Top 250+ Solved Fundamentals of Accounting MCQ Questions Answer
Q. Land & building is a …………………………………
a. Fixed asset
b. Current asset
c. Fictitious asset
d. Intangible asset
Q. Which of the following account will have credit balance?
a. Bank over draft
b. Carriage inwards
c. Prepaid expenses
d. Bills receivable
Q. Three column cash book records …………………………
a. Only cash transactions
b. All transactions
c. Cash bank and discount transactions
d. Cash purchase and cash sales transactions
Q. Trial balance is prepared according to :
a. Total method
b. Balance method
c. Total and balance method
d. All the three
Q. A person who owes money to the business is a …………………………
a. Debtor
b. Creditor
c. Investor
d. Supplier
Q. A ……………………….. is person to whom business owes money.
a. Debtor
b. Creditor
c. Investor
d. Propriator
Q. Assets acquired for long use in the business are called ………………….
a. Fixed assets
b. Current assets
c. Fictitious asset
d. Liquid asset
Q. Assets acquired for short term use in the business are called……………..
a. Fixed assets
b. Current assets
c. Fictitious assets
d. Liquid assets
Q. ………………….. is the major source of revenue of any business.
a. Investment
b. Advances
c. Loan
d. Sales
Q. ……………….. refers the amount invested by the owner into business.
a. Loan
b. Advance
c. Capital
d. Prepaid expences
Q. Aseets having definite shape and physical existensce are called……….
a. Tangible asset
b. Intangible asset
c. Wasting asset
d. Fictitious asset
Q. Assets which get exhausted to the extent of extraction are called ……….
a. Tangible asset
b. Intangible asset
c. Wasting asset
d. Fictitious asset
Q. ……………. are liabilities which become due and payable within a short period.
a. Fixed liabilities
b. Long term liabilities
c. Current liabilities
d. Contingent liabilities