Top 50+ Solved Business Accounting MCQ Questions Answer
Q. Debit the receiver & credit the giver is _____ account.
a. Personal
b. Real
c. Nominal
d. All the above
Q. Which of the following is not a nominal Account?
a. Outstanding salaries Account
b. Salaries account
c. Interest paid
d. Commission received
Q. Historical cost concept requires the valuation of an asset at
a. Original cost
b. Replacement value
c. Net realizable value
d. Market value
Q. Profit and loss is calculated at the stage of
a. Recording
b. Posting
c. Classifying
d. Summarising
Q. The rule debit all expenses and losses and credit all income and gains relates to
a. Personal account
b. Real account
c. Nominal accounts
d. All
Q. The comparison of financial statement of one year with that of another is possible only when ----------------concept is followed
a. Going concern
b. Accrual
c. Consistency
d. Materiality
Q. For every debit there will be an equal credit according to
a. Matching concept
b. Cost concept
c. Money measurement concept
d. Dual aspect concept
Q. A trader calculated his profit as Rs.150000 on 31/03/2014. It is an
a. Transaction
b. Event
c. Transaction as well as event
d. Neither transaction nor event
Q. Cost concept basically recognises ____.
a. Fair Market value
b. Historical cost
c. Realisable value
d. Replacement cost
Q. Which of the following is not an internal user of management information?
a. Creditor
b. Department manager
c. Controller
d. Treasurer
Q. Double entry system is used in which type of accounting?
a. Cost
b. Financial
c. Management
d. All
Q. An accounting that deals with the accounting and reporting of information to management regarding thedetail information is
a. Financial accounting
b. Management accounting
c. Cost accounting
d. Real Accounting