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Accounting Mcqs

________ is the gross inflow of economic benefits?

(A) Assets
(B) Liabilities
(C) Income
(D) Expenses

Submitted By :Ali Uppal

Liabilities are which of the following?

(A) Resources
(B) Obligations
(C) Future benefits
(D) Expenses

Submitted By :Ali Uppal

An asset posses which of the following?

(A) Future economic benefits for the business
(B) All kind of benefits for the business
(C) Expenses for the business
(D) Merits and Demerits for the business

Submitted By :Ali Uppal

________ is a separate legal entity that Total capital can be divided in many shares.

(A) Partnership
(B) Sole proprietorship
(C) Company
(D) Non-profit organization

Submitted By :Ali Uppal

Financial statements differ from management account because

(A) They are mainly prepared for external users of financial information
(B) They are more complex and hard to prepare
(C) The are the summary of accounting data
(D) The are prepared on basis of actual concept

Submitted By :Ali Uppal

Transferring entries from journal to ledger account is commonly known as____________?

(A) Recording
(B) Transferring
(C) Posting
(D) Entry making

Submitted By :Ali Uppal

Which of the following accounts can be classified as a real account?

(A) Rent expenses account
(B) Rent income account
(C) insurance expenses account
(D) Cash account

Submitted By :Ali Uppal

Identify the nominal account

(A) Machinery account
(B) Building account
(C) Creditors account
(D) Rent expenses account

Submitted By :Ali Uppal

Double entry implies that

(A) Recording entries in journal
(B) Recording entries in Ledger account
(C) Recording two aspects of every transaction
(D) Recording every transaction in books

Submitted By :Ali Uppal

Net loss occurs when______________?

(A) Expenses are greater than Income
(B) Expenses are less than Income
(C) Expenses=Income
(D) Liabilities are greater than income

Submitted By :Ali Uppal

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