Accounting MCQ’s for lecturer

By: Prof. Dr. Fazal Rehman | Last updated: May 21, 2025

1. : The institution Non-trading is for?
(A) Manufacturing goods
(B) Selling goods
(C) Not to earn a profit
(D) All of the above

2. : A payment and receipt account is for?
(A) Balance sheet
(B) Profit & loss account
(C) Trial balance
(D) Cash book

3. : Payment and receipt account is for?
(A) Accrued income
(B) Capital and revenue receipt and payment
(C) Outstanding expenditures
(D) All of the above

4. : Which thing is not maintained by non-trading concerns?
(A) Payment and receipt account
(B) Income and expenditure account
(C) Balance sheet
(D) Trading Profit and Loss account

5. : In advance which subscription is received?
(A) Liability
(B) Capital Fund
(C) Asset
(D) Income

6. : In which side is the admission fee received treated?
(A) Capital income
(B) Revenue income
(C) Partly revenue income
(D) None of the above

7. : The payment and receipt account is not for?
(A) Summary of cash transaction
(B) Real account
(C) Nominal account
(D) All of the above

8. : The Expenditure and income account start with?
(A) Credit balance
(B) No balance
(C) Debit balance
(D) Liabilities

9. : Expenditure and income account is equal to?
(A) Profit and loss account
(B) Petty cash book
(C) Balance sheet
(D) All of the above

10. : The money required for a non-profit company day by day is?
(A) Capital Fund
(B) Liability
(C) Income
(D) Shares

11. : The Payment and Receipt account starts with?
(A) Ending balance
(B) Opening balance
(C) Trial balance
(D) None of the above

12. : The Capital fund is shown on which side of the balance sheet?
(A) Credit side
(B) Debit side
(C) Asset side
(D) Liability side