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Accounting Mcqs

Modern system of book keeping is called______________?

  • (A)  Double entry system
  • (B)  American system
  • (C)  Single entry system
  • (D)  Italic system
Submitted By :Ali Uppal


Goods Return by the customer are termed as :

  • (A)  Purchase return
  • (B)  Customer return
  • (C)  Sales return
  • (D)  Inventory return
Submitted By :Ali Uppal


The maintenance of accounts in a systematic way is called__________?

  • (A)  Accounting
  • (B)  Reading
  • (C)  Book Keeping
  • (D)  Auditing
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
Submitted By :Ali Uppal


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

  • (A)  Accountancy
  • (B)  Economics
  • (C)  Book Keeping
  • (D)  Auditing
Submitted By :Ali Uppal


Building and furniture are called ____________?

  • (A)  Current asset
  • (B)  Fictitious asset
  • (C)  Tangible asset
  • (D)  Fixed assets
Submitted By :Ali Uppal


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

  • (A)  Discount
  • (B)  Voucher
  • (C)  Allowance
  • (D)  Price
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
Submitted By :Ali Uppal


Cash brought by the owner to start business is called__________?

  • (A)  Capital
  • (B)  Loan
  • (C)  Drawing
  • (D)  None of these
Submitted By :Ali Uppal


reduction in price is called:

  • (A)  Paid price
  • (B)  Invoice price
  • (C)  Book price
  • (D)  Discount
Submitted By :Ali Uppal