Accounts MCQs

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Accounts Quiz

1 / 25

Financial accounting provides financial information to all of the following external users except:

2 / 25

Which of the following is a liability?

3 / 25

Who draws B/E?

4 / 25

SALE of old furniture” will be recorded in which of the following specialised journals?

5 / 25

___concept tells that to recognize revenue it has to be realized.

6 / 25

Transactions that a BUSINESS doesn’t record in any specialised journal are recorded in which of the following journals or day books?

7 / 25

Which of the following expenses will be shown in the Profit and Loss Account?

8 / 25

Short-term loan can be described as:

9 / 25

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

10 / 25

___ is written in a ledger A/c at the time of its closing to indicate that the balance in that A/c has been carried down to the next period.

11 / 25

Audit of a bank is generally conducted through:

12 / 25

Which of the following is a revenue expenses?

13 / 25

An account records the ___________ in the balance of an item?

14 / 25

Which of these types of expenditure would not be treated as a Capital Expenditure?

15 / 25

Auditing is what?

16 / 25

Discount for quick repayment of debt is normally referred as____________?

17 / 25

Institute of Chartered Accountants of Pakistan was established in____________?

18 / 25

The debts which are to be repaid within a short period (year or less) are known as

19 / 25

Investment Corporation of Pakistan follows:

20 / 25

Goods return to supplier are known as:__________?

21 / 25

Capital expenses are shown in______?

22 / 25

An association of cement manufacturers is an example of–

23 / 25

Depreciable amount =

24 / 25

An item of equipment cost $300,000 and has a residual value of $50,000 at the end of its expected useful life of four years. What is the depreciable amount?

25 / 25

Debit balance = Credit balance in a trial balance indicates that:

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