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

51.
Which of the following accounts can be classified as a real account?

A. Rent expenses account

B. Rent income account

C. Insurance expenses account

D. Cash account

Answer & Solution Discuss in Board Save for Later

52.
Capital increases if ______ increases

A. Expenses are greater than income

B. Drawings

C. Interest on capital

D. Revenue

Answer & Solution Discuss in Board Save for Later

53.
Capital of a business decreases if there is an increase in

A. Drawings

B. Income

C. Gains

D. Fresh capital

Answer & Solution Discuss in Board Save for Later

54.
Net income equal to Revenues minus

A. Gains

B. Depreciation

C. Expenses

D. Capital expenditure

Answer & Solution Discuss in Board Save for Later

55.
Payment of expenses will ______ the assets

A. Increase

B. Reduce

C. Apportion

D. Overstate

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56.
Which of the following accounting equation is correct?

A. Cash + Other assets = Capital - Liabilities

B. Capital + Liabilities = Assets + Income

C. Assets - Liabilities = Capital

D. Assets + Capital = Liabilities

Answer & Solution Discuss in Board Save for Later

57.
Fresh capital introduction will increase

A. Assets and Liabilities

B. Assets and Equity

C. Liabilities and equity and bank balance

D. Capital and Liabilities

Answer & Solution Discuss in Board Save for Later

58.
Current Assets - Current Liabilities = ?

A. Capital + Liabilities = assets

B. Absorbed capital

C. Net assets

D. Working capital

Answer & Solution Discuss in Board Save for Later

59.
The process of recording in Journal is done

A. Two times in a year

B. Once in a year

C. Frequently during the accounting period

D. At the end of an accounting period

Answer & Solution Discuss in Board Save for Later

60.
General Journal is a book of _____ entries

A. First

B. Original

C. Secondary

D. Generic

Answer & Solution Discuss in Board Save for Later

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Accounting MCQ Questions and Solutions with Explanations | Commerce

51. Which of the following accounts can be classified as a real account?

Answer & Solution

52. Capital increases if ______ increases

Answer & Solution

53. Capital of a business decreases if there is an increase in

Answer & Solution

54. Net income equal to Revenues minus

Answer & Solution

55. Payment of expenses will ______ the assets

Answer & Solution

56. Which of the following accounting equation is correct?

Answer & Solution

57. Fresh capital introduction will increase

Answer & Solution

58. Current Assets - Current Liabilities = ?

Answer & Solution

59. The process of recording in Journal is done

Answer & Solution

60. General Journal is a book of _____ entries

Answer & Solution

Read More Section(Accounting)

51.
Which of the following accounts can be classified as a real account?

52.
Capital increases if ______ increases

53.
Capital of a business decreases if there is an increase in

54.
Net income equal to Revenues minus

55.
Payment of expenses will ______ the assets

56.
Which of the following accounting equation is correct?

57.
Fresh capital introduction will increase

58.
Current Assets - Current Liabilities = ?

59.
The process of recording in Journal is done

60.
General Journal is a book of _____ entries