Accounting MCQs Latest book Edition

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

1. : The consignor is the:
(A) An agent
(B) Creditor of Consignee
(C) Debtor of Consignee
(D) Principle

2. : Normal losses arise due to?
(A) Contingent
(B) Natural causes
(C) Avoidable factory
(D) Breaking in bulk

3. : The acceptance of Bill of exchange in Consignee book is debited to?
(A) Consignment account
(B) Consignor account
(C) Trading account
(D) Profit and loss account

4. : The term of account and sales account are by nature:
(A) Equal
(B) Same
(C) Different
(D) Valuable

5. : The Consignment stock appears in the balance sheet of:
(A) Consignee
(B) Consignor
(C) Both A and B
(D) None of the above

6. : Which process is followed for adjusting invoice price to the cost price?
(A) Invoicing
(B) Costing
(C) Loading
(D) Unloading

7. : The consignee is the:
(A) Agent
(B) Buyer
(C) Principal
(D) Seller

8. : Account sale is submitted by the:
(A) Principal to his agent
(B) Debtor to the creditor
(C) Consignee
(D) Consignor

9. : In Journal book the consignment is prepared by?
(A) Consignee
(B) Consignor
(C) Customer
(D) Debtor

10. : The nature of Consignee account is?
(A) Real
(B) Nominal
(C) Personal
(D) All of the above

11. : Where are abnormal losses credited in the book of consignor?
(A) Consignee account
(B) Consignment account
(C) Trading profit and loss account
(D) B and C

12. : In ordinary partnership business how many partners are?
(A) Not more than 2 partners
(B) Not more than 5 partners
(C) Not more than 50 partners
(D) Not more than 20 partners