Principles Of Accounting MCQs

Option A: Expense

Option B: Liability

Option C: financial assets

Option D: All of them

Correct Answer: financial assets ✔

Option A: Purchases

Option B: Prompt payment

Option C: Sales

Option D: Sales return

Correct Answer: Prompt payment ✔

Option A: Error of principle

Option B: Error of commission

Option C: Error of omission

Option D: Error of duplication

Correct Answer: Error of principle ✔

Option A: Two

Option B: Three

Option C: Five

Option D: Six

Correct Answer: Two ✔

Option A: Equity

Option B: Sale return

Option C: Inventory

Option D: Purchases

Correct Answer: Inventory ✔

Option A: External liabilities

Option B: Fixed liabilities

Option C: Current liabilities

Option D: Liquid Liabilities

Correct Answer: Current liabilities ✔

Option A: Fictitious assets

Option B: Quick asset

Option C: Real asset

Option D: Outstanding asset

Correct Answer: Outstanding asset ✔

Option A: Contingent assets

Option B: Fixed assets

Option C: Fictitious assets

Option D: Quick assets

Correct Answer: Contingent assets ✔

Option A: Fixed asset

Option B: Quick asset

Option C: Fictitious assets

Option D: Real assets

Correct Answer: Real assets ✔

Option A: Current asset

Option B: intangible asset

Option C: Tangible asset

Option D: Liquid asset

Correct Answer: Tangible asset ✔

Option A: Profit

Option B: Income

Option C: Expense

Option D: Drawing

Correct Answer: Drawing ✔

Option A: Current asset

Option B: Fictitious asset

Option C: Tangible asset

Option D: Fixed assets

Correct Answer: Fixed assets ✔

Option A: Discount

Option B: Voucher

Option C: Allowance

Option D: Price

Correct Answer: Voucher ✔

Option A: Discount

Option B: Cash discount

Option C: Allowance

Option D: Trading discount

Correct Answer: Allowance ✔

Option A: Capital

Option B: Loan

Option C: Drawing

Option D: None of these

Correct Answer: Capital ✔

Option A: Paid price

Option B: Invoice price

Option C: Book price

Option D: Discount

Correct Answer: Discount ✔

Option A: Return received

Option B: Return Payed

Option C: Return inward

Option D: Return outward

Correct Answer: Return inward ✔

Option A: Purchases

Option B: Return inward

Option C: Sales

Option D: Return outwards

Correct Answer: Sales ✔

Option A: Working Capital

Option B: Circulating capital

Option C: Fixed capital

Option D: Trading capital

Correct Answer: Working Capital ✔

Option A: Merchandise return

Option B: Purchase return

Option C: Return inwards

Option D: Sales return

Correct Answer: Purchase return ✔

Option A: Capital

Option B: Business

Option C: Drawings

Option D: All of them

Correct Answer: Capital ✔

Option A: Liabilities

Option B: Revenues

Option C: Expenses

Option D: Assets

Correct Answer: Liabilities ✔

Option A: Asset

Option B: Expense

Option C: Liability

Option D: Revenue

Correct Answer: Revenue ✔

Option A: Entry in two sets of books

Option B: Entry at two ends

Option C: Entry at two dates

Option D: Entry for two aspects of the transaction

Correct Answer: Entry for two aspects of the transaction ✔

Option A: Buyer

Option B: Seller

Option C: Debtor

Option D: Creditor

Correct Answer: Debtor ✔

Option A: Double entry system

Option B: American system

Option C: Single entry system

Option D: Italic system

Correct Answer: Double entry system ✔

Option A: Purchase return

Option B: Customer return

Option C: Sales return

Option D: Inventory return

Correct Answer: Sales return ✔

Option A: Accounting

Option B: Reading

Option C: Book Keeping

Option D: Auditing

Correct Answer: Book Keeping ✔

Option A: Accounting

Option B: Accountancy

Option C: Auditing

Option D: Book Keeping

Correct Answer: Accounting ✔

Option A: Accountancy

Option B: Economics

Option C: Book Keeping

Option D: Auditing

Correct Answer: Book Keeping ✔