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

61.
Which of the following is a selling expense?

A. Any tax/freight is paid on purchases

B. General salaries paid to laborers

C. Tax & freight paid on sale

D. Interest on deposits

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62.
A debit balance in the bank statement indicates

A. Cash at bank

B. Bank overdraft

C. Over payment to creditors

D. Cash in hand

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63.
Which one of the following is NOT true about capital expenditure?

A. Creates future benefits

B. Incurred to acquire fixed assets

C. Incurred to increase the economic life of existing fixed assets

D. Reduce the profit of the concern

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64.
Which of the following is not an item of Balance Sheet?

A. Accounts receivable

B. Accounts payable

C. Sales revenue

D. Marketable securities

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65.
In an account, when credit side total < debit side total, then, the balance is known as

A. Negative balance

B. Debit balance

C. Positive balance

D. Credit balance

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66.
Which of the following is used to record financial transactions in chronological (day-to-day) order?

A. Voucher

B. General Journal

C. General Ledger

D. Trial Balance

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67.
Net Profit = Gross Profit minus

A. Operating expenses

B. Product cost

C. Deferred expenses

D. Direct cost

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68.
Money spent to acquire or upgrade physical assets is known as

A. Revenue expense

B. Capital expense

C. Administrative expense

D. Operating expense

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69.
Salaries paid in advance should be shown on

A. Asset side of the Balance sheet

B. Liability side of the Balance sheet

C. Credit side of the Trading account

D. All of the above

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70.
Which of the following assets are shown at written down value in Balance sheet?

A. Current assets

B. Liquid asset

C. Floating assets

D. Fixed asset

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Accounting MCQ Questions and Solutions with Explanations | Commerce

61. Which of the following is a selling expense?

Answer & Solution

62. A debit balance in the bank statement indicates

Answer & Solution

63. Which one of the following is NOT true about capital expenditure?

Answer & Solution

64. Which of the following is not an item of Balance Sheet?

Answer & Solution

65. In an account, when credit side total < debit side total, then, the balance is known as

Answer & Solution

66. Which of the following is used to record financial transactions in chronological (day-to-day) order?

Answer & Solution

67. Net Profit = Gross Profit minus

Answer & Solution

68. Money spent to acquire or upgrade physical assets is known as

Answer & Solution

69. Salaries paid in advance should be shown on

Answer & Solution

70. Which of the following assets are shown at written down value in Balance sheet?

Answer & Solution

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61.
Which of the following is a selling expense?

62.
A debit balance in the bank statement indicates

63.
Which one of the following is NOT true about capital expenditure?

64.
Which of the following is not an item of Balance Sheet?

65.
In an account, when credit side total < debit side total, then, the balance is known as

66.
Which of the following is used to record financial transactions in chronological (day-to-day) order?

67.
Net Profit = Gross Profit minus

68.
Money spent to acquire or upgrade physical assets is known as

69.
Salaries paid in advance should be shown on

70.
Which of the following assets are shown at written down value in Balance sheet?