Accounting MCQs

A. Credited to the profit & loss account
B. Debited to the profit & loss account
C. Shown on the liabilities side of the balance sheet
D. Shown on the assets side of the balance sheet

A. Stock
B. Vehicle
C. Fixed deposit in bank
D. Both a. and c. above

A. Sundry debtors
B. Stock
C. Prepaid insurance
D. All of a. b. and c. above

A. On the assets side under current assets
B. On the assets side under loans and advances
C. On the liabilities side under current liabilities
D. On the liabilities side under provisions

A. Balance sheet discloses financial position of the business
B. A person who owes to the business is called debtor
C. Decrease in the value of the asset could decrease the value of a liability
D. Assets are to be shown in the balance sheet at the realizable value

A. Results of operations for a particular period
B. Financial position during a particular period
C. Profit earning capacity for a particular period
D. Financial position as on a particular date

A. I. stock at the end of the financial year
B. Ii. stock at the beginning of the financial year
C. Iii. drawings
D. Iv. prepaid rent

A. Current assets
B. Intangible assets
C. Deferred revenue expenditure
D. Not an asset

A. Trade mark
B. Franchise
C. Accounts receivable
D. Secret profit

A. Prepaid expenses
B. Trademark
C. Discount on issue of shares
D. Outstanding salaries