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MCQs

Total Questions : 250 | Page 1 of 25 pages
Question 1. Which account is the odd one
  1.    Furniture
  2.    Land and buildings
  3.    Stock of raw materials
  4.    Plant and machinery
 Discuss Question
Answer: Option C. -> Stock of raw materials
Question 2. Which of the following is the example of external users of accounting information
  1.    Government
  2.    Owners
  3.    Management
  4.    Employee
 Discuss Question
Answer: Option A. -> Government
Question 3. A ______ is sent to a customer when he returns the goods
  1.    Debit note
  2.    Credit note
  3.    Proforma invoice
  4.    Bill
 Discuss Question
Answer: Option B. -> Credit note
Question 4. Which of the following is not a transaction
  1.    Goods are purchased on cash basis for Rs 1000
  2.    Salaries paid for the month of May 20XX
  3.    Land is purchased for Rs 10 lakhs
  4.    An employee is dismissed from the job
 Discuss Question
Answer: Option D. -> An employee is dismissed from the job
Question 5. Bank account is ________
  1.    Personal account
  2.    Real account
  3.    Nominal account
  4.    Intangible real account
 Discuss Question
Answer: Option A. -> Personal account
Question 6. Income earned but not received is known as ________
  1.    Advance income
  2.    Proposed income
  3.    Earned income
  4.    Accrued income
 Discuss Question
Answer: Option D. -> Accrued income
Question 7. _____ refers the amount invested by the owner into business
  1.    Loan
  2.    Advance
  3.    Capital
  4.    Prepaid expenses
 Discuss Question
Answer: Option C. -> Capital
Question 8. _______ is the major source of revenue of any business
  1.    Investment
  2.    Advances
  3.    Loan
  4.    Sales
 Discuss Question
Answer: Option D. -> Sales
Question 9. Assets acquired for long term use in the business are called ________
  1.    Fixed assets
  2.    Current assets
  3.    Fictitious assets
  4.    Liquid asset
 Discuss Question
Answer: Option A. -> Fixed assets
Question 10. A person who owes money to the business is a ________
  1.    Debtor
  2.    Creditor
  3.    Investor
  4.    Supplier
 Discuss Question
Answer: Option A. -> Debtor

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