Principles of Accounting MCQs From books Latest Edition

By: Prof. Dr. Fazal Rehman | Last updated: March 3, 2022

Principles of Accounting MCQs From books Latest Edition

(1) Cash in hand statement prepared in?

a) Creditors account

b) Debtors account

c) Cash book

d) a and b

e) All of the above

(2) Who cannot maintain a single entry system?

a) Partnership Account

b) Joint stock company

c) Sole-traders

d) All of these

e) a and c

(3)how is profit calculated in single entry system?

a)  Capital at the end+Drawing-Fresh capital-Opening capital

b) Drawing+Fresh capital-Opening capital-Capital at the end

c) Fresh capital-Drawing-Closing capital-Opening capital

d)None of the above

(4) In non-trading account capital funds are equal to?

a) Assets+Expenditures

b) Asset+ Liabilities

c)Asset+Income

d)Asset-Liabilities

e) Asset-Income

(5) The Income which is arising from special fund is credited to?

a) Expenditure and Income account

b) General Fund in balance sheet

c) Special Fund in balance sheet

d) a and b

e) None of the above

(6) If asset are more then liabilities…….

a) Loss

b)Solvency

c)Profit

d) Deficiency

e) Surplus

(7) Payment and receipt account is for?

a) Asset and liabilities

b) Income and expenditure

c) Opening and Closing cash balances

d) A and b

e) All of the above

(8) The income through admission fee is treated as:

a) Revenue

b) Capital

c) Liability

d) Profit

e) All of the above

(9) The Expenditure and Income account is prepared in:

a) Mid of the year

b) Start of the year

c) End of the year

d) None of the above

(10) Legacy is normal treated as:

a) Loss

b) Revenue

c) Income

d) Surplus

e) Capital

(11) In the beginning subscription outstanding is shown in which account?

a) Balance sheet

b) Profit and loss account

c)Trading account

d)Income and expenditure account

e) None of the above

(12) Specific donation are always written in the?

a) Profit and loss account

b) Income and expenditure account

c) Balance sheet

d) Trading account

e) None of the above

Read More MCQs of Accounting

1. SET 1: Accounting MCQ’s
2. SET 2: Accounting MCQ’s
3. SET 3: Accounting MCQ’s
4. SET 4: Accounting MCQ’s
5. SET 5: Accounting MCQ’s
6. SET 6: Accounting MCQ’s
7. SET 7: Accounting MCQ’s
8. SET 8: Accounting MCQ’s

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