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.
The real accounts are accounts of Assets, Liabilities and

A. Expenses

B. Revenues

C. Capital

D. Drawing

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2.
If a transaction is completely omitted from the books of accounts, will it effect the agreement of Trial Balance?

A. Yes

B. No

C. Transactions can not be omitted

D. None of the above

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3.
_______ is the common base for preparing a trial balance

A. Ledger accounts

B. General Journal

C. Specialized journals

D. Balance sheet

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4.
Which of the following is true about a trial balance?

A. It lists down the balances of accounts

B. It lists down the balances of a balance sheet

C. It is a kind of financial statement

D. It is not a part of accounting cycle

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5.
Debit balance = Credit balance in a trial balance indicates that

A. No error in recording transactions

B. No error in posting entries to ledger accounts

C. Account balances are correct

D. Mathematically Capital + Liabilities = Assets

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6.
Trial Balance is commonly prepared

A. Frequently during the year

B. At the end of an accounting period

C. At the end of a month

D. At the end of a year

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7.
Which of the following will affect the agreement of a trial balance?

A. Complete omission of a transaction

B. Partial omission of a transaction

C. Error of principle

D. Compensating errors

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8.
If debit balances = credit balances, trial balance only shows or checks the _________ and it does not indicate that no errors were made during recording and posting.

A. Arithmetic accuracy

B. Errors of commission

C. Omissions of economic events

D. Understatements of balances

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9.
Which of the following account with normal balance is shown at the debit side of a trial balance?

A. Rent income account

B. Creditors account

C. Unearned income account

D. Cash account

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10.
Which of the following account with normal balance is shown at the credit side of a trial balance?

A. Cash account

B. Bank account

C. Equipment account

D. Accrued expenses account

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Accounting MCQ Questions and Solutions with Explanations | Commerce

1. The real accounts are accounts of Assets, Liabilities and

Answer & Solution

2. If a transaction is completely omitted from the books of accounts, will it effect the agreement of Trial Balance?

Answer & Solution

3. _______ is the common base for preparing a trial balance

Answer & Solution

4. Which of the following is true about a trial balance?

Answer & Solution

5. Debit balance = Credit balance in a trial balance indicates that

Answer & Solution

6. Trial Balance is commonly prepared

Answer & Solution

7. Which of the following will affect the agreement of a trial balance?

Answer & Solution

8. If debit balances = credit balances, trial balance only shows or checks the _________ and it does not indicate that no errors were made during recording and posting.

Answer & Solution

9. Which of the following account with normal balance is shown at the debit side of a trial balance?

Answer & Solution

10. Which of the following account with normal balance is shown at the credit side of a trial balance?

Answer & Solution

Read More Section(Accounting)

1.
The real accounts are accounts of Assets, Liabilities and

2.
If a transaction is completely omitted from the books of accounts, will it effect the agreement of Trial Balance?

3.
_______ is the common base for preparing a trial balance

4.
Which of the following is true about a trial balance?

5.
Debit balance = Credit balance in a trial balance indicates that

6.
Trial Balance is commonly prepared

7.
Which of the following will affect the agreement of a trial balance?

8.
If debit balances = credit balances, trial balance only shows or checks the _________ and it does not indicate that no errors were made during recording and posting.

9.
Which of the following account with normal balance is shown at the debit side of a trial balance?

10.
Which of the following account with normal balance is shown at the credit side of a trial balance?