Accounting MCQ Questions and Answers for Practice

Accounting Multiple Choice Questions (MCQs) are essential for students and exam aspirants to test their knowledge and prepare effectively for various assessments. These questions cover a wide range of topics and are designed to enhance understanding and retention.

About Accounting MCQ Questions

Accounting MCQs cover fundamental and advanced concepts in accounting, including financial statements, bookkeeping, auditing, and tax laws. These questions are structured to assess your understanding of key principles and your ability to apply them in practical scenarios.

Why Practice Accounting Objective Questions?

Practicing Accounting MCQs offers numerous benefits. It helps you prepare for school and college exams, competitive tests, and job interviews. Regular practice improves your problem-solving skills, enhances your speed, and boosts your confidence. It also aids in revising and reinforcing important concepts.

Who Should Use These MCQs?

  • Students preparing for school or college exams
  • Competitive exam aspirants
  • Candidates preparing for interviews

Accounting MCQ Questions for Practice

1. Budgeting is difficult to apply in the following cases

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

3. Current ratio =

4. A Master Budget consists of

5. In journal, the business transaction is recorded

6. The following is not a type of liability

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

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

9. The following is a statement of revenues and expenses for a specific period of time

10. The sales income (Credit and Cash) of a business during a given period is called

11. Which of the following would not be found on a standardized income statement?

12. Which of the following is not an expense?

13. Which of the following is not a debit balance?

14. In which year was the Limited Liability Act passed?

15. Return on Investment Ratio (ROI) =

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