Top 250+ Solved Fundamentals of Accounting MCQ Questions Answer
Q. When money is withdrawn from the bank ……….. the account of the customer.
a. Credits
b. Debits
c. Either (a) or (b)
d. None of these
Q. In case of debit balance , the words …………. are written on the debit side.
a. To balance b/d
b. To balance c/d
c. By balance b/d
d. By balance c/d
Q. Bank pass book is also known as …………………………………..
a. Bank book
b. Bank account
c. Bank column
d. Bank statement
Q. Capital expenditure are recorded in the ………………..
a. Balance sheet
b. Profit & loss account
c. Trading account
d. Manufacturing account
Q. Financial statements are the part of ………………………… .
a. Accounting
b. Book keeping
c. All of the above
d. None of the above
Q. Total of purchase return boo is posted periodically to the credit of ……
a. Purchase return book
b. Cash book
c. Journal proper
d. None of these
Q. In case credit balance , the words ………….. are written on the credit side.
a. To balance b/d
b. To balance c/d
c. By balance b/d
d. By balance c/d
Q. Journal proper records :
a. Bills receivables
b. Bills payables
c. Cash payments
d. Opening entry
Q. Following is not the example of external users
a. Government
b. Management
c. Investors
d. Suppliers and other creditors
Q. The trial balance shows closing stock of Rs.30,000 .it will be recorded in ………………..
a. Trading account
b. Profit and loss account
c. Profit and loss appropriation account
d. Balance sheet
Q. Carriage outward is debited to ………………………………..
a. Trading account
b. P/L account
c. Profit and loss appropriation account
d. Balance sheet
Q. Which of the following is correct?
a. Capital = Asset – Liabilities
b. Capital = Asset + Liabilities
c. Asset = Liabilities – capital
d. Liabilities = Asset + capital