Accounting Mcqs

Q.  Net income equal to Revenues minus____________?

a. Gains
b. Depreciation
c. Expenses
d. Capital expenditures


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MCQs:  Goods returned by customer should be debited to which of the following accounts?
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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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