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Accounting MCQs with Answers

This document contains 11 multiple choice questions about accounting concepts. The questions cover topics such as the money measurement concept, dividing expenditures into capital and revenue, using the lowest price value in financial records according to the conservatism concept, different types of accounts including personal, real, nominal and representative personal accounts, and examples of nominal accounts like interest earned, commission paid, trading account, and profit and loss account.

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Mohit Sharma
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326 views2 pages

Accounting MCQs with Answers

This document contains 11 multiple choice questions about accounting concepts. The questions cover topics such as the money measurement concept, dividing expenditures into capital and revenue, using the lowest price value in financial records according to the conservatism concept, different types of accounts including personal, real, nominal and representative personal accounts, and examples of nominal accounts like interest earned, commission paid, trading account, and profit and loss account.

Uploaded by

Mohit Sharma
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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ACCOUNTING

Multiple Choice Questions & Answers


1. All the transactions measurable in the terms of money are recorded in accounts is according
to
A. business entity concept
B. going concern concept
C. money measurement concept
D. accounting period concept
ANSWER: C
2. Dividing the expenditure into capital and revenue is according to
A. business entity concept
B. going concern concept
C. money measurement concept
D. accounting period concept
ANSWER: D
3. While putting the value or price of an entity in financial records the lowest price is recorded
not the current price or current market value. This is known as
A. Business Entity Concept
B. Conservatism
C. Cost Concept
D. Money Measurement Concept
ANSWER: B
4. Co-operative societies is an example of
A. personal account
B. real account
C. nominal account
D. representative personal account
ANSWER: A
5. Outstanding salary account is a
A. natural personal account
B. artificial personal account
C. representative personal account
D. real account
ANSWER: C
6. Interest earned is a
A. personal account
B. real account
C. nominal account
D. representative personal account
ANSWER: C
7. Commission paid is a
A. personal account
B. real account
C. nominal account
D. representative personal account
ANSWER: C
8. Trading account is a
A. personal account
B. real account
C. nominal account
D. representative personal account
ANSWER: C
9. Profit and loss account is a

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ACCOUNTING
Multiple Choice Questions & Answers
A. personal account
B. real account
C. nominal account
D. representative personal account
ANSWER: C
10. All revenue incomes are credited to
A. manufacturing account
B. trading account
C. profit and loss account
D. balance sheet
ANSWER: C
11. In profit and loss account, if credit is more than the debit, the difference is
A. net profit
B. net loss
C. gross profit
D. gross loss
ANSWER: A

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