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

61.
Which of the following is a long term liability?

A. Outstanding expenses

B. Share capital

C. Debentures

D. All of the above

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62.
Drawing is a type of

A. Expense

B. Withdrawal of capital

C. Income

D. None of the above

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63.
Profit is a part of

A. Income

B. Owner's capital

C. Assets

D. All of the above

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64.
Petty cash is used for payment of

A. Salaries & wages of the staff

B. For purchase of assets

C. Small expenses relating to postage's and conveyance etc.

D. All of the above

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65.
Promissory note is prepared by

A. Drawer

B. Endorsee

C. Drawee

D. All of the above

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66.
Which reserve is not shown in the Balance sheet?

A. Secret reserve

B. General reserve

C. Capital reserve

D. All of the above

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67.
Which liability is not included in the total of Balance Sheet?

A. Current liabilities

B. Contingent liabilities

C. Fixed liabilities

D. All of the above

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68.
Revenue expenditures are recorded in the

A. Manufacturing account

B. Trading account

C. Profit & loss account

D. All of the above

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69.
In case of opening Credit Balance, the word ______ are written on the credit side.

A. By Balance b/d

B. To Balance b/d

C. By Balance c/d

D. To Balance c/d

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70.
Preliminary expenses are treated as

A. Fixed asstes

B. Current assets

C. Intangible assets

D. Miscellaneous expenditure

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Accounting MCQ Questions and Solutions with Explanations | Commerce

61. Which of the following is a long term liability?

Answer & Solution

62. Drawing is a type of

Answer & Solution

63. Profit is a part of

Answer & Solution

64. Petty cash is used for payment of

Answer & Solution

65. Promissory note is prepared by

Answer & Solution

66. Which reserve is not shown in the Balance sheet?

Answer & Solution

67. Which liability is not included in the total of Balance Sheet?

Answer & Solution

68. Revenue expenditures are recorded in the

Answer & Solution

69. In case of opening Credit Balance, the word ______ are written on the credit side.

Answer & Solution

70. Preliminary expenses are treated as

Answer & Solution

Read More Section(Accounting)

61.
Which of the following is a long term liability?

62.
Drawing is a type of

63.
Profit is a part of

64.
Petty cash is used for payment of

65.
Promissory note is prepared by

66.
Which reserve is not shown in the Balance sheet?

67.
Which liability is not included in the total of Balance Sheet?

68.
Revenue expenditures are recorded in the

69.
In case of opening Credit Balance, the word ______ are written on the credit side.

70.
Preliminary expenses are treated as