Accounting Questions MCQs Total Questions : 437 Page 1 of 22 pages Question 1. Accounting provides information on Cost and income for managers Company's tax liability for a particular year Financial conditions of an institutions All of the above See Solution Answer: Option D Question 2. The long term assets that have no physical existence but are rights that have value is known as Current assets Fixed assets Intangible assets Investments See Solution Answer: Option C Question 3. The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as Current assets Fixed assets Intangible assets Investments See Solution Answer: Option A Question 4. The debts which are to be repaid within a short period (year or less) are known as Current liabilities Fixed liabilities Contingent liabilities All of the above See Solution Answer: Option A Question 5. Patents, Copyrights and Trademarks are Current assets Fixed assets Intangible assets Investments See Solution Answer: Option C Question 6. The sales income (Credit and Cash) of a business during a given period is called Transactions Sales Returns Turnover Purchase Returns See Solution Answer: Option C Question 7. Any written evidence in support of a business transaction is called Journal Ledger Ledger posting Voucher See Solution Answer: Option D Question 8. In Journal, the business transaction is recorded Same day Next day Once in a week Once in a month See Solution Answer: Option A Question 9. Real account records Dealings with creditors or debtors Dealings in commodities Gains and losses All of the above See Solution Answer: Option B Question 10. The account that records expenses, gains and losses is Personal account Real account Nominal account None of the above See Solution Answer: Option C Question 11. The following is (are) the type(s) of Journal Purchase Journal Sales Journal Cash Journal All of the above See Solution Answer: Option D Question 12. The process of entering all transactions from the Journal to Ledger is called Posting Entry Accounting None of the above See Solution Answer: Option A Question 13. The following is a statement showing the financial status of the comapany at any given time Trading account Profit & Loss statement Balance Sheet Cash Book See Solution Answer: Option C Question 14. The following is a statement of revenues and expenses for a specific period of time Trading account Trial Balance Profit & Loss statements Balance Sheet See Solution Answer: Option C Question 15. Balance sheet is a statement of Assets Liabilities Capital All of the above See Solution Answer: Option D Question 16. Balance sheets are prepared Daily Weekly Monthly Annually See Solution Answer: Option D Question 17. The ratios that refer to the ability of the firm to meet the short term obligations out of its short term resources Liquidity ratio Leverage ratio Activity ratio Profitability ratio See Solution Answer: Option A Question 18. The measure of how efficiently the assets resources are employed by the firm is called Liquidity ratio Leverage ratio Activity ratio Profitability ratio See Solution Answer: Option C Question 19. The following is (are) the current liability (ies) Bills payable Outstanding expenses Bank Overdraft All of the above See Solution Answer: Option D Question 20. Current ratio = Quick assets/Current liabilities Current assets/Current liabilities Debt/Equity Current assets/Equity See Solution Answer: Option B 1234567...2122Next →
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