Top 250+ Solved Fundamentals of Accounting MCQ Questions Answer
Q. Users of accounting information include ………………………
a. Creditors
b. Lenders
c. Customers
d. All of the above
Q. Accounting standards in India are issued by ……………………
a. Central Govt.
b. State Govt.
c. Institute of chartered accountants in India
d. RBI
Q. Book debts normally has ……………………… balance.
a. Credit
b. Debit
c. Unfavorable
d. None of the above.
Q. Capital expenditure provide ………………………… benefits
a. Long period
b. Short period
c. Very short period
d. None of the above
Q. Accounts payable normally has ……………………….. balnce.
a. Credit
b. Debit
c. Unfavorable
d. None of the above
Q. Interest on drawings is …………………………….. for the business.3
a. Expense
b. Capital
c. Gain
d. None of the abve
Q. Petty expenses paid in cash are recorded in:
a. Purchase book
b. Sales book
c. Petty cash book
d. Purchase return book
Q. All of the following have debit balance except:
a. 6% debentures
b. Loan to contractor
c. Interest on debentures
d. Audit fees
Q. Salary and wages is debited to:
a. Trading account
b. P/L account
c. Profit and loss appropriation account
d. Balance sheet
Q. Wages and salary is debited to:
a. Trading account
b. P/L Account
c. Profit and loss appropriations account
d. Balance sheet
Q. Journal proper records ……………………………
a. Credit purchase
b. Credit sales
c. Purchase of asset on credit
d. Sales return