Top 250+ Solved Fundamentals of Accounting MCQ Questions Answer
Q. Which of the following lists the balance and the title of accounts in the ledger on a given date?
a. P & L account
b. Balance sheet
c. Income statement
d. Trial balance
Q. Which of the following is not an transaction?
a. Goods are purchased on cash basis for Rs.1000
b. Salaries paid for the month of may 2009
c. Land is purchased for Rs.10 lacs
d. An employee is dismissed from the job
Q. Payment of personal expenses of the owners of business need to be recorded as:
a. Drawing
b. Liabilities
c. Expenses
d. Gains
Q. …………………………….. principle requires that the same method should be used from one accounting period to the next .
a. Conservation
b. Business entity
c. Consistency
d. Money measurement
Q. The petty cashier generally works on ……………………. System
a. Accrual
b. Imprest
c. Balancing
d. None of these
Q. Difference of totals of both debit and credit side of the trial balance is transferred to:
a. Suspense account
b. Trading account
c. P & L account
d. Current account
Q. Carriage inward is debited to :
a. Suspense account
b. Trading account
c. P & L account
d. P & L appropriation account
Q. Double column cash book records :
a. Only cash transactions
b. All transactions
c. Cash and bank transactions
d. Cash purchase and cash sales transactions
Q. All of the following have debit balance except one. That account is ………
a. Wages account
b. Debtors account
c. Good will
d. Bills payable account
Q. ……………………… will generally show a debit balance.
a. Bank loan
b. Bad debt recovered
c. Salary payable
d. Drawings
Q. Purchase of a fixed asset on credit basis is recorded in …………….
a. Cash book
b. Purchase book
c. Journal proper
d. None of these
Q. Which of the following account will have credit balance?
a. Sales return
b. Bills receivable
c. Carriage inward
d. Outstanding wages
Q. Depreciations arises because of :
a. Fall in the market value of the asset
b. Fall in the value of money
c. Physical wear and tear of asset
d. Inflation in the market
Q. Goodwill is ………………………….
a. Current account
b. Fictitious asset
c. Tangible asset
d. Intangible asset