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MCQs

Total Questions : 842 | Page 10 of 85 pages
Question 91. Which of the following is the normal balance of a rent expense account?
  1.    Credit balance
  2.    Cash balance
  3.    Overdraft
  4.    Debit balance
 Discuss Question
Answer: Option D. -> Debit balance
Question 92. Revenue and expense accounts are referred to as
  1.    Nominal accounts
  2.    Real account
  3.    Cash account
  4.    Bank account
 Discuss Question
Answer: Option A. -> Nominal accounts
Question 93. Office equipment's account is classified as
  1.    Nominal accounts
  2.    Real account
  3.    Cash account
  4.    Capital account
 Discuss Question
Answer: Option B. -> Real account
Question 94. Trial Balance is prepared to check accuracy of
  1.    Ledger account balances
  2.    Balance sheet balances
  3.    Income statement balances
  4.    Cash flow statement balances
 Discuss Question
Answer: Option A. -> Ledger account balances
Question 95. Which of the following is the closing balance of a ledger account?
  1.    Balance c/d
  2.    Balance b/d
  3.    Balance e/d
  4.    Balance f/c
 Discuss Question
Answer: Option A. -> Balance c/d
Question 96. Which of the following are closed at the end of an accounting period?
  1.    Nominal accounts
  2.    Personal accounts
  3.    Real accounts
  4.    None of them
 Discuss Question
Answer: Option A. -> Nominal accounts
Question 97. The real accounts are accounts of Assets, Liabilities and
  1.    Expenses
  2.    Revenues
  3.    Capital
  4.    Drawing
 Discuss Question
Answer: Option C. -> Capital
Question 98. If a transaction is completely omitted from the books of accounts, will it effect the agreement of Trial Balance?
  1.    Yes
  2.    No
  3.    Transactions can
 Discuss Question
Answer: Option B. -> No
Question 99. _______ is the common base for preparing a trial balance
  1.    Ledger accounts
  2.    General Journal
  3.    Specialized journals
  4.    Balance sheet
 Discuss Question
Answer: Option A. -> Ledger accounts
Question 100. Which of the following is true about a trial balance?
  1.    It lists down the balances of accounts
  2.    It lists down the balances of a balance sheet
  3.    It is a kind of financial statement
  4.    It is not a part of accounting cycle
 Discuss Question
Answer: Option A. -> It lists down the balances of accounts

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