Accounting MCQs
Accounting MCQs Test Preparation | Latest 2025 Quiz FPSC, NTS, KPPSC, PPSC, SPSC, BPSC, OTS, UTS, PTS, CTS, ATS, ETEA MCQs Test Questions.
The standard format of journal does not include which of the following?
A: Assets column
B: Date column
C: Description column
D: Amount column
Assets column
In which of the following orders data is entered in journal?
A: Alphabetical order
B: Numeric order
C: Bullets order
D: Chronological order
Chronological order
Which of the following accounts will be credited if a company purchases building for cash?
A: Capital account
B: Fixed assets account
C: Building account
D: Cash account
Cash account
Discount for quick repayment of debt is normally referred as____________?
A: Trade discount
B: Prompt payment discount
C: Cash discount
D: Bulk discount
Cash discount
The first step in accounting process is___________?
A: Recording the transaction
B: Identifying the transaction
C: Posting the transaction
D: Preparing the source documents
Identifying the transaction
A chart of accounts generally start with which of the following types of accounts?
A: Assets accounts
B: liability accounts
C: Cash accounts
D: Revenue accounts
Assets accounts
Total depreciation of an asset cannot exceed its:
A: Scrap value
B: Residual value
C: Market value
D: Depreciable value
Depreciable value
Amount paid to Masood posted to the credit side of his account would affect___________?
A: Masoods account
B: Cash account
C: Cash account and Gagans account
D: None of these
Masood™s account
Which of the following statements is/are true ?
A: A sale of an asset is recorded in the Sales Book
B: Total of Return Outward Book is debited to Return Outward Account
C: The balance of Petty Cash Book is a liability
D: Cash Book is a subsidiary book as well as a ledger
Cash Book is a subsidiary book as well as a ledger
Which of the following is true regarding closing entries?
A: They must be followed by reversing entries
B: They transfer the balances in all of the Nominal Accounts to the Trading and Profit and Loss Account
C: They must be made after the reversing entries but before the adjusting entries
D: They must be made after the adjusting entries but before the reversing entries
They must be made after the adjusting entries but before the reversing entries