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

71.
Which one of the following is INCORRECT about closing stock?

A. It is added into current assets

B. It is deducted from Material available for use

C. It becomes opening stock of next year

D. It reduces the resources of business

Answer & Solution Discuss in Board Save for Later

72.
What is the next step to Journalizing in accounting cycle?

A. Recording

B. Posting

C. Balancing

D. Analyzing

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73.
Outsider's claim against the assets of the business is called

A. Liability

B. Expense

C. Income

D. Capital

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74.
An expenditure whose benefit is finished or enjoyed immediately is called

A. Expense

B. Liability

C. Cost

D. Income

Answer & Solution Discuss in Board Save for Later

75.
A company's merchandise, raw materials, finished and unfinished products which have not yet been sold is known as

A. Sales

B. Purchases

C. Inventory

D. Work in progress

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76.
What is nature of Capital account?

A. Debit

B. Credit

C. Expenses

D. Loss

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77.
The assets which have a limited useful life are termed as

A. Limited assets

B. Depreciable assets

C. Unlimited assets

D. None of the above

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78.
A decrease in value of a fixed asset due to age, wear and tear is known as

A. Depreciation

B. Accumulated depreciation

C. Appreciation

D. Written Down Value (WDV)

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79.
In balance sheet, fixed assets are shown at

A. Cost price

B. Market value

C. Fair value

D. Written Down Value (WDV)

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80.
The accrual basis of accounting records revenues when they are

A. Collected

B. Earned

C. Contracted

D. Readily available for use

Answer & Solution Discuss in Board Save for Later

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Accounting MCQ Questions and Solutions with Explanations | Commerce

71. Which one of the following is INCORRECT about closing stock?

Answer & Solution

72. What is the next step to Journalizing in accounting cycle?

Answer & Solution

73. Outsider's claim against the assets of the business is called

Answer & Solution

74. An expenditure whose benefit is finished or enjoyed immediately is called

Answer & Solution

75. A company's merchandise, raw materials, finished and unfinished products which have not yet been sold is known as

Answer & Solution

76. What is nature of Capital account?

Answer & Solution

77. The assets which have a limited useful life are termed as

Answer & Solution

78. A decrease in value of a fixed asset due to age, wear and tear is known as

Answer & Solution

79. In balance sheet, fixed assets are shown at

Answer & Solution

80. The accrual basis of accounting records revenues when they are

Answer & Solution

Read More Section(Accounting)

71.
Which one of the following is INCORRECT about closing stock?

72.
What is the next step to Journalizing in accounting cycle?

73.
Outsider's claim against the assets of the business is called

74.
An expenditure whose benefit is finished or enjoyed immediately is called

75.
A company's merchandise, raw materials, finished and unfinished products which have not yet been sold is known as

76.
What is nature of Capital account?

77.
The assets which have a limited useful life are termed as

78.
A decrease in value of a fixed asset due to age, wear and tear is known as

79.
In balance sheet, fixed assets are shown at

80.
The accrual basis of accounting records revenues when they are