Accounting MCQs
Accounting MCQs Test Preparation | Latest 2025 Quiz FPSC, NTS, KPPSC, PPSC, SPSC, BPSC, OTS, UTS, PTS, CTS, ATS, ETEA MCQs Test Questions.
When a person purchasing goods on credit he becomes a_________in the books of the seller?
A: Debtor
B: Creditor
C: Defaulter
D: Offender
Debtor
Cost of goods sold excludes___________?
A: Opening Stock
B: Carriage inward
C: Wages & Salary
D: Postage & Stamps
Postage & Stamps
Tax deducted at source A/c appears in___________?
A: Assets side
B: Liability side
C: Profit & Loss A/c
D: Debited to Capital A/c
Assets side
Investment in own share A/c appears in____________?
A: Asset side
B: Liability side
C: Netted from Capital
D: Profit & Loss A/c
Asset side
Payments received in advance from a customer for a contract can be__________?
A: Shown as a deduction from contract work-in-progress on asset side
B: Shown as a liability
C: Credited to P&L A/c
D: Either or
E: above
Either or above
If a company has contingent liabilities, they appear in the__________?
A: Balance Sheet
B: Directors report
C: Notes on account to Balance Sheet
D: Chairmans report
Notes on account to Balance Sheet
Depreciation is calculated on the____________?
A: Cost price of asset
B: Market price
C: Cost+ Transport+ Installation expenses
D: Cost or market values whichever is less
Cost+ Transport+ Installation expenses
Which of the following is an external cause of depreciation?
A: Routine repair and maintenance
B: Misuse
C: Obsolescence
D: Wear and tear
Obsolescence
Which of the following is not depreciated?
A: Building
B: Land
C: Plant and Machinery
D: Office equipment
Land
____________is also known as Appraisal system of depreciation?
A: Inventory system
B: Survey system
C: Annuity system
D: Insurance
Inventory system