Accounting MCQs

1590 MCQs  (Page 11 of 159)

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________ is a separate legal entity that Total capital can be divided in many shares.
A. Partnership
B. Sole proprietorship
C. Company
D. Non-profit organization
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An asset posses which of the following?
A. Future economic benefits for the business
B. All kind of benefits for the business
C. Expenses for the business
D. Merits and demerits for the business
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Liabilities are which of the following?
A. Resources
B. Obligations
C. Future benefits
D. Expenses
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________ is the gross inflow of economic benefits?
A. Assets
B. Liabilities
C. Income
D. Expenses
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The gross decrease in economic benefits for the business are what?
A. Expenses
B. Obligations
C. Creditors
D. Income or gain
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An asset must be _______ by the business to be shown as an asset in its “balance sheet”
A. Possessed
B. Owned
C. Controlled
D. Used
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Liability are arisen from which of the following events?
A. Present event
B. Future event
C. Past event
D. None of them
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Which of the following can be considered as the most important phase of accounting cycle and it is the primarily objective of financial accounting?
A. Identifying transactions
B. Preparing “t accounts”
C. Preparing financial statements
D. Preparing trial balances
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Which is the most important characteristic that all assets of a business have?
A. Long life of assets
B. Value of assets
C. Intangible nature of assets
D. Future economic benefits
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What is the basic accounting equation?
A. Capital+liabilities=assets
B. Assets+ liabilities =capital
C. Capital+assets=liabilities
D. Liabilities+capital
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Word of the Day
11 Jul
Envisage
contemplate or conceive of as a possibility or a desirable future event.
گمان کرنا، تصور کرنا، سوچنا

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