Accounting MCQ Questions and Answers Quiz

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

  1. Current ratio
  2. Acid test ratio
  3. Debt Equity ratio
  4. Debt service coverage ratio

22. Balance sheets are prepared

  1. Daily
  2. Weekly
  3. Monthly
  4. Annually

23. Real accounts records

  1. Dealings with creditors or debtors
  2. Dealings in commodities
  3. Gains and losses
  4. All of the above

24. Asset accounts have what type of balance?

  1. Debit
  2. Credit
  3. Contra
  4. All of the above

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

  1. Debit
  2. Credit
  3. Contra
  4. All of the above

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

  1. Earned
  2. Collected
  3. Contracted
  4. Readily available for use

27. Which account increases equity?

  1. Expenses
  2. Withdrawals
  3. Treasury stock
  4. Revenues

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

  1. First
  2. Second
  3. Eighth
  4. Fourth

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

  1. General journal
  2. General ledger
  3. T-account
  4. Ledger account

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

  1. Improper utilization of resources
  2. Over investment in assets
  3. Both A and B
  4. None of the above
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