Accounting MCQs Quiz Multiple Choice Questions & Answers

Accounting MCQs questions answers

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Embark on a journey through the world of accounting with our comprehensive collection of multiple-choice questions and answers. Whether you're a student studying accounting principles, an aspiring accountant, or a business owner keen on understanding financial statements, our repository offers invaluable insights. Explore topics such as financial accounting, managerial accounting, auditing, taxation, and accounting principles and standards. Each multiple-choice question is meticulously crafted to challenge your understanding and ignite your curiosity about the dynamic field of accounting. From understanding the accounting cycle and financial statement preparation to mastering concepts like depreciation, inventory valuation, and ratio analysis, our MCQs provide a comprehensive exploration of all facets of accounting. Start exploring today to deepen your knowledge and excel in the art and science of accounting!

Accounting Questions with Answers

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) =

16. Which account is not a liability account?

17. Which of the following is not a liability?

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

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

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

21. Balance sheet is a statement of

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

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

24. A higher inventory ratio indicates

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

26. Accounting provides information on

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

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

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

30. Patents, Copyrights and Trademarks are

31. Liquid or Quick assets =

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

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

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

35. Balance sheets are prepared

36. Real accounts records

37. Asset accounts have what type of balance?

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

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

40. Which account increases equity?

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

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

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

44. Which financial statement displays the revenues and expenses of a company for a period of time?

45. Which financial statement uses the expanded accounting equation?

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

47. Following is (are) the characteristic(s) of a budget

48. Any written evidence in support of a business transaction is called

49. The ratios that refer to the ability of the firm to meet the short term obligations out of its short term resources

50. The measure of how efficiently the assets resources are employed by the firm is called


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