Accounting Mcqs

Modern system of book keeping is called______________?

• (A)  Double entry system
• (B)  American system
• (C)  Single entry system
• (D)  Italic system

Answer

Submitted By :Ali Uppal

Goods Return by the customer are termed as :

• (A)  Purchase return
• (B)  Customer return
• (C)  Sales return
• (D)  Inventory return

Answer

Submitted By :Ali Uppal

The maintenance of accounts in a systematic way is called__________?

• (A)  Accounting
• (B)  Reading
• (C)  Book Keeping
• (D)  Auditing

Answer

Submitted By :Ali Uppal

An Art of reading, classifying & Summarizing of accounts in a systematic way is called__________?

• (A)  Accounting
• (B)  Accountancy
• (C)  Auditing
• (D)  Book Keeping

Answer

Submitted By :Ali Uppal

A systematic way to maintain the books of accounts is called_________?

• (A)  Accountancy
• (B)  Economics
• (C)  Book Keeping
• (D)  Auditing

Answer

Submitted By :Ali Uppal

Building and furniture are called ____________?

• (A)  Current asset
• (B)  Fictitious asset
• (C)  Tangible asset
• (D)  Fixed assets

Answer

Submitted By :Ali Uppal

In support of business transaction, any written evidence is called ___________?

• (A)  Discount
• (B)  Voucher
• (C)  Allowance
• (D)  Price

Answer

Submitted By :Ali Uppal

The concession received on the price of defective goods is called:

• (A)  Discount
• (B)  Cash discount
• (C)  Allowance
• (D)  Trading discount

Answer

Submitted By :Ali Uppal

Cash brought by the owner to start business is called__________?

• (A)  Capital
• (B)  Loan
• (C)  Drawing
• (D)  None of these

Answer

Submitted By :Ali Uppal

reduction in price is called:

• (A)  Paid price
• (B)  Invoice price
• (C)  Book price
• (D)  Discount

Answer

Submitted By :Ali Uppal