of time

15.
Balance sheet is a statement of

16.
Balance sheets are prepared

17.
The ratios that refer to the ability of the firm to meet the short term obligations out of its short term resources

18.
The measure of how efficiently the assets resources are employed by the firm is called

19.
The following is (are) the current liability (ies)

20.
Current ratio =