Accounting Multiple Choice Questions with answers | Download PDF for MCQs

MCQs BASED ON INTRODUCTION TO THE ACCOUNTING 

1. Which of following will not be recorded in the book of Account?

a) Sales of goods

b) Payment of salary

c) Quality of staff

d) Purchases of goods


2. Book keeping is mainly concerned will

a) Recording financial data reality to business

b) Designing for systems recording classifying & summarizing records data

c) Interpreting data for internal & external users

d) All of above


3. The pioneer of accounting is

a) Arthor field house

b) Gitman

c) William pickles

d) Lucas pacioli


4. Accounting records of a business enterprises is required by

a) Management of the business

b) Outsiders

c) All of above

d) None of these


5. To control the cost of production & distribution is main field of

a) Financial accounting

b) Cost accounting

c) Auditing

d) None of these


6. Book keeping provides the

a) Primary information

b) Secondary information

c) Annual information

d) NOT


7. Modern system of book keeping is

a) Single entry systems

b) Double entry system

c) British system

d) NOT


8. Supply of foods and services in: Exchange of money between two parties is known as

a) Goods transaction

b) Service transaction

c) Business transaction

d) Credit transactions


9. Which is the last step of accounting as a process of information.

a) Recording the transaction

b) Preparation of financial statements

c) Communication of information

d) Analysis and interpretation of information


10. Which of following is not an internal user of financial statements:

a) Board of Director

b) Managers

c) Employees

d) Lenders


11. The goods which are purchased for purposes of resale are called

a) Purchase

b) Merchandise

c) Goods/Inventory

d) All of above


12. Cash inverted by owner is called

a) Assets

b) Liabilities

c) Capital

d) Loan


13. Cash or goods taken away by proprietor is called

a) Drawing

b) Scale

c) Charity

d) Expense


14. Any written evidence in support of business transaction is called

a) Cash Memo

b) Invoice

c) Voucher

d) None of these


15. Book keeping is a systematic records of all _____________ transaction.

a) Personal

b) Financial

c) Non-Financial

d) All of these


16. Which of the following will be recorded in the books of account.

a) Sales of goods

b) Payment of salary

c) Purchase of goods

d) All of the above


17. Which is the first step of accounting as a process of information.

a) Recording the transaction

b) Preparation of financial statement

c) Identification of information

d) Analysis and Interpretation of Information


18. The basic function of financial accounting into:

a) Record all business transactions

b) Interpret financial data

c) Assist the Management

d) None of these


19. Transactions are posted into ledger account from.

a) Vouchers

b) Journal Book

c) Bank Statement

d) None of these


20. Which of the following is an internal user of financial statement?

a) Board of Directors

b) Managers

c) Employees

d) All of the above

Thanks for reading the Multiple Choice Questions on Accounting

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