Accounting MCQ Questions and Answers Quiz

41. The accounts that records expenses, gains and losses are

  1. Personal accounts
  2. Real accounts
  3. Nominal accounts
  4. None of the above

42. The process of entering all transactions from the journal to ledger is called

  1. Posting
  2. Entry
  3. Accounting
  4. None of the above

43. Budgeting is difficult to apply in the following cases

  1. Products subjected to rapid changes
  2. Job order manufacturing
  3. Uncertain market conditions
  4. All of the above

44. The following is (are) the type(s) of Journal

  1. Purchase journal
  2. Sales journal
  3. Cash journal
  4. All of the above

45. Current ratio =

  1. Quick assets / Current liabilities
  2. Current assets / Current liabilities
  3. Debt. / Equity
  4. Current assets / Equity

46. A Master Budget consists of

  1. Sales budget
  2. Production budget
  3. Material budget
  4. All of the above

47. In journal, the business transaction is recorded

  1. Same day
  2. Next day
  3. Once in a week
  4. Once in a month

48. The following is not a type of liability

  1. Short term
  2. Current
  3. Fixed
  4. Contingent

49. Which of the following would not be found on a standardized balance sheet?

  1. Tangible Assets
  2. Amounts written off Investments
  3. Debtors
  4. Share Premium Account

50. The following is a statement showing the financial status of the company at any given time

  1. Trading account
  2. Profit and Loss statements
  3. Balance sheet
  4. Cash book
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