This document contains 113 multiple choice questions related to accounting. The questions cover topics such as basic accounting concepts and terminology, types of accounts, accounting equation, double-entry system, financial statements, adjusting entries, and more. The questions are designed to help students pass an accounting exam for Punjab College of Commerce.
UNIVERSITY OF LUCKNOW
B.COM SEM 1
Unit I : Definition, Nature and Scope of Accounting, Concepts and Conventions, Introduction to
Financial Statements, Capital and Revenue Items, Indian Accounting Standards & IFRS.
Unit II : Partnership Accounts - advanced problems and detailed study. Admission, Retirement and
Death of partners, Dissolution of Partnership Firm.
Unit III : Hire Purchase and Instalment Accounts, Royalty Accounts, Insolvency Accounts.
Unit IV : Insurance Claim for loss of Stock and Loss of Profit, Branch Accounts, Voyage Accounts.
UNIVERSITY OF LUCKNOW
B.COM SEM 1
Unit I : Definition, Nature and Scope of Accounting, Concepts and Conventions, Introduction to
Financial Statements, Capital and Revenue Items, Indian Accounting Standards & IFRS.
Unit II : Partnership Accounts - advanced problems and detailed study. Admission, Retirement and
Death of partners, Dissolution of Partnership Firm.
Unit III : Hire Purchase and Instalment Accounts, Royalty Accounts, Insolvency Accounts.
Unit IV : Insurance Claim for loss of Stock and Loss of Profit, Branch Accounts, Voyage Accounts.
Financial Accounting Mcqs are Collected from different Past papers and from Accounting Mcqs Bank. These Mcqs are very helpful for the Preparation of various posts of Senior Auditor, Junior Auditor, Accountant and for Cost Accountant.
Hello everyone. This is a PPT series for cost Accounting. In this series there are 5 PPTs in which we have discussed the MCQ type questions along with its answers . These videos are made with the purpose of practise sessions and preparatory part of exam. these series are helpful to solve the MCQ type questions. In these series I have covered 200+ questions. Due to the changed pattern of exams I made these PPTs for you. These Ppt will be beneficial in your revision part. Please go through the all PPTs and watch and solve it till the end.
#Costaccounting
#DrMamataRathi
#MCQ
#Multiplechoicequestions
#RevisionQuestions
#Objectivetypequestions
#SeriesofQuestions
#CostAccountingQuestionBank
#CostAccountingQuestionswithanswers
Cambridge O level
Accounting
7707
Introduction to Accounting
Business Entity Concept
Business point of view
Accounting Equation
Assets
Capital/ Equity
Liabilities
Double Entry System
Dual Effect Concept
Meaning of financial statement
Objectives of financial statement
Characteristics of financial statement
Nature of financial statement
Balance sheet
Format of balance sheet
Illustrations
Exercises
Statement of profit & loss
Format of statement of profit & loss
Notes of statement of profit &loss
Illustrations
Exercises
Financial Accounting Mcqs are Collected from different Past papers and from Accounting Mcqs Bank. These Mcqs are very helpful for the Preparation of various posts of Senior Auditor, Junior Auditor, Accountant and for Cost Accountant.
Hello everyone. This is a PPT series for cost Accounting. In this series there are 5 PPTs in which we have discussed the MCQ type questions along with its answers . These videos are made with the purpose of practise sessions and preparatory part of exam. these series are helpful to solve the MCQ type questions. In these series I have covered 200+ questions. Due to the changed pattern of exams I made these PPTs for you. These Ppt will be beneficial in your revision part. Please go through the all PPTs and watch and solve it till the end.
#Costaccounting
#DrMamataRathi
#MCQ
#Multiplechoicequestions
#RevisionQuestions
#Objectivetypequestions
#SeriesofQuestions
#CostAccountingQuestionBank
#CostAccountingQuestionswithanswers
Cambridge O level
Accounting
7707
Introduction to Accounting
Business Entity Concept
Business point of view
Accounting Equation
Assets
Capital/ Equity
Liabilities
Double Entry System
Dual Effect Concept
Meaning of financial statement
Objectives of financial statement
Characteristics of financial statement
Nature of financial statement
Balance sheet
Format of balance sheet
Illustrations
Exercises
Statement of profit & loss
Format of statement of profit & loss
Notes of statement of profit &loss
Illustrations
Exercises
Financial Accounting Mcqs are Collected from different Past papers.These Mcqs are very helpful for the Preparation of various posts of, Accountant and for Cost Accountant. Senior Auditor, Junior Audito Complete course in 7 parts so don’t miss any part
Outline for the Diversity Management Proposal1) Problem A thoro.docxalfred4lewis58146
Outline for the Diversity Management Proposal
1) Problem: A thorough description of the problem or opportunity
a. Include a summary of how your problem or opportunity is a diversity issue (written from the reader’s perspective)
b. What is being lost if you solution is not adopted?
c. An analysis of the factors contributing to the problem or opportunity should include answers to questions like:
i. Who does it affect?
ii. Where does it impact the business the most?
iii. When did the problem start and how long has it been going on?
iv. What are the business implications of the problem? (These implications should be quantifiable and affect the reader’s job.)
d. Be specific. Provide numbers or other measures to support your points.
2)
Solution
: how will your proposal solve the problem or allow the company to take advantage of the opportunity?
a. State your solution clearly.
b. Identify your top three criteria for selecting this solution as the “best” one. (Examples: Timing? Cost? Revenue?) Compare this chosen solution to other less-favorable options.
c. Consider objections and provide support for your solution before these objections are voiced/considered.
d. Who needs to be involved in the solution?
e. How will your solution make the problem you identified better, or what are the resulting benefits? (this should be specific and measurable and address the analysis in your problem statement)
f. Why must the solution be implemented now?
3) The plan:
a. Detail the plan of action or implementation
b. Set a schedule with specific deadlines.
c. What resources will you need? Where will they come from?
d. Review the challenges that must be overcome to implement this plan and make suggestions for overcoming them.
e. Suggest a control method for evaluating the success of the plan. (How will you measure success?)
4) Conclusion:
a. Briefly summarize key points focusing primarily on how the organizational will be better once they implement your solution
b. End with a call to action
Principles of Accounting 2
1) Issued stock is:
A) Authorized shares of stock that can be sold.
B) Stock only sold to another company
C) Shares sold and in stockholders’ possession
D) Stock sold to stockholders.
2) In the statement of cash flows, which event would cause net income to be increased?
A) A decrease in Inventory
B) An increase in Prepaid Insurance
C) A decrease in Accounts Payable
D) An increase in Accounts Receivable
3) Finished Goods Inventory appears on which of the following statements on the worksheet?
A) Statement of cost of goods manufactured and income statement
B) Statement of cost of goods manufactured and balance sheet
C) Income statement and balance sheet
D) Income statement and cost of goods sold statement
4) One reason a corporation might issue bonds rather than sell stock is that:
a. Bond interest is a tax-deductible expense
b. Interest rates are high
c. Dividends will lower th.
1) Anytime an owner removes any asset for personal use it is recor.docxdorishigh
1) Anytime an owner removes any asset for personal use it is recorded as:
A) a withdrawal.
B) payment of a liability.
C) an investment.
D) an expense.
2) The increase or decrease in the owner’s equity is reported on the:
A) statement of owner’s equity.
B) income statement.
C) balance sheet.
D) all of these
3) The purpose of the accounting process is to provide financial information on:
A) large corporations.
B) small businesses.
C) individuals.
D) All of these answers are correct.
4) Which of the following is not a business organization form?
A) Corporation
B) Sole proprietorship
C) Operation
D) Partnership
5) Owner’s withdrawals:
A) increase expenses.
B) increase liabilities.
C) increase assets.
D) decrease owner’s equity.
6) Cater Right, with total assets of $50,000, borrows $15,000 from the bank.
Which of the following is a True statement upon borrowing the money?
A) Total assets are now $35,000.
B) Owner’s equity is $15,000 more.
C) Total assets are now $50,000.
D) Total assets are now $65,000.
7) Mark paid $500 rent for the month. Identify the accounts affected.
A) Cash and Rent Expenses increase.
B) Cash and Capital increase.
C) Cash decreases, and Rent Expense decreases.
D) Cash decreases, and Rent Expense increases.
8) If Suite Dream Toys’ revenues are less than its expenses during the account-
ing period:
A) the business will incur a loss.
B) owner’s withdrawals decrease owner’s equity.
C) owner withdrawals decrease net income.
D) net income causes liabilities to decrease.
9) The financial statement that shows revenue and expenses for a period of time
is the:
A) statement of owner’s equity.
B) balance sheet.
C) statement of liabilities and capital.
D) income statement.
10) The purchase of a truck with a down payment was recorded as a pure cash
purchase. This error would cause:
A) liabilities were understated.
B) assets were overstated.
C) owner’s equity was overstated.
D) None of the above are correct.
11) The business provided services to a credit customer.
A) Assets and owner’s equity increase.
B) Assets and revenue increase.
C) Liabilities and owner’s equity increase.
D) None of the above are correct.
12) Which of the following transactions would cause an asset to increase and the
owner’s equity to increase?
A) The business bought supplies on account.
B) The owner invested cash in the business.
C) The business incurred an expense on credit.
D) The owner withdrew cash from the business.
13) Which of the following would result if the business provided services to a
customer collecting cash?
A) Cash would increase and Revenue would decrease.
B) Since the cash was collected there is no need to record this.
C) Cash would increase and Capital would increase.
D) Cash would increase and Revenue would increase.
14) A formal account that has columns for date, explanation, post reference,
debit, and credit is called the:
A) T account.
B) ledger.
C) ch ...
1) Anytime an owner removes any asset for personal use it is recor.docxcurranalmeta
1) Anytime an owner removes any asset for personal use it is recorded as:
A) a withdrawal.
B) payment of a liability.
C) an investment.
D) an expense.
2) The increase or decrease in the owner’s equity is reported on the:
A) statement of owner’s equity.
B) income statement.
C) balance sheet.
D) all of these
3) The purpose of the accounting process is to provide financial information on:
A) large corporations.
B) small businesses.
C) individuals.
D) All of these answers are correct.
4) Which of the following is not a business organization form?
A) Corporation
B) Sole proprietorship
C) Operation
D) Partnership
5) Owner’s withdrawals:
A) increase expenses.
B) increase liabilities.
C) increase assets.
D) decrease owner’s equity.
6) Cater Right, with total assets of $50,000, borrows $15,000 from the bank.
Which of the following is a True statement upon borrowing the money?
A) Total assets are now $35,000.
B) Owner’s equity is $15,000 more.
C) Total assets are now $50,000.
D) Total assets are now $65,000.
7) Mark paid $500 rent for the month. Identify the accounts affected.
A) Cash and Rent Expenses increase.
B) Cash and Capital increase.
C) Cash decreases, and Rent Expense decreases.
D) Cash decreases, and Rent Expense increases.
8) If Suite Dream Toys’ revenues are less than its expenses during the account-
ing period:
A) the business will incur a loss.
B) owner’s withdrawals decrease owner’s equity.
C) owner withdrawals decrease net income.
D) net income causes liabilities to decrease.
9) The financial statement that shows revenue and expenses for a period of time
is the:
A) statement of owner’s equity.
B) balance sheet.
C) statement of liabilities and capital.
D) income statement.
10) The purchase of a truck with a down payment was recorded as a pure cash
purchase. This error would cause:
A) liabilities were understated.
B) assets were overstated.
C) owner’s equity was overstated.
D) None of the above are correct.
11) The business provided services to a credit customer.
A) Assets and owner’s equity increase.
B) Assets and revenue increase.
C) Liabilities and owner’s equity increase.
D) None of the above are correct.
12) Which of the following transactions would cause an asset to increase and the
owner’s equity to increase?
A) The business bought supplies on account.
B) The owner invested cash in the business.
C) The business incurred an expense on credit.
D) The owner withdrew cash from the business.
13) Which of the following would result if the business provided services to a
customer collecting cash?
A) Cash would increase and Revenue would decrease.
B) Since the cash was collected there is no need to record this.
C) Cash would increase and Capital would increase.
D) Cash would increase and Revenue would increase.
14) A formal account that has columns for date, explanat.
Exploiting Artificial Intelligence for Empowering Researchers and Faculty, In...Dr. Vinod Kumar Kanvaria
Exploiting Artificial Intelligence for Empowering Researchers and Faculty,
International FDP on Fundamentals of Research in Social Sciences
at Integral University, Lucknow, 06.06.2024
By Dr. Vinod Kumar Kanvaria
Delivering Micro-Credentials in Technical and Vocational Education and TrainingAG2 Design
Explore how micro-credentials are transforming Technical and Vocational Education and Training (TVET) with this comprehensive slide deck. Discover what micro-credentials are, their importance in TVET, the advantages they offer, and the insights from industry experts. Additionally, learn about the top software applications available for creating and managing micro-credentials. This presentation also includes valuable resources and a discussion on the future of these specialised certifications.
For more detailed information on delivering micro-credentials in TVET, visit this https://tvettrainer.com/delivering-micro-credentials-in-tvet/
Normal Labour/ Stages of Labour/ Mechanism of LabourWasim Ak
Normal labor is also termed spontaneous labor, defined as the natural physiological process through which the fetus, placenta, and membranes are expelled from the uterus through the birth canal at term (37 to 42 weeks
MATATAG CURRICULUM: ASSESSING THE READINESS OF ELEM. PUBLIC SCHOOL TEACHERS I...NelTorrente
In this research, it concludes that while the readiness of teachers in Caloocan City to implement the MATATAG Curriculum is generally positive, targeted efforts in professional development, resource distribution, support networks, and comprehensive preparation can address the existing gaps and ensure successful curriculum implementation.
A review of the growth of the Israel Genealogy Research Association Database Collection for the last 12 months. Our collection is now passed the 3 million mark and still growing. See which archives have contributed the most. See the different types of records we have, and which years have had records added. You can also see what we have for the future.
A Strategic Approach: GenAI in EducationPeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
Executive Directors Chat Leveraging AI for Diversity, Equity, and InclusionTechSoup
Let’s explore the intersection of technology and equity in the final session of our DEI series. Discover how AI tools, like ChatGPT, can be used to support and enhance your nonprofit's DEI initiatives. Participants will gain insights into practical AI applications and get tips for leveraging technology to advance their DEI goals.
2024.06.01 Introducing a competency framework for languag learning materials ...Sandy Millin
http://sandymillin.wordpress.com/iateflwebinar2024
Published classroom materials form the basis of syllabuses, drive teacher professional development, and have a potentially huge influence on learners, teachers and education systems. All teachers also create their own materials, whether a few sentences on a blackboard, a highly-structured fully-realised online course, or anything in between. Despite this, the knowledge and skills needed to create effective language learning materials are rarely part of teacher training, and are mostly learnt by trial and error.
Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
Biological screening of herbal drugs: Introduction and Need for
Phyto-Pharmacological Screening, New Strategies for evaluating
Natural Products, In vitro evaluation techniques for Antioxidants, Antimicrobial and Anticancer drugs. In vivo evaluation techniques
for Anti-inflammatory, Antiulcer, Anticancer, Wound healing, Antidiabetic, Hepatoprotective, Cardio protective, Diuretics and
Antifertility, Toxicity studies as per OECD guidelines
Thinking of getting a dog? Be aware that breeds like Pit Bulls, Rottweilers, and German Shepherds can be loyal and dangerous. Proper training and socialization are crucial to preventing aggressive behaviors. Ensure safety by understanding their needs and always supervising interactions. Stay safe, and enjoy your furry friends!
Macroeconomics- Movie Location
This will be used as part of your Personal Professional Portfolio once graded.
Objective:
Prepare a presentation or a paper using research, basic comparative analysis, data organization and application of economic information. You will make an informed assessment of an economic climate outside of the United States to accomplish an entertainment industry objective.
BÀI TẬP BỔ TRỢ TIẾNG ANH GLOBAL SUCCESS LỚP 3 - CẢ NĂM (CÓ FILE NGHE VÀ ĐÁP Á...
Mcq's i.com 01 accounting
1. MULTIPLE CHOICE QUESTIONS WITH ANSWERS
(ACCOUNTING-I)
PUNJAB COLLEGE OF COMMERCE
An easy
approach
to pass
1. Accounting is called of business:
a) Heart b) Eye
c) Ear d) Tongue
2. When a drawer discounts a bill, he debits:
a) Bank account b) Cash account
c) Drawee account d) B/R account
3. Journal means:
a) Monthly b) Yearly
c) Monthly d) Daily
4. The time after which the bill is to be paid:
a) Due date b) Tenure
c) Days of Grace d) A month
5. In three column cash book, contra entry means:
a) Balance b) Parallel side
c) same side d) Opposite Side
6. A cash discount always shows:
a) Zero balance b) Equal balance
c) Credit balance d) Debit balance
7 Interest paid on loan is a:
a) Financial expense b) Selling expense
c) Management expenses d) Loss
8. Goodwill, patents and copyrights are classified as:
a) Fixed assets b) Current assets
c) Tangible assets d) Intangible assets
9. Expenses increasing the earning capacity of business are:
a) Deferred expense b) Capital loss
c) Abnormal loss d) Capital Expenditure
10. Raw materials destroyed by fire show:
a) Abnormal loss b) Normal loss
c) Capital loss d) Revenue loss
11. Any difference in trial balance is transferred to:
a) Sales account b) Purchases account
c) Suspense account d) Capital account
12. Net income is equal to:
a) Revenue + Expenses b) Sales -- Purchases
c) Assets – Liabilities d) Revenue --Expenses
13. A trial balance is a:
a) Income statement b) Opening balance
c) Balance sheet d) List of ledger balances
14. A promissory note is made by:
a) Creditor b) Debtor
c) Seller d) Banker
15. A loss is a capital loss because it is due to:
a) Fixed assets b) Withdrawal of capital
c) Abnormal loss d) Business stoppage
2. MULTIPLE CHOICE QUESTIONS WITH ANSWERS
(ACCOUNTING-I)
PUNJAB COLLEGE OF COMMERCE
An easy
approach
to pass
16. A loss is a revenue loss because it relates to:
a) Normal reasons b) Current assets
c) Decrease in tax liability d) Income
17. Carriage paid for a new plant purchased if debited to carriage account would effect:
a) Carriage account b) Agents
c) Plant account d) Plant & carriage account
18. Prepaid expenses should appear in:
a) Stores b) Revenues
c) Assets d) Liabilities
19. Pre-received income is shown in:
a) Assets b) Liability
c) Revenues d) None
20. Net loss is always more than:
a) Gross profit b) Sales
c) Capital d) None
21.A person who owes money is:
a) A Creditor b) An Owner
c) A Debtor d) Agent
22. Entry made on both sides of cash book is called:
a) Double entry b) Compound entry
c) Contra entry d) Mixed entry
23. Petty cash book is a branch of:
a) Sales book b) Pass book
c) Cash book d) Purchase book
24. Double entry system involves at least:
a) One account b) Two account
c) Three account d) Four account
25. The arithmetical accuracy of books of accounts is verified through:
a) Journal b) Ledger
c) Trial balance d) Cash book
26. Commission received is:
a) Asset b) Liability
c) Income d) Expenses
27. Transaction which is omitted from the records is called:
a) Error of principle b) Error of Commission
c) Compensating error d) Error of Omission
28. Receipt on sale of fixed asset is:
a) Deferred receipt b) Current receipts
c) Capital receipt d) Revenue receipt
29. Cash discount is provided on:
a) Purchases b) Sales
c) Sales returns d) Prompt payment
30. Carriage inward is:
a) Direct expense b) Indirect expense
c) Operating expense d) Selling expense
3. MULTIPLE CHOICE QUESTIONS WITH ANSWERS
(ACCOUNTING-I)
PUNJAB COLLEGE OF COMMERCE
An easy
approach
to pass
31. Cash sales are recorded in:
a) Journal b) Cash book
c) Sales book d) Both A & B
32. Closing stock is recorded at the:
a) Balance sheet & Trading account b) Trading account
c) Balance sheet only d) Profit & loss account
33. Personal accounts are related to:
a) Assets & Liabilities b) Goodwill
c) Equity & Drawings d) Income & Expenses
34. Excess of debit over credit is called:
a) Credit balance b) Debit balance
c) Opening balance d) Closing balance
35. The excess of assets over liabilities is:
a) Revenue b) Profit
c) Loss d) Capital
36. A bill of exchange contains:
a) A promise b) An unconditional order
c) A conditional order d) A request to deliver goods
37. Wages paid to workers for erection of machinery are:
a) Revenue expenditure b) Capital expenditure
c) Capital loss d) Revenue loss
38. Withdrawal of merchandise for personal use is:
a) Drawings b) Sale of merchandise
c) Personal expense d) Charity
39. If business assets are more than its liabilities, this position is known as:
a) Insolvency b) Solvency
c) Both A & B d) Loan position
40. Which of the following is not a current asset?
a) Cash b) Bank
c) Debtors d) Machinery
41. The person to whom the goods have been sold on credit and amount is receivable from
them at determinable future date is called:
a) Owner b) Creditor
c) Bank d) Debtor
42. Accounting is language of:
a) Chemistry b) Science
c) Businessman d) Business
43. Any legal activity of production, exchange of goods and services for the purpose of earning
profit is called:
a) Social activity b) Religious activity
c) Business d) None
44. Business classification are:
a) Trading b) Manufacturing
c) Services d) All of these
4. MULTIPLE CHOICE QUESTIONS WITH ANSWERS
(ACCOUNTING-I)
PUNJAB COLLEGE OF COMMERCE
An easy
approach
to pass
45. Trial balance contains capital Rs.50, 000, interest on capital at 5% p.a. at the yearend:
a) Rs.2500 b) Rs.1800
c) Rs.1875 d) Rs.2000
46. Current liabilities do no include:
a) Unclaimed dividend b) Sundry creditors
c) Prepaid insurance d) Bank overdraft
47. Bill receivable account is a:
a) Nominal account b) Real account
c) Personal account d) Expense account
48. Which group only contains fixed assets?
a) Land, Machinery, Premises & Debtors b) Land, Machinery, Premises & Stock
c) Land, Machinery, Premises & Vehicles d) Land, Machinery, Premises & Cash
49. Discount allowed appearing in the trial balance will be recorded in the:
a) Balance sheet b) Trading account
c) Profit & loss account ( Dr.) d) Profit & loss account ( Cr.)
50. Outstanding wages appearing in the trial balance, will record only:
a) Balance sheet b) Trading account
c) Profit & loss account d) Both A & B
51. Return inward given in adjustment will affect:
a) Purchases returns & Debtor b) Sales returns & Debtor
c) Cash purchases d) Discount received
52. Outstanding income given adjustment Rs.250. Income in trial balance Rs.2500 what
` amount will be recorded in profit and loss account:
a) Rs.2250 b) Rs.2750
c) Rs.2500 d) Rs.2000
53. Retiring a bill under rebate means, payment a bill:
a) After due date b) Before due date
c) Dishonoring of bill d) All of these
54. Wrong addition is:
a) Error of Omission b) Error of Commission
c) Error of Principles d) None
55. Noting charges are paid, when bill is:
a) Met at maturity b) Discount of bill
c) Dishonored of bill d) None
56. Balance sheet is statement of:
a) Assets b) Liabilities
c) Both A & B d) Working capital
57. Written below each entry is the:
a) Narration b) Voucher No.
c) Transaction d) Date
58. A bill of exchange is accepted by:
a) Drawer b) Drawee
c) Payee d) Bank
59. Nominal accounts are related to:
a) Assets b) Liabilities
c) Creditors d) Expense + Income
5. MULTIPLE CHOICE QUESTIONS WITH ANSWERS
(ACCOUNTING-I)
PUNJAB COLLEGE OF COMMERCE
An easy
approach
to pass
60. The modern system of book keeping is based on:
a) Double account system b) Single entry system
c) Single account system d) Double entry system
61. Goods returned to supplier should be credited to:
a) Supplier account b) Sales return account
c) Purchase return account d) Purchases account
62. Which of these accounts is increased by credit entries?
a) Machinery account b) Sales account
c) Rent account d) Purchases account
63. Which of these accounts is a fixed asset?
a) Cash b) Stock
c) Plant d) Prepaid Expenses
64. If more than two accounts are involved in a journal entry it is called:
a) Double entry b) Compound entry
c) Contra entry d) Single entry
65. Wich of the following book is called the book of original entry:
a) Cash book b) Ledger
c) Journal d) Sales book
66. Bank reconciliation statement is prepared by:
a) Bank b) Auditors
c) Creditors d) Accountant
67. In accounting equation, assets are equal to:
a) Capital b) Capital + Liabilities
c) Liabilities d) Capital – Liabilities
68. Bad debts are shown in the:
a) Trading account b) Profit & Loss account
c) Both first d) None of these
69. Amount paid for the purchase of machinery.
a) Revenue expenditure b) Capital loss
c) Capital expenditure d) Revenue loss
70. Carriage paid on goods purchased:
a) Direct expense b) Indirect expense
c) Selling expense d) Operating expense
71. Unearned income is shown as:
a) Assets b) Liability
c) Expenses d) Income
72. Balance sheet does not contain:
a) Assets b) Liabilities
c) Expense & Income d) None of these
73. When the bank made the payment of the cheque it is called………cheque:
a) Honored b) Dishonored
c) Discounted d) None of these
6. MULTIPLE CHOICE QUESTIONS WITH ANSWERS
(ACCOUNTING-I)
PUNJAB COLLEGE OF COMMERCE
An easy
approach
to pass
74. The errors which cancel themselves out are called:
a) Error of omission b) Errors of commission
c) Compensating errors d) None of these
75. The amount of cash or goods withdrawn by the proprietor for personal use is called:
a) Expenses b) Capital
c) Revenue d) Drawings
76. The discount which is calculated on list price of goods is called:
a) Trade discount b) Cash discount
c) Rebate d) None of these
77. The book meant for recording all cash transactions is called:
a) Purchase book b) Sales book
c) Cash book d) Pass book
78. Trial balance is prepared to detect:
a) Errors of Omission b) Errors of Commission
c) Compensating errors d) Errors of Principles
79. The cheques which is returned by the bank unpaid is called:
a) Cross cheque b) Bearer cheque
c) Dishonor cheque d) Order cheque
80. Cash and goods invested by the proprietor in business is called:
a) Investment b) Drawings
c) Capital d) None of these
81. For payment of bills of exchange, grace days are:
a) 2 days b) 3 days
c) 4 days d) 5 days
82. Credit sales are recorded in:
a) Cash book b) Sales book
c) Purchase book d) Pass book
83. Which of the following account is increased by the debit entries?
a) Capital account b) Sales account
c) Building account d) Purchases return account
84. The person who draws a bill of exchange is known as:
a) Drawer ( Creditor ) b) Drawee ( Debtor )
c) Payee d) Bank
85. Goods returned by a customer should be debited to:
a) Sales account b) Purchases account
c) Customers account d) Sales return account
86. To any business bad debts are:
a) An asset b) A loss
c) An income d) A liability
87. How many branches of accounting are?
a) Two. b) Three
c) Four d) One
88. Discount received is a:
a) Asset b) Liability
c) Revenue d) Expenses
7. MULTIPLE CHOICE QUESTIONS WITH ANSWERS
(ACCOUNTING-I)
PUNJAB COLLEGE OF COMMERCE
An easy
approach
to pass
89. The amount of salaries paid to Javed should be credited to:
a) Javed account b) Salaries account
c) Cash account d) None of these
90. Favourable bank balance means:
a) Credit balance of cash book b) Debit balance of cash book
c) Debit balance of pass book d) None of these
91. Prepaid expenses are:
a) Expense b) Asset
c) Liability d) None of these
92. The science and art of correctly recording business dealing in a set of books is called:
a) Book keeping b) Accounting
c) Auditing d) Recording
93. The debts due by a business to its proprietor and others are termed ad:
a) Capital b) Drawings
c) Liabilities d) Assets
94. Sales return also called:
a) Return inward b) Return outward
c) Return to seller d) Both A & C
95. Accounting principles are generally based on:
a) Theory b) Practicability
c) Subjectively d) None of these
96. Bill receivable and debtor are:
a) Long term assets b) Fixed assets
c) Fictitious assets d) Current assets
97. Journal is prepared in:
a) Columnar form b) Vertical form
c) Horizontal form d) Raw form
98. Major accounts of ledger are:
a) General ledger b) Creditors ledger
c) Proprietor ledger d) Both A & B
99. Bank Reconciliation represents:
a) Ledger b) Journal
c) Statement d) Both A & C
100. Operating expenses represents:
a) Gross profit - Operating Exp. b) Selling + General Exp.
c) Selling & administrative Exp. d) All of these
101. Net loss is transferred in balance sheet to:
a) Capital b) Assets
c) Losses d) Deferred losses
102. Preliminary expenses incurred for formation of Joint Stock Company represent:
a) Capital loss b) Revenue loss
c) Capital expenditure d) Deferred revenue expenditure
103. Errors which affect income statement belong to:
a) Personal account b) Nominal account
c) Real account d) None of these
8. MULTIPLE CHOICE QUESTIONS WITH ANSWERS
(ACCOUNTING-I)
PUNJAB COLLEGE OF COMMERCE
An easy
approach
to pass
104. The process of recording business transactions in the journal is called:
a) Posting b) Journalizing
c) Classifying d) Entry
105. The book in which small payments like stationery, postage etc. are recorded is called:
a) Main cash book b) Petty cash book
c) Cash account d) Both A & B
106. Credit balance of cash book is also called:
a) Un-favorable balance b) Favorable balance
c) Negative balance d) Both favorable & unfavorable balance
107. Assets which come into existence upon the happening of a certain event are called:
a) Fictitious assets b) Contingent assets
c) Floating assets d) Dependent assets
108. Legal expenses incurred in purchasing land, property represent:
a) Capital expenditure b) Revenue expenditure
c) Revenue loss d) Deferred revenue expenditure
109. A payment for freight on raw material purchased is called:
a) Capital payment b) Revenue payment
c) Deferred revenue payment d) None of these
110. Cheque received but not deposited, recorded in cash book only:
a) Cash column b) Bank column
c) Discount column d) None of these
111. Carriage paid on goods sold:
a) Direct expense b) Indirect expense
c) Selling expense d) Operating expense
112. Expense paid in advance is called:
a) Prepaid expenses b) Expired expenses
c) Deferred expenses d) Both A & C
113. The purchase of machinery on account would effect:
a) Increase & decrease in asset b) Increase in asset & decrease in liability
c) Increase in asset & decrease liability d) Increase in asset & Increase in liability
114. Bad debts arise from:
a) Sale on account b) Cash sales
c) Account receivable d) Account payable
115. Any physical thing that has money value:
a) Transaction b) Intangible assets
c) Assets d) Goodwill
116. Stationery is classified into:
a) Factory supplies b) Office supplies
c) Sales supplies d) Trade supplies
117. To record, classify and summarize business transactions is called:
a) Cost accounting b) Financial accounting
c) Book-keeping d) Accounting
118. The party most interested in accounting information is:
a) Owners b) Managers
c) Creditors d) Investors
9. MULTIPLE CHOICE QUESTIONS WITH ANSWERS
(ACCOUNTING-I)
PUNJAB COLLEGE OF COMMERCE
An easy
approach
to pass
119. The book in which business transactions are recorded on daily basis is called:
a) Journal b) Ledger
c) Account d) Summary
120. The entry system in which cash account and personal accounts are maintained is called:
a) Double entry system b) Single entry system
c) Accounting d) None of these
121 Universally accepted customs, rules or traditions:
a) Accounting principles b) Accounting conventions
c) Accounting traditions d) Accounting rules
122. The amount allowed by the creditor to the debtor for making payment before due date:
a) Trade discount b) Cash discount
c) Payment discount d) Purchase discount
123. The unsold merchandise of business at the end of a day is called:
a) Closing stock b) Opening stock
c) Opening merchandise d) Stock to be carried forward
124. Anything valuable possessed by a business is called:
a) Property b) Resources
c) Asset d) Capital asset
125. Cash sale to Mr. A will be credited to:
a) Mr. A’s account b) Cash account
c) Sales account d) Good’s account
126. While balancing an account, the difference of two sides is recorded in:
a) Debit side b) Credit side
c) Larger side d) Smaller side
127. Excess of credit side over debit side is called:
a) Profit b) Income
c) Surplus & Deficit d) Credit balance
128. An order drawn by a bank on one of its branches to pay a specified sum of money to the
person named in is called:
a) Cheque b) Moner order
c) Hundi d) Bank draft
129. When a drawee signs his name across the face of the bill along with the word “accepted”
is called:
a) Acceptance b) Signing of bill
c) Approval d) None of these
130. The paper containing evidence of payment is called:
a) Debit voucher b) Debit note
c) Credit note d) Credit voucher
131. The term imprest system is used in relation to:
a) Purchase book c) Sales book
c) Cash book d) Petty cash book
132. Bank reconciliation statement is:
a) A memorandum statement b) A ledger account
c) A part of cash book d) None of these
10. MULTIPLE CHOICE QUESTIONS WITH ANSWERS
(ACCOUNTING-I)
PUNJAB COLLEGE OF COMMERCE
An easy
approach
to pass
133. Dealing between two persons or things is called:
a) Introduction b) Meeting
c) Discussion d) Transaction
134. The concession given by the supplier to the buyer on purchase of goods is known as:
a) Trade discount b) Cash discount
c) Sale discount d) Purchase discount
135. Real accounts are related to:
a) Incomes b) Losses
c) Assets d) Expense
136. Every transaction has:
a) Four aspect b) Triple aspect
c) Dual aspect d) Single aspeat
137. Which of the following books is called the king of books of accounts?
a) Journal b) Ledger
c) Trial balance d) Cash book
138. Liabilities normally show:
A) Debit balance b) Credit balance
c) None of them d) Both debit & credit
139. Transactions are finally recorded in:
a) Balance sheet b) Trial balance
c) Ledger d) Journal
140. A bill of exchange is exactly like a:
a) Hundi b) Pay order
c) Pay-in-slip d) Bank draft
141. When the cheque is paid by the drawer’s bank, it is said to be:
a) Accepted b) Endrosed
c) Dishonored d) Honored
142. The person to whom a bill is addressed is called:
a) Agent b) Holder
c) Debtor d) Creditor
143. Subsidiary books are called books of:
a) Secondary entry b) Original entry
c) Final entry d) Temporary entry
144. Bank account is:
a) Real account b) Nominal account
c) Personal account d) None of these
145. For a business concern “Capital” is a:
a) Asset b) Expense
c) Liability d) None of these
146. Money obtained by the issue of debenture is:
a) Revenue Receipt b) Capital receipt
c) Revenue profit d) Capital profit
147 The accounting equation is:
a) Assets = Capital + Liabilities b) Liabilities = Assets + Capital
c) Capital = Assets + Liabilities d) Assets = Capital - Liabilities
11. MULTIPLE CHOICE QUESTIONS WITH ANSWERS
(ACCOUNTING-I)
PUNJAB COLLEGE OF COMMERCE
An easy
approach
to pass
148. The balance of petty cash book is:
a) An asset b) A gain
c) An expense d) A liability
149. Gross profit is equal to:
a) Gross profit – Expense b) Sale – Cost of sale
c) Capital – expense d) Sale – Expense
150. Day book is another name of:
a) Purchase book b) Cash book
c) Ledger d) Journal
151. How many forms of ledger are?
a) One b) Two
c) Three d) None of these
152. If two sides of an account are equal, that account will show:
a) Debit balance b) Credit balance
c) Zero balance d) All of them