Accounting MCQs – Page 4

✅ B. For mutual financial accommodation

Option A : Genuine trade reasons Option B : For mutual financial accommodation Option C : To help augment money supply Option D : All the three Correct Answer : For mutual financial accommodation Read more

✅ B. Credit

Option A : Debit Option B : Credit Option C : Expenses Option D : Liability Correct Answer : Credit Read more

✅ B. There are not sufficient funds in your account

Option A : Bank cant verify your identity Option B : There are not sufficient funds in your account Option C : Check has been forged Option D : Check cant be cashed being illegal Correct Answer : There are not sufficient funds in your account Read more

✅ A. Accountant of the business

Option A : Accountant of the business Option B : Manager of the business Option C : Controller of the bank Option D : Accountant of the bank Correct Answer : Accountant of the business Read more

✅ C. Bank charges will be credited in cash book

Option A : Bank charges will be debited in cash book Option B : Bank charges will be added to cash book balance Option C : Bank charges will be credited in cash book Option D : Bank charges need no adjustment in cash book Correct Answer : Bank charges will be credited in cash book Read more

✅ B. Debit balance of cash book

Option A : Credit balance of cash book Option B : Debit balance of cash book Option C : Bank overdraft Option D : Adjusted balance of cash book Correct Answer : Debit balance of cash book Read more

✅ C. Cash book

Option A : Cash receipt journal Option B : Cash payment journal Option C : Cash book Option D : Financial statements Correct Answer : Cash book Read more

✅ B. Added to bank balance

Option A : Subtracted from bank balance Option B : Added to bank balance Option C : Added to Cash book balance Option D : Subtracted from cash book balance Correct Answer : Added to bank balance Read more

✅ C. 3

Option A : 4 Option B : 2 Option C : 3 Option D : 5 Correct Answer : 3 Read more

✅ A. Acceptors Account is debited in the books of drawer

Option A : Acceptors Account is debited in the books of drawer Option B : Bills Receivable Account is credited in the books of drawer Option C : Bank Account is debited in the books of drawer Option D : Bills Payable Account is debited in the books of drawer Read More Details about this Mcq Correct Answer : Acceptors… Read more

✅ E. All of these

Option A : Debit Bills Receivable Account Option B : Debit Drawees Account Option C : Credit Drawees Account Option D : Credit Sales Account Correct Answer : All of these Read more

✅ B. The person responsible for dishonour

Option A : The drawer of the bill Option B : The person responsible for dishonour Option C : The holder of the bill Option D : The endorser of the bill Read More Details about this Mcq Correct Answer : The person responsible for dishonour Read more

✅ C. Remitting or receiving the amount

Option A : Discounting of the bill with the bank Option B : Payment of the bill on due date Option C : Remitting or receiving the amount Option D : Sending the bill to bank for collection Read More Details about this Mcq Correct Answer : Remitting or receiving the amount Read more

✅ A. When a discounted bill is honoured by the drawee on the due date

Option A : When a discounted bill is honoured by the drawee on the due date Option B : When a bill is sent to the bank for collection Option C : When a bill is renewed at the request of the drawee Option D : When a debtor accepts a bill drawn by the drawer Correct Answer : When… Read more

✅ C. It is payable to the bearer

Option A : It must be in writing Option B : It contains an unconditional promise to pay Option C : It is payable to the bearer Option D : It must be signed by the maker Read More Details about this Mcq Correct Answer : It is payable to the bearer Read more

✅ A. Profit and Loss A/c

Option A : Profit and Loss A/c Option B : Trading A/c Option C : Deducted from the concerned assets A/c Option D : Shown on the liability side Correct Answer : Profit and Loss A/c Read more

✅ C. Profit and Loss A/c

Option A : In Trading A/c Option B : In Profit and Loss Appropriation A/c Option C : Profit and Loss A/c Option D : Being a non operating item ignored Correct Answer : Profit and Loss A/c Read more

✅ C. Trading A/c

Option A : Profit and Loss A/c Option B : Capitalized with work in progress Option C : Trading A/c Option D : Shown in Balance Sheet Correct Answer : Trading A/c Read more

✅ C. Interest on FDs

Option A : Income from sale of trading goods Option B : Bad debts recovered Option C : Interest on FDs Option D : None Correct Answer : Interest on FDs Read more

✅ A. 2,40,000

Option A : 2,40,000 Option B : 2,10,000 Option C : 2,00,000 Option D : 1,80,000 Correct Answer : 2,40,000 Read more