Top 250+ Solved Fundamentals of Accounting MCQ Questions Answer
Q. Income tax of the sole trade paid is shown
a. Debited to P & L Account
b. Debited to Trading Account
c. Debited to his Capital Account
d. None of the above
Q. Narration are given at the end of
a. Final Accounts
b. Each Ledger Account in Trial Balance
c. Each Ledger Account
d. Each Journal Entry
Q. Life membership fees received by a club is a
a. Revenue Expenditure
b. Capital Expenditure
c. Deferred Revenue Expenditure
d. Capital Receipt
Q. A bad debt recovered during the year will be
a. Capital Expenditure
b. Revenue Expenditure
c. Capital Receipt
d. Revenue Receipt
Q. Nominal Account represents
a. Profit & Gain
b. Loss / Expenses
c. Both (A) and (B)
d. None of the above
Q. Prepaid rent is a
a. Nominal Account
b. Representative Personal Account
c. Tangible Assets Account
d. None of the above
Q. Purchases book is used to record
a. All purchases of goods
b. All credit purchases
c. All credit purchases of goods
d. All credit purchases of assets other than goods
Q. The source document or voucher used for recording entries in Sales Book is
a. invoice recieved
b. invoice sent out
c. credit notes sent out
d. debit notes received
Q. Ledger contains various _______ in it.
a. transactions
b. entries
c. accounts
d. None of the above
Q. The value of an asset after deducting depreciation from the historical cost is known as
a. Fair value
b. Market value
c. Net realizable value
d. Book value
Q. Goods worth 272 returned by Lala passed through the books as 722. In the rectification entry
a. Lala will be debited by 450
b. Lala will be debited by 272
c. Lala will be credited by 722
d. Lala will be credited by 272
Q. When preparing a bank reconciliation statement, if you start with debit balance as per cash book cheques sent to bank but not collected should be
a. Added
b. Deducted
c. Not required to be adjusted
d. None of the above
Q. Payment of Bills of Exchange is received
a. by drawer
b. by holder in due course of due date
c. by endorsee
d. by bank
Q. Which of these is/are recurring (indirect) expenses?
a. Transit Insurance and Freight
b. Octroi
c. Loading and Unloading
d. Godown Rent and Insurance