Accounting MCQs

Question 1

The expenses that have fallen due for payment but not paid are

Accepted Answer

Outstanding expenses

Answer

Deffered expenses

Answer

Accrues expenses

Answer

Prepaid expenses

Question 2

Which of the following subsidiary books serves the purpose of ledger too, in addition to the recording of accounting transaction?

Accepted Answer

Cash Book

Answer

Purchases book

Answer

Sales book

Answer

Bills receivable book

Question 3

Accounting is the process of matching

Accepted Answer

Revenues and costs

Answer

Benefits and costs

Answer

Cash inflows and outflows

Answer

Potential and real performance

Question 4

Which of the following event is subject matter of Accounting?

Accepted Answer

Payment of Rs.1000 to bank in discharge of outstanding loan

Answer

Death of key executive of the business

Answer

Strike of workers

Answer

Marriage of the daughter of the MD of the company

Question 5

Which one of the following accounting equations is correct?

Accepted Answer

Assets = Liabilities + Owner's equity

Answer

Assets = Owner's equity

Answer

Assets = Liabilities - Owner's equity

Answer

Assets + Liabilities = Owner's equity

Question 6

Purchase book is maintained to record

Accepted Answer

All credit purchases

Answer

All cash purchases

Answer

Purchases of goods

Answer

None of the above

Question 7

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

Accepted Answer

Credit note

Answer

Promissory note

Answer

Invoice

Answer

Debit note

Question 8

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

Accepted Answer

Journal Proper

Answer

Cash book

Answer

Bills receivable book

Answer

Bills payable book

Question 9

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

Accepted Answer

Creditors

Answer

Debtors

Answer

Accounts receivable

Answer

None of the above