Accounting MCQs

1590 MCQs  (Page 12 of 159)

Attempt Accounting MCQs Quiz
Which of the following is a liability?
A. Cash
B. Equipment
C. Debtors
D. Creditors
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What is equity?
A. Cash from the business
B. Liability of a business
C. Owner’s claim on total assets
D. Owner’s claim on total liabilities
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Identify the asset from the following:
A. Cash and cash equivalent
B. Creditors
C. Notes payable
D. Bank loan
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_______ the withdrawal of cash and goods by the owner of the busienss for his/her personal use?
A. Depreciation
B. Drawings
C. Outflow of cash
D. Appreciation
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Net loss occurs when______________?
A. Expenses are greater than income
B. Expenses are less than income
C. Expenses=income
D. Liabilities are greater than income
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Double entry implies that
A. Recording entries in journal
B. Recording entries in ledger account
C. Recording two aspects of every transaction
D. Recording every transaction in books
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Identify the nominal account
A. Machinery account
B. Building account
C. Creditors account
D. Rent expenses account
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Which of the following accounts can be classified as a real account?
A. Rent expenses account
B. Rent income account
C. Insurance expenses account
D. Cash account
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Office equipments account is classified as _________ account?
A. Nominal
B. Real
C. Cash
D. Capital
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The Basic accounting equation is___________?
A. asset=expense +income
B. assets=cash+capital
C. assets=capital+liabilities
D. assets=expenses+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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