Top 250+ Solved Fundamentals of Accounting MCQ Questions Answer
Q. Trade discount is allowed at the time of sale of goods.
a. is recorded in sales book
b. is recorded in cash book
c. is not recorded in books of accounts
d. is recorded in journal
Q. A debit note issued to a creditor for goods returned is to be recorded in the
a. Purchase return book
b. Journal Proper
c. Purchase book
d. Bill Receivable book
Q. The determination of expenses for an accounting period is based on the concept of 3
a. Consistency concept
b. Periodicity concept
c. Timelines concept
d. Industry practice
Q. Decrease in the amount of creditors results in
a. Increase in assets
b. Increase in cash
c. Decrease in cash
d. No change in assets
Q. Subscription received in advance to be shown in
a. Liability side of the balance sheet
b. Asset side of the balance sheet
c. Income and Expenditure account
d. Journal
Q. Which of the following is an accounting equation?
a. Capital = Assets + Liabilities
b. Capital = Assets – Liabilities
c. Assets = Liabilities – Capital
d. Liabilities = Assets + Capital
Q. AS – 09 deals with
a. Inventory Valuation
b. Depreciation Accounting
c. Revenue Recognition
d. Cash Flow Statement
Q. Bills Receivable books is part of the
a. Journal
b. Ledger
c. Profit & Loss Account
d. Balance Sheet
Q. ……………….. is an example for fictitious asset.
a. Machinery
b. Stock
c. Patent
d. Preliminary expenses
Q. The process of ascertaining the balance of a particular account on a given date is :
a. Posting
b. Journalizing
c. Balancing
d. Accounting
Q. If X co-venture takes away of goods under memorandum Joint Venture Method then he willdebit these goods in his books to
a. Sales Account
b. Purchase Account
c. Personal Account
d. Joint Venture Account