Get App on

Play Store

Accounting Mcqs

Which of the following is known as the base for preparing trial balance?

  • (A)  Journal
  • (B)  Cash account
  • (C)  Ledger account
  • (D)  Balance sheet
Submitted By :Ali Uppal


_________ will be credited if goods are given as charity?

  • (A)  Cash
  • (B)  Charity
  • (C)  Purchases
  • (D)  Sales
Submitted By :Ali Uppal


If debit side of a bank account is greater than credit side it indicates which of the following?

  • (A)  Cash at bank
  • (B)  Bank understatement
  • (C)  Bank overdraft
  • (D)  Balance overstatement
Submitted By :Ali Uppal


If credit side of a bank account is greater than the debit side, it indicates which of the following?

  • (A)  Bank overdraft
  • (B)  Cash at bank
  • (C)  Bank balance
  • (D)  Current Asset
Submitted By :Ali Uppal


An account records the ___________ in the balance of an item?

  • (A)  Increase
  • (B)  Decrease
  • (C)  Increase or decrease
  • (D)  Appreciation
Submitted By :Ali Uppal


The Basic accounting equation is___________?

  • (A)  Asset=Expense +Income
  • (B)  Assets=Cash+Capital
  • (C)  Assets=Capital+Liabilities
  • (D)  Assets=Expenses+Capital
Submitted By :Ali Uppal


Which of the following is the closing balance of a ledger account?

  • (A)  Balance c/d
  • (B)  Balance b/d
  • (C)  Balance e/d
  • (D)  Balance f/c
Submitted By :Ali Uppal


Which of the following accounts are closed at the end of an accounting period?

  • (A)  Nominal accounts
  • (B)  Balance sheet accounts
  • (C)  Real accounts
  • (D)  None of them
Submitted By :Ali Uppal


Which of the following is a real account?

  • (A)  Office equipment
  • (B)  Rent expenses
  • (C)  Rent income
  • (D)  Insurance expense
Submitted By :Ali Uppal


___________ helps business to classify transactions according to their nature?

  • (A)  General journal
  • (B)  Real accounts
  • (C)  Ledger accounts
  • (D)  Cash accounts
Submitted By :Ali Uppal