Accounting Mcqs

Q.  Collection of account receivable will

a. Increase assets and decrease assets
b. Increase assets and decrease liabilities
c. Increase assets and increase capital
d. Increase assets and increase cash


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MCQs:  Discount allowed is___________?
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MCQs:  _________ is the evidence that a transaction took place?
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MCQs:  Which of the following will be debited if a business purchases goods on credit?
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MCQs:  Which of the following accounts will be debited if the business’s owner withdraws cash from business for his personal use?
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MCQs:  Journals are also referred as_____________?
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MCQs:  The standard format of journal does not include which of the following?
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MCQs:  In which of the following orders data is entered in journal?
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MCQs:  Which of the following accounts will be credited if a company purchases building for cash?
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MCQs:  Discount for quick repayment of debt is normally referred as____________?
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MCQs:  The first step in accounting process is___________?
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MCQs:  A chart of accounts generally start with which of the following types of accounts?
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MCQs:  Total depreciation of an asset cannot exceed its:
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MCQs:  Amount paid to Masood posted to the credit side of his account would affect___________?
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MCQs:  Which of the following statements is/are true ?
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MCQs:  Which of the following is true regarding closing entries?
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MCQs:  Closing stock is generally valued at______________?
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MCQs:  Which of the following assets is/are to be valued at the lower of cost and net realizable value?
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MCQs:  A few errors committed in Ahhiwalia’s books of account are given below. State which errors would affect the Trial Balance. (a). Sales of `950 to Ram completely omitted from books of account (b). Purchases of `720 from Shyam entered in the purchases journal as `700 (c). Purchases Journal is overcast by `1,000 (d). Sales returns journal is undercast by `200 (e) Amount paid to Agarwal wrongly posted to the debit to Mittal’s account (f) Bank overdraft shown under debit column in the Trial Balance (g) Sales of `500 to Sadiq entered in sales journal as sales to Mushtaq (h) Wages paid for installation of machinery debited to wages account
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MCQs:  Which of the following methods is not a practical way of realizing revenue?
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MCQs:  The amount payable to a person as consideration for the use of rights vested in him is
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