Accounting Mcqs

Q.  The systems of accounting are _____________?

a. Two
b. Three
c. Five
d. Six


ANSWER: See Answer
 
There are two systems of Accounting:
1. Cash System of Accounting
2. Mercantile or Accrual System of Accounting
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MCQs:  Which of the following is a type of cash receipt journal + cash payment journal?
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MCQs:  Cash purchases is recorded in which of the following specialized journals?
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MCQs:  A brief explanation recorded below every entry in general journal is commonly known as__________?
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MCQs:  Credit purchase of plant and machinery is recorded in which of the following journals?
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MCQs:  Debit note is the basis for recording a transaction in which of the following journals?
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MCQs:  SALE of old furniture” will be recorded in which of the following specialised journals?
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MCQs:  Credit note is the basis for recording a transaction in which of the following SPECIALIZED journals?
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MCQs:  Specialized journals are more adequate for which TYPE OF BUSINESSES?
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MCQs:  Which of the following is known as an evidence that a transaction took place?
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MCQs:  BUSINESS paid rent amounting to $100″ which of the following specialized journals records this transaction?
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MCQs:  Credit memo or credit note No. is entered in which of the following journal?
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MCQs:  In accounting an Economic event is referred to as:
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MCQs:  Identify the correct sequence of accounting process
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MCQs:  Bookkeeping mainly concerns with which part of accounting process?
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MCQs:  Financial accounting provides financial information to all of the following external users except:
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MCQs:  For which step of accounting process the accountants of business entity prepare financial statements?
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MCQs:  Keeping the log of financial information in books of original entries is called__________?
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MCQs:  Auditing is what?
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MCQs:  Which of the following is the external user of financial statements?
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MCQs:  Which of the following is the internal user of financial statements?
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