Accounting Multiple Choice Questions with answers | Download PDF for MCQs

MCQs BASED ON BASIC ACCOUNTING TERMS

1. Goods withdrawn for personal use is called

a) cash

b) Drawings

c) Capital

d) None of these


2. A person to whom money is owed by a firm against purchase of goods is known as:

a) Creditor

b) Debtor

c) Both (a) and (b)

d) None of these


3. The assets that can be converted into cash within a short period are known as

a) Current Assets

b) Fixed Assets

c) Intangible Assets

d) Investment


4. Patent, copyrights and trademarks are

a) Current Assets

b) Fixed Assets

c) Intangible Assets

d) Investment


5. The debt which are to be fixed within a year are known as

a) Fixed liabilities

b) Current liabilities

c) Contingent liabilities

d) All of above


6. The sales is also called as

a) Transaction

b) Sales returns

c) Turnover

d) Purchase returns


7. Identify an item of revenue from operation of a financial enterprises out of following:

a) Intent earned on loan

b) Sale of goods

c) Services render

d) None of these


8. Which of the following is not a business transaction

a) Bought furniture of Rs. 26000 for business

b) Paid Rs. 2000 for salaries of employees

c) paid Rs. 5000 from personal Bank a/c for domestic use

d) All of above


9. Which of following is not a fixed asset

a) Building

b) Land and Machinery

c) Balance with bank

d) All of these


10. Which of the following transaction is not of financial character?

a) Purchase of asset on credit

b) Purchase of asset for cash

c) Withdrew cash for personal use

d) Strike by employees


11. A liability arises because of

a) Cash transaction

b) Credit of transaction

c) Both (a) and (b)

d) None of these


12. The amount invested by the proprietor in a business is termed as

a) Capital

b) Cash

c) Revenue

d) All of these


13. Bank overdraft is a

a) Short term liability

b) Long term liability

c) Contingent liability

d) None of these


14. Purchase refers to the buying of

a) Stationary for office use

b) Assets of factory

c) Goods for resale

d) Investment


15. Revenue from operation refers to

a) Revenue earned from operating activities

b) Revenue earned from activities that are not operating activities

c) Both (a) and (b)

d) None of these


16. Identify the item of revenue of non-financial enterprise :

a) interest earned on loan

b) sale of good

c) both (a) and (b)

d) None of these


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