Top 250+ Solved Fundamentals of Accounting MCQ Questions Answer
Q. Goods of the invoice value of 2,40,000 sent out to consignee at 20% profit on cost, theloading amount will be
a. 40,000
b. 48,000
c. 50,000
d. None of the above
Q. Memorandum joint venture account is
a. Personal Account
b. Real Account
c. Nominal Account
d. None of the above
Q. Purchase book records:
a. All cash purchases
b. All credit purchases
c. Credit purchase of goods in trade
d. None of the above
Q. A bank reconciliation statement is prepared to know the causes for the differences between:
a. The balances as per cash column of cash book and the pass book
b. The balances as per bank column of cash book and the pass book
c. The balances as per bank column of cash book and cash column of cash book
d. None of the above
Q. Which of the following is of capital nature:
a. Purchase of goods
b. Cost of repair
c. Wages paid for installation of machinery
d. Ret of factory
Q. Which financial statement represents the accounting equation “assets = liabilities + owners’ equity”
a. Trading account
b. Profit &loss account
c. Balance sheet
d. Statement of cash flows
Q. “Business unit separate and distinct from the owner of it ”,is based on:
a. Money measurement
b. Going concern concept
c. Business entity concept
d. Dual aspect concept
Q. If two or more transactions of the same nature are journalize together having either the debit or credit account common is known as:
a. Compound journal entry
b. Separate journal entry
c. Posting
d. Journalizing
Q. A ………………. Is sent to a customer when he returns the goods
a. Debit note
b. Credit note
c. Proforma invoice
d. Bill
Q. Writing of the transactions in the ledger is called……………………
a. Posting
b. Journalizing
c. Balancing
d. Auditing
Q. A withdrawal of cash from the business by the proprietor should be Credited to:
a. Drawings A/c
b. Capital A/c
c. Cash A/c
d. Current A/c
Q. Narrations are given at the end of …………………………….
a. Final accounts
b. Trial balance
c. Each ledger accounts
d. Each journal entry