MBA Accounting MCQ Question Set 10 | - Online Exam Test Papers | - MCQs[multiple choice questions and answers ] | - Mock Test Papers | - Practice Papers

Question:

A bill drawn and accepted for a genuine trade transaction is termed as a _______ bill.

1.Trade

2.Time

3.Inland

4.Personal

Question:

Accounting principles are generally based on _______

1.practicability

2.Subjectivity

3.convenience in recording

4.Applicability

Question:

Any amount received towards endowment fund is a ________receipt.

1.Ordinary

2.Special

3.Revenue

4.Capital

Question:

Bills payable book is to keep a record of __________

1.bills payable to creditors

2.bills received from supplier

3.credit purchases

4.credit sales

Question:

Cancelling the original bill and drawing a fresh acceptance is known as ______

1.retiring under rebate

2.Discounting

3.Renewal

4.bill sent to bank for collection

Question:

Credit sales are recorded in ______

1.sales book

2.cash book

3.journal proper

4.purchases book

Question:

Daily Record of Transaction means

1.Ledger

2.Journal

3.Trial Balance

4.None of these

Question:

Debit balance in cash book means ______

1.overdraft as per pass book

2.overdraft as per cash book

3.credit balance as per pass book

4.debit balance as per day book

Question:

Drawings account is related to ______

1.Nominal Account

2.Personal Account

3.Real Account

4.None of the above

Question:

Error of commission do not allow _______

1.correct totalling of the balance sheet

2.correct totalling of the balance sheet

3.the trail balance to agree

4.correct totaling of the day book

Question:

If a cheque sent for collection is dishonoured, the debit is given to _______

1.suppliers account

2.bank account

3.customers account

4.cash account

Question:

In accounting, the benefit giving aspect is said to be

1.Debit

2.Credit

3.Debit and Credit

4.None of these

Question:

Income and expenditure account is a _____

1.Real account

2.Nominal account

3.Personal account

4.Representative account

Question:

Interest on capital is credited to ______ account.

1.Expenses account

2.Income account

3.Capital account

4.Asset account

Question:

Non-trading institutions prepare ________

1.profit and loss account

2.trading account

3.manufacturing account

4.income and expenditure account

Question:

Non-trading institutions prepare _________

1.Income and expenditure account

2.Trading and profit and loss account

3.Only trading account

4.Only revenue account

Question:

Outstanding salaries are shown as _______

1.an expense

2.a liability

3.an asset

4.an income

Question:

Preliminary expenses are an example of ________

1.deferred Revenue Expenditure

2.revenue Expenditure

3.capital Expenditure

4.common expenditure

Question:

Premium received on issue of shares is a ______________. tempor

1.capital receipt

2.revenue receipt

3.deferred capital receipt

4.deferred revenue receipt

Question:

Prepaid insurance is _______

1.Nominal account

2.Personal account

3.Real account

4.Prepaid account

Question:

Provision for bad debts is calculated on _______

1.creditors

2.Sales

3.Purchases

4.Debtors

Question:

Purchases made on credit not recorded at all would affect _______

1.Purchases account

2.Suppliers account

3.Purchases account and suppliers account

4.Wages account

Question:

Receipts and payments account is a _______

1.Personal account

2.Nominal account

3.Real account

4.Representative account

Question:

Returns outward book makes a record of _______

1.goods returned to the suppliers

2.goods returned to customers

3.goods returned to proprietor

4.goods returned to neighbors

Question:

Revenue expenditure is intended to benefit _______

1.current period

2.future period

3.past period

4.both (1) and (2)

Question:

Sale of old newspaper is to be shown on the credit side of the ______

1.cash book

2.income and expenditure

3.balance sheet

4.trading account

Question:

Sales of old material must be shown on the credit side of ______

1.cash book

2.income and expenditure account

3.balance sheet

4.Trading account

Question:

State which of the following errors will not be revealed by the trial balance _______

1.errors of complete omission

2.errors of carrying forward

3.wrong totaling of the purchases book

4.error of partial omission

Question:

The amount brought in by the proprietor in the business should be credited to:

1.cash account

2.capital account

3.drawing account

4.bank account

Question:

The appropriate book to record credit purchase of machinery is _______

1.purchases book

2.journal

3.cash book

4.petty cash book.

Question:

The assets of a business can be classified as _______

1.only fixed assets

2.only current assets

3.fixed and current assets

4.fictitious assets

Question:

The balance of cash account indicates _______

1.. net income for the period

2.net loss for the period

3.net cash on hand

4.net worth of the business

Question:

The balance of the petty cash book is ______

1.an asset

2.a liability

3.an income

4.an expenditure

Question:

The balance of the petty cash book is ______

1.an asset

2.a liability

3.an income

4.an expenditure

Question:

The discount column of a triple column cash book records _______

1.trade discount

2.cash discount

3.quantity discount

4.seasonal discount

Question:

The Letter "c" is shown in the Cash book which means _______

1.consignment

2.Commitment

3.Contra Entry

4.Cash entry

Question:

The main aim of ______________ accounting is to ascertain cost relating to the various activities of the business and to have cost control.

1.financial accounting

2.cost accounting

3.management account

4.human resource accounting

Question:

The person to whom the amount has to be paid is known as _______

1.Drawee

2.Drawer

3.Acceptor

4.Payee.

Question:

The person to whom the bill is endorsed is called ______

1.Endorse

2.Endorse

3.Drawe

4.Drawe

Question:

The person who writes out the bill of exchange is known as

1.Payee

2.Drawee

3.Drawer

4.Acceptor

Question:

The preparation of a Trial balance helps in ______

1.locating errors in principle

2.locating errors of omission

3.locating clerical errors

4.locating compensatory errors

Question:

The process of recording financial transactions in the journal is called ______

1.Journalizing

2.Utilizing

3.Posting

4.Balancing

Question:

Wages is an example of ________

1.capital expenses

2.indirect expenses

3.direct expenses

4.revenue expenses

Question:

Which account is generally used for rectification of errors?

1.Memorandum account

2.Suspense account

3.Rectification account

4.Adjustment account

Question:

Which item is shown on the debit side of a trial balance?

1.Rent outstanding

2.Prepaid expenses

3.Purchases returns

4.Excess of income over expenses by the firm

Question:

Which one of the following is capital expenditure?

1.Cost of advertisement

2.Purchase of a delivery van

3.Purchase of raw material

4.Purchase of machine oil

Question:

_______ is the person who prepares Bank Reconciliation Statement.

1.customer of the bank

2.ban

3.neither of the above two

4.reserve bank of India

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/MBA Accounting MCQ Question Set 10 MCQS HUB ,Sample Test,Sample questions

Question: A bill drawn and accepted for a genuine trade transaction is termed as a _______ bill.

Question: Accounting principles are generally based on _______

Question: Any amount received towards endowment fund is a ________receipt.

Question: Bills payable book is to keep a record of __________

Question: Cancelling the original bill and drawing a fresh acceptance is known as ______

Question: Credit sales are recorded in ______

Question: Daily Record of Transaction means

Question: Debit balance in cash book means ______

Question: Drawings account is related to ______

Question: Error of commission do not allow _______

Question: If a cheque sent for collection is dishonoured, the debit is given to _______

Question: In accounting, the benefit giving aspect is said to be

Question: Income and expenditure account is a _____

Question: Interest on capital is credited to ______ account.

Question: Non-trading institutions prepare ________

Question: Non-trading institutions prepare _________

Question: Outstanding salaries are shown as _______

Question: Preliminary expenses are an example of ________

Question: Premium received on issue of shares is a ______________. tempor

Question: Prepaid insurance is _______

Question: Provision for bad debts is calculated on _______

Question: Purchases made on credit not recorded at all would affect _______

Question: Receipts and payments account is a _______

Question: Returns outward book makes a record of _______

Question: Revenue expenditure is intended to benefit _______

Question: Sale of old newspaper is to be shown on the credit side of the ______

Question: Sales of old material must be shown on the credit side of ______

Question: State which of the following errors will not be revealed by the trial balance _______

Question: The amount brought in by the proprietor in the business should be credited to:

Question: The appropriate book to record credit purchase of machinery is _______

Question: The assets of a business can be classified as _______

Question: The balance of cash account indicates _______

Question: The balance of the petty cash book is ______

Question: The balance of the petty cash book is ______

Question: The discount column of a triple column cash book records _______

Question: The Letter "c" is shown in the Cash book which means _______

Question: The main aim of ______________ accounting is to ascertain cost relating to the various activities of the business and to have cost control.

Question: The person to whom the amount has to be paid is known as _______

Question: The person to whom the bill is endorsed is called ______

Question: The person who writes out the bill of exchange is known as

Question: The preparation of a Trial balance helps in ______

Question: The process of recording financial transactions in the journal is called ______

Question: Wages is an example of ________

Question: Which account is generally used for rectification of errors?

Question: Which item is shown on the debit side of a trial balance?

Question: Which one of the following is capital expenditure?

Question: _______ is the person who prepares Bank Reconciliation Statement.

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Question:
A bill drawn and accepted for a genuine trade transaction is termed as a _______ bill.

Question:
Accounting principles are generally based on _______

Question:
Any amount received towards endowment fund is a ________receipt.

Question:
Bills payable book is to keep a record of __________

Question:
Cancelling the original bill and drawing a fresh acceptance is known as ______

Question:
Credit sales are recorded in ______

Question:
Daily Record of Transaction means

Question:
Debit balance in cash book means ______

Question:
Drawings account is related to ______

Question:
Error of commission do not allow _______

Question:
If a cheque sent for collection is dishonoured, the debit is given to _______

Question:
In accounting, the benefit giving aspect is said to be

Question:
Income and expenditure account is a _____

Question:
Interest on capital is credited to ______ account.

Question:
Non-trading institutions prepare ________

Question:
Non-trading institutions prepare _________

Question:
Outstanding salaries are shown as _______

Question:
Preliminary expenses are an example of ________

Question:
Premium received on issue of shares is a ______________. tempor

Question:
Prepaid insurance is _______

Question:
Provision for bad debts is calculated on _______

Question:
Purchases made on credit not recorded at all would affect _______

Question:
Receipts and payments account is a _______

Question:
Returns outward book makes a record of _______

Question:
Revenue expenditure is intended to benefit _______

Question:
Sale of old newspaper is to be shown on the credit side of the ______

Question:
Sales of old material must be shown on the credit side of ______

Question:
State which of the following errors will not be revealed by the trial balance _______

Question:
The amount brought in by the proprietor in the business should be credited to:

Question:
The appropriate book to record credit purchase of machinery is _______

Question:
The assets of a business can be classified as _______

Question:
The balance of cash account indicates _______

Question:
The balance of the petty cash book is ______

Question:
The balance of the petty cash book is ______

Question:
The discount column of a triple column cash book records _______

Question:
The Letter "c" is shown in the Cash book which means _______

Question:
The main aim of ______________ accounting is to ascertain cost relating to the various activities of the business and to have cost control.

Question:
The person to whom the amount has to be paid is known as _______

Question:
The person to whom the bill is endorsed is called ______

Question:
The person who writes out the bill of exchange is known as

Question:
The preparation of a Trial balance helps in ______

Question:
The process of recording financial transactions in the journal is called ______

Question:
Wages is an example of ________

Question:
Which account is generally used for rectification of errors?

Question:
Which item is shown on the debit side of a trial balance?

Question:
Which one of the following is capital expenditure?

Question:
_______ is the person who prepares Bank Reconciliation Statement.