Top 250+ Solved Fundamentals of Accounting MCQ Questions Answer
Q. ________________________is not objective of accounting.
a. Gives accurate information
b. Keeps records in systematic manner
c. Analyses recorded data
d. Ascertain financial position of business
Q. Which of the following is not a paper transaction?
a. Charge of depreciation
b. Discount received
c. Bad debts written off
d. Cash stolen from office
Q. Which of the following is capital expenditure?
a. Repairs of fixed asset
b. Demolition cost
c. Locker rent
d. Annual subscription
Q. Advertising expenses for launching a new product of the company is____________.
a. Revenue expenditure
b. Capital expenditure
c. Deferred revenue expenditure
d. Deferred capital expenditure
Q. ___________________does fulfill the function of both a journal and a ledger.
a. Purchase book
b. Cash book
c. Sales book
d. Bills Payable book
Q. Which of the following is artificial personal account?
a. SBI account
b. Wages paid account
c. Discount received account
d. Drawings account
Q. Accounting cycle ends with preparation of______________.
a. the journal/ledger
b. the trial balance
c. the financial statement
d. the closing entries record
Q. Journal proper uses to record _________________.
a. bad debts recovered
b. all cash purchases of assets other than goods
c. writing of bad debts
d. purchase of goods on credit
Q. In case of, deposited of c heque into bank but not collected, the balance is less as per________________.
a. Cash book
b. Pass book
c. Pass book overdraft
d. Both (A) and (B)
Q. Accounting does not record non-financial transactions because of
a. Entity concept
b. Accrual concept
c. Cost concept
d. Money measurement concept
Q. Narration is given at the end of
a. Final accounts
b. Trial balance
c. Each ledger account
d. Each journal entry
Q. Which one of the following is an example of Personal Account?
a. Machinery
b. Rent
c. Cash
d. Creditor
Q. 5,000 incurred for up gradation of computer by installation of 128 MB Ram is
a. Revenue expenditure
b. Deferred revenue expenditure
c. Capital expenditure
d. None of the above
Q. Cost of goods purchased for resale is an example of
a. Revenue expenditure
b. Capital expenditure
c. Deferred revenue expenditure
d. None of the above
Q. Insurance claim received on account of machinery damaged completely by fire is
a. Capital receipt
b. Revenue receipt
c. Capital expenditure
d. Revenue expenditure