MBA Accounting MCQ Question Set 2 | - Online Exam Test Papers | - MCQs[multiple choice questions and answers ] | - Mock Test Papers | - Practice Papers

/MBA Accounting MCQ Question Set 2 MCQS HUB ,Sample Test,Sample questions

Question:

Aggregate of direct costs is known as:

1.Direct material costs

2.Direct Wages

3.Direct Expenses

4.Prime Cost

Question:

All direct & indirect expenses related to business are charged:

1.Profit and loss account

2.Trading account

3.Trading account Profit and Loss account

4.Directly to Balance sheet

Question:

All those to whom business owes money are:

1.Debtors

2.Investors

3.Creditors

4.Shareholders

Question:

Authorized capital, also known as

1.ominal capital

2.Paid up capital

3.Issues capital

4.None of these

Question:

Carriage outward is charged to

1.Debit side Profit & Loss a/c

2.Debit side Trading a/c

3.Credit side of Profit & Loss a/c

4.Credit side of trading a/c

Question:

Cost accounting emerged mainly on account of:

1.Statutory requirements

2.Competition in the market

3.Labour unrest

4.Limitations of financial accounting

Question:

Cost accounting information can be used for:

1.Budget control and evaluation.

2.Determining standard costs and variances.

3.Pricing and inventory valuation decisions.

4.All of these

Question:

Cost of goods sold= opening stock+ net purchases+ expenses on Purchases – sales Which part of formula is wrong?

1.opening stock

2.net purchases

3.expenses on Purchases

4.sales

Question:

Creating provision against fluctuation in the price of investment is application of accounting concept

1.Convention of conservatism

2.Convention of full disclosure

3.Convention of consistency

4.None of these

Question:

Creating provision against fluctuation in the price of investment is application of accounting concept

1.Convention of conservatism

2.Convention of full disclosure

3.Convention of consistency

4.None of these

Question:

Credit balance of profit & loss a/c shown on

1.Asset side of balance sheet

2.Liability side of balance sheet

3.Not shown in balance sheet

4.Half on asset side and half on liability side

Question:

Current liability does not include

1.Sundry creditors

2.Acceptances

3.Unclaimed dividend

4.Short term investment

Question:

Debit what come in Credit what goes out rule for

1.Real a/c

2.Personal a/c

3.Nominal a/c

4.None of these

Question:

Depreciation is a charge against

1.Profit

2.Assets

3.Company

4.Books of A/c

Question:

Financial accounting is concerned with

1.Recording of business expenses and revenue

2.Recording of costs of products and services

3.Recording of day to day business transactions

4.None of the above

Question:

Fixed assets and current assets are categorized as per concept of:

1.Separate entity

2.Going concern

3.Consistency

4.Time period

Question:

Going concern concept assumes

1.Business as a dissolving concern

2.Business on relishing values

3.Business as a going concern

4.Asset = liability

Question:

Goods given as samples should be credited to:

1.Advertisement account

2.Sales account

3.Purchase account

4.None of the above

Question:

If loan have been guaranteed by managers and directors is called as

1.Loan

2.Unsecured Loan

3.Secured Loan

4.Advance by Manager & director

Question:

Income tax paid by a sole proprietor on his business income should be:

1.Debited to trading account

2.Debited to profit and loss account

3.Deducted from capital account in the balance sheet

4.None of the above

Question:

Information about an item is ______________ if its omission or misstatement might influence the financial decision of the users taken on the basis of that information

1.Concrete

2.Complete

3.Immaterial

4.Material

Question:

Insurance prepaid is shown as

1.Current assets

2.Current liabilities

3.Fixed asset

4.Fixed liability

Question:

Interest on drawings is:

1.Expenditure for the business

2.Cost for the business

3.Gain for the business

4.None of the above

Question:

Investment of X company profit in shares of other company PQR Pvt. ltd are recorded in

1.Asset side of Balance Sheet

2.Liability side of Balance Sheet

3.Profit & Loss a/c

4.Not recorded in Balance Sheet

Question:

Management accounting is applicable to

1.Service entities

2.Manufacturing entities

3.Non profit entities

4.All of these

Question:

Management Accounting relates to

1.Recording of accounting data

2.Recording of cost data

3.Presentation of account data

4.None of the above

Question:

Opening stock + ____ + Direct Expenses (Carriage on Raw material)-Closing Stock = ____

1.Sales, Purchases

2.Sales, Sales return

3.Purchases, Cost of goods produced

4.Purchases, Cost of goods sold

Question:

Outstanding expenses are charged to

1.Asset side of balance sheet

2.Liability side of balance sheet

3.Not charged to balance sheet

4.None of these

Question:

Payment received from Debtor

1.Decreases the Total Assets

2.Increases the Total Assets

3.Results in no change in the Total Assets

4.Increases the Total Liabilities

Question:

Payment received from debtor:

1.Decreases the total assets

2.Increases the total assets

3.Results in no change in total assets

4.Increase the total liabilities

Question:

Proposed dividends" is shown in the Balance Sheet of a company under the head:

1.Provisions

2.Reserves and Surplus

3.Current Liabilities

4.Other Liabilities

Question:

Purchases of goods on credit from A is recorded as:

1.Debit purchases a/c; credit cash a/c

2.Debit A a/c; credit purchases a/c

3.Debit purchases a/c; credit A a/c

4.Debit A a/c; credit stock a/c

Question:

Rent paid to landlord should be credited to

1.Landlords account

2.Rent account

3.Cash account

4.Expense account

Question:

Sales made to Mahesh for cash should be debited to

1.Cash account

2.Mahesh Account

3.Sales account

4.Purchase account

Question:

Sunk costs are:

1.relevant for decision making

2.Not relevant for decision making

3.cost to be incurred in future

4.future costs

Question:

The basic concepts related to p& l a/c are:

1.Realization Concept

2.Matching Concept

3.Cost Concept

4.Both a and b above

Question:

The following comments all relate to the recording process. Which of these statements is correct?

1.The general ledger is a chronological record of transactions.

2.The general ledger is posted from transactions recorded in the general journal.

3.The trial balance provides the primary source document for recording transactions into the general journal.

4.Transposition is the transfer of information from the general journal to the general ledger.

Question:

The following comments each relate to the recording of journal entries. Which statement is true?

1.For any given journal entry, debits must exceed credits.

2.It is customary to record credits on the left and debits on the right.

3.The chart of accounts reveals the amount to debit and credit to the affected accounts.

4.Journalization is the process of converting transactions and events into debit/credit format.

Question:

The primary objective of management accounting is

1.Prepare final a/c

2.Provide management complete and true information

3.Both (a) & (b)

4.None of these

Question:

The term Management Accounting was first used in

1.1910

2.1939

3.1950

4.1960

Question:

The transferring of debit and credit items from journal to the respective accounts in the ledger is called as

1.Ledger

2.Posting

3.Forward journal

4.None of these

Question:

Trade Payables are recorded in ______________

1.Asset side of B/S

2.Liability side of B/S

3.P & L a/c

4.None of the above

Question:

What comes in is to be debited, what goes out is to be credited.

1.Rules of Personal

2.Rules of Real

3.Rules of Nominal

4.All of these

Question:

Which items does not come under the balance sheet

1.sales

2.Share capital

3.Reserves and surplus

4.Unsecured loan

Question:

Which of the following is a liability?

1.Loan from Mr.Y

2.loan to Mr.y

3.Both (a) (b)

4.None of these

Question:

Which of the following is a liability?

1.Loan from Mr.Y

2.loan to Mr.y

3.Both (a) (b)

4.None of these

Question:

Which of the following is not an example of real a/c:

1.Machinery

2.Building

3.Cash

4.Creditor

Question:

Which of the following is not related with Money Measurement Concept ?

1.All business transaction should be expressed only in money

2.The transactions which cannot be expressed in money, will not be recorded in accounting books

3.Business is treated as separate from the proprietor

4.None of these

Question:

Which one of the following is not an example of Intangible Assets?

1.Patents

2.Trade Marks

3.Copyright

4.Land

Question:

_______ system records only actual cash receipts and payments

1.Cash basis

2.Accrual basis

3.Mercantile basis

4.Single entry basis

Posted on by R4R Team

/MBA Accounting MCQ Question Set 2 MCQS HUB ,Sample Test,Sample questions

Question: Aggregate of direct costs is known as:

Question: All direct & indirect expenses related to business are charged:

Question: All those to whom business owes money are:

Question: Authorized capital, also known as

Question: Carriage outward is charged to

Question: Cost accounting emerged mainly on account of:

Question: Cost accounting information can be used for:

Question: Cost of goods sold= opening stock+ net purchases+ expenses on Purchases – sales Which part of formula is wrong?

Question: Creating provision against fluctuation in the price of investment is application of accounting concept

Question: Creating provision against fluctuation in the price of investment is application of accounting concept

Question: Credit balance of profit & loss a/c shown on

Question: Current liability does not include

Question: Debit what come in Credit what goes out rule for

Question: Depreciation is a charge against

Question: Financial accounting is concerned with

Question: Fixed assets and current assets are categorized as per concept of:

Question: Going concern concept assumes

Question: Goods given as samples should be credited to:

Question: If loan have been guaranteed by managers and directors is called as

Question: Income tax paid by a sole proprietor on his business income should be:

Question: Information about an item is ______________ if its omission or misstatement might influence the financial decision of the users taken on the basis of that information

Question: Insurance prepaid is shown as

Question: Interest on drawings is:

Question: Investment of X company profit in shares of other company PQR Pvt. ltd are recorded in

Question: Management accounting is applicable to

Question: Management Accounting relates to

Question: Opening stock + ____ + Direct Expenses (Carriage on Raw material)-Closing Stock = ____

Question: Outstanding expenses are charged to

Question: Payment received from Debtor

Question: Payment received from debtor:

Question: Proposed dividends" is shown in the Balance Sheet of a company under the head:

Question: Purchases of goods on credit from A is recorded as:

Question: Rent paid to landlord should be credited to

Question: Sales made to Mahesh for cash should be debited to

Question: Sunk costs are:

Question: The basic concepts related to p& l a/c are:

Question: The following comments all relate to the recording process. Which of these statements is correct?

Question: The following comments each relate to the recording of journal entries. Which statement is true?

Question: The primary objective of management accounting is

Question: The term Management Accounting was first used in

Question: The transferring of debit and credit items from journal to the respective accounts in the ledger is called as

Question: Trade Payables are recorded in ______________

Question: What comes in is to be debited, what goes out is to be credited.

Question: Which items does not come under the balance sheet

Question: Which of the following is a liability?

Question: Which of the following is a liability?

Question: Which of the following is not an example of real a/c:

Question: Which of the following is not related with Money Measurement Concept ?

Question: Which one of the following is not an example of Intangible Assets?

Question: _______ system records only actual cash receipts and payments

More MCQS

Search

R4R Team

Question:
Aggregate of direct costs is known as:

Question:
All direct & indirect expenses related to business are charged:

Question:
All those to whom business owes money are:

Question:
Authorized capital, also known as

Question:
Carriage outward is charged to

Question:
Cost accounting emerged mainly on account of:

Question:
Cost accounting information can be used for:

Question:
Cost of goods sold= opening stock+ net purchases+ expenses on Purchases – sales Which part of formula is wrong?

Question:
Creating provision against fluctuation in the price of investment is application of accounting concept

Question:
Creating provision against fluctuation in the price of investment is application of accounting concept

Question:
Credit balance of profit & loss a/c shown on

Question:
Current liability does not include

Question:
Debit what come in Credit what goes out rule for

Question:
Depreciation is a charge against

Question:
Financial accounting is concerned with

Question:
Fixed assets and current assets are categorized as per concept of:

Question:
Going concern concept assumes

Question:
Goods given as samples should be credited to:

Question:
If loan have been guaranteed by managers and directors is called as

Question:
Income tax paid by a sole proprietor on his business income should be:

Question:
Information about an item is ______________ if its omission or misstatement might influence the financial decision of the users taken on the basis of that information

Question:
Insurance prepaid is shown as

Question:
Interest on drawings is:

Question:
Investment of X company profit in shares of other company PQR Pvt. ltd are recorded in

Question:
Management accounting is applicable to

Question:
Management Accounting relates to

Question:
Opening stock + + Direct Expenses (Carriage on Raw material)-Closing Stock =

Question:
Outstanding expenses are charged to

Question:
Payment received from Debtor

Question:
Payment received from debtor:

Question:
Proposed dividends" is shown in the Balance Sheet of a company under the head:

Question:
Purchases of goods on credit from A is recorded as:

Question:
Rent paid to landlord should be credited to

Question:
Sales made to Mahesh for cash should be debited to

Question:
Sunk costs are:

Question:
The basic concepts related to p& l a/c are:

Question:
The following comments all relate to the recording process. Which of these statements is correct?

Question:
The following comments each relate to the recording of journal entries. Which statement is true?

Question:
The primary objective of management accounting is

Question:
The term Management Accounting was first used in

Question:
The transferring of debit and credit items from journal to the respective accounts in the ledger is called as

Question:
Trade Payables are recorded in ______________

Question:
What comes in is to be debited, what goes out is to be credited.

Question:
Which items does not come under the balance sheet

Question:
Which of the following is a liability?

Question:
Which of the following is a liability?

Question:
Which of the following is not an example of real a/c:

Question:
Which of the following is not related with Money Measurement Concept ?

Question:
Which one of the following is not an example of Intangible Assets?

Question:
_______ system records only actual cash receipts and payments