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Accounting MCQ Multiple Choice Questions Answers for Practice

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

2. Return on Investment Ratio (ROI) =

3. Which account is not a liability account?

4. Which of the following is not a liability?

5. Which of the following is not a credit balance?

6. Sales expenditure budget is prepared by estimating the expense(s) of

7. Which of these is not included as a separate item in the basic accounting equation?

8. Balance sheet is a statement of

9. Which of the following balance sheet equations is wrong?

10. Which of the following source books will not be required in a cash business?

11. A higher inventory ratio indicates

12. The following is (are) the current liability (ies)

13. Accounting provides information on

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

15. The long term assets that have no physical existence but are rights that have value is known as

16. The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as

17. Patents, Copyrights and Trademarks are

18. Liquid or Quick assets =

19. The liabilities that are payable in more than a year and are not be liquidated from current assets

20. The debts, which are to be repaid within a short period (year or less) are known as

21. The following is also known as External Internal Equity ratio

22. Balance sheets are prepared

23. Real accounts records

24. Asset accounts have what type of balance?

25. A contra asset account has what type of balance?

26. The accrual basis of accounting records revenues when they are:

27. Which account increases equity?

28. which EC directive standardized the form of accounts to which financial reports for external users must conform?

29. The account format that displays debits, credits, balances, and headings.

30. A Low Return on Investment Ratio (ROI) indicates

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

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