Identify the nominal account
Identify the nominal account
A. Machinery account
B. Building account
C. Creditors account
D. Rent expenses account
Identify the nominal account Read More »
Accounting MCQs / Q&AMCQs / Q&A
Double entry implies that
Double entry implies that
A. Recording entries in journal
B. Recording entries in Ledger account
C. Recording two aspects of every transaction
D. Recording every transaction in books
Double entry implies that Read More »
Accounting MCQs / Q&ANet loss occurs when______________?
Net loss occurs when______________?
A. Expenses are greater than Income
B. Expenses are less than Income
C. Expenses=Income
D. Liabilities are greater than income
Net loss occurs when______________? Read More »
Accounting MCQs / Q&A_______ the withdrawal of cash and goods by the owner of the busienss for his/her personal use?
_______ the withdrawal of cash and goods by the owner of the busienss for his/her personal use?
A. Depreciation
B. Drawings
C. Outflow of cash
D. Appreciation
Identify the asset from the following:
Identify the asset from the following:
A. Cash and cash equivalent
B. Creditors
C. Notes payable
D. Bank loan
Identify the asset from the following: Read More »
Accounting MCQs / Q&AWhat is equity?
What is equity?
A. Cash from the business
B. liability of a business
C. Owner’s claim on total assets
D. Owner’s claim on total liabilities
Which of the following is a liability?
Which of the following is a liability?
A. Cash
B. Equipment
C. Debtors
D. Creditors
Which of the following is a liability? Read More »
Accounting MCQs / Q&AWhat is the basic accounting equation?
What is the basic accounting equation?
A. Capital+Liabilities=Assets
B. Assets+ liabilities =Capital
C. Capital+assets=liabilities
D. Liabilities+Capital
What is the basic accounting equation? Read More »
Accounting MCQs / Q&AWhich is the most important characteristic that all assets of a business have?
Which is the most important characteristic that all assets of a business have?
A. Long life of assets
B. Value of assets
C. Intangible nature of assets
D. Future economic benefits
Which is the most important characteristic that all assets of a business have? Read More »
Accounting MCQs / Q&AWhich of the following can be considered as the most important phase of accounting cycle and it is the primarily objective of financial accounting?
Which of the following can be considered as the most important phase of accounting cycle and it is the primarily objective of financial accounting?
A. Identifying transactions
B. Preparing “T Accounts”
C. Preparing financial statements
D. Preparing trial balances