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

111.
Which one of the following accounting equations is correct?

A. Assets = Owner's equity

B. Assets = Liabilities + Owner's equity

C. Assets = Liabilities - Owner's equity

D. Assets + Liabilities = Owner's equity

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112.
Purchase book is maintained to record

A. All credit purchases

B. All cash purchases

C. Purchases of goods

D. None of the above

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113.
A document sent to customer when he returns the goods is called

A. Promissory note

B. Invoice

C. Credit note

D. Debit note

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114.
Those transactions for which there is no separate book, are recorded in the

A. Cash book

B. Bills receivable book

C. Bills payable book

D. Journal Proper

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115.
The person from whom the goods are purchased on credit are called

A. Debtors

B. Creditors

C. Accounts receivable

D. None of the above

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116.
Which of the following sets of expense are the direct expense of business?

A. Wages, Carriage Inward, Octroi

B. Postage, Wages, Carriage Inward

C. Purchases, Wages, Coal Expenses

D. Both 'a' and 'c'

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117.
Suspense account given in the trial balance will be entered in the

A. Manufacturing account

B. Balance sheet

C. Trading account

D. Profit and loss account

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118.
The accounting equation is based on

A. Dual aspect

B. Business entity

C. Going concern concept

D. All of the above

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119.
Different accounting policies can be adopted in the following area(s)

A. Valuation of inventories

B. Valuation of Investments

C. Calculation of depreciation

D. All of the above

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120.
Normally the following accounts are balanced

A. Real account and Nominal account

B. Personal account and Real account

C. Only Nominal account

D. All accounts

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Accounting MCQ Questions and Solutions with Explanations | Commerce

111. Which one of the following accounting equations is correct?

Answer & Solution

112. Purchase book is maintained to record

Answer & Solution

113. A document sent to customer when he returns the goods is called

Answer & Solution

114. Those transactions for which there is no separate book, are recorded in the

Answer & Solution

115. The person from whom the goods are purchased on credit are called

Answer & Solution

116. Which of the following sets of expense are the direct expense of business?

Answer & Solution

117. Suspense account given in the trial balance will be entered in the

Answer & Solution

118. The accounting equation is based on

Answer & Solution

119. Different accounting policies can be adopted in the following area(s)

Answer & Solution

120. Normally the following accounts are balanced

Answer & Solution

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111.
Which one of the following accounting equations is correct?

112.
Purchase book is maintained to record

113.
A document sent to customer when he returns the goods is called

114.
Those transactions for which there is no separate book, are recorded in the

115.
The person from whom the goods are purchased on credit are called

116.
Which of the following sets of expense are the direct expense of business?

117.
Suspense account given in the trial balance will be entered in the

118.
The accounting equation is based on

119.
Different accounting policies can be adopted in the following area(s)

120.
Normally the following accounts are balanced