Accounting Mcqs

Q.  Credit note is the basis for recording a transaction in which of the following SPECIALIZED journals?

a. Purchase journal
b. Sales return journal
c. General journal
d. Cash receipt journal


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MCQs:  An asset must be _______ by the business to be shown as an asset in its “balance sheet”
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MCQs:  Liability are arisen from which of the following events?
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MCQs:  Which of the following can be considered as the most important phase of accounting cycle and it is the primarily objective of financial accounting?
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MCQs:  Which is the most important characteristic that all assets of a business have?
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MCQs:  What is the basic accounting equation?
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MCQs:  Which of the following is a liability?
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MCQs:  What is equity?
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MCQs:  Identify the asset from the following:
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MCQs:  _______ the withdrawal of cash and goods by the owner of the busienss for his/her personal use?
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MCQs:  Net loss occurs when______________?
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MCQs:  Double entry implies that
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MCQs:  Identify the nominal account
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MCQs:  Which of the following accounts can be classified as a real account?
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MCQs:  Transferring entries from journal to ledger account is commonly known as____________?
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MCQs:  An account records the ___________ in the balance of an item?
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MCQs:  If credit side of a bank account is greater than the debit side, it indicates which of the following?
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MCQs:  If debit side of a bank account is greater than credit side it indicates which of the following?
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MCQs:  _________ will be credited if goods are given as charity?
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MCQs:  Which of the following is known as the base for preparing trial balance?
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MCQs:  If debit balance is greater than creadit balance then the account blance will be__________?
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