Accounting MCQ’s for lectureship

Accounting MCQs for lectureship

(1) Funds invested in fixed assets are known as…

a) Restricted funds

b) Annuity funds

c) Property Funds

d) a & b 

Answer - Click Here:
C

(2) Deficit is transfered into…

a) Accumulated profit

b) Capital fund

c) Balance sheet

d) Trading account

Answer - Click Here:
B

(3) Expenditure and income account is always records in?

a) Balance sheet

b) Petty cash book

c) Trial balance

d) All of the above

Answer - Click Here:
A

(4) If income is calculted more then expenditure then?

a) Deficit and surplus

b) Deficit

c) surplus

d) All of the above

Answer - Click Here:
C

(5) Which thing is not prepare in single entry system?

a) Trial balance

b) Trading account

c) Profit and loss account

d) Balance sheet

Answer - Click Here:
A

(6) On which fund the third party restriction exist?

a) Property fund

b) Unrestricted fund

c) Endowment fund

d) Restricted fund

Answer - Click Here:
D

(7) Single entry system is usually used by?

a) Government

b) Shareholders

c) Partners

d) None of the above

Answer - Click Here:
A

(8) In Payment and Receipt account which items are not usually adopted?

a) Expenses paid for previous year

b) Donation received during the year

c) Loss on sale of old furniture

d) Entrance fees paid by new members

Answer - Click Here:
C

(9) The single entry system is defined as?

a) Unscientific and incomplete

b) incomplete but scientific

c) complete but unscientific

d) a & b

Answer - Click Here:
A

(10) The subscription which is received in advance is called?

a) Income

b) Expense

c) Asset

d) Liability

Answer - Click Here:
D

(11) In which of the following item stock turn rate is low?

a) Grocery

b) Agent

c) Jeweler

d) All of the above

Answer - Click Here:
C

(12) If sport material is sale then in which form it is treated?

a) Expense

b) Liability

c) Asset

d) Income

Answer - Click Here:
D