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Accounting MCQs with Answers


This is Accounting MCQs section with detailed explanations for preparation of screening tests, interviews for government jobs. In this section candidate will learn MCQs on variety of topics from the subject.

  1. 1 A systematic way to maintain the books of accounts is called_________
    1. Accountancy

    2. Economics

    3. Book Keeping

    4. Auditing

    See Answer

    Added By: Ak Aamir

  2. 2 An Art of reading, classifying & Summarizing of accounts in a systematic way is called__________
    1. Accounting

    2. Accountancy

    3. Auditing

    4. Book Keeping

    See Answer

    Added By: Ak Aamir

  3. 3 The maintenance of accounts in a systematic way is called__________
    1. Accounting

    2. Reading

    3. Book Keeping

    4. Auditing

    See Answer

    Added By: Ak Aamir

  4. 4 Goods Return by the customer are termed as :
    1. Purchase return

    2. Customer return

    3. Sales return

    4. Inventory return

    See Answer

    Added By: Ak Aamir

  5. 5 Modern system of book keeping is called______________
    1. Double entry system

    2. American system

    3. Single entry system

    4. Italic system

    See Answer

    Added By: Ak Aamir

  6. 6 The person to whom goods are sold on credit is called___________
    1. Buyer

    2. Seller

    3. Debtor

    4. Creditor

    See Answer

    Added By: Ak Aamir

  7. 7 Double entry means______________
    1. Entry in two sets of books

    2. Entry at two ends

    3. Entry at two dates

    4. Entry for two aspects of the transaction

    See Answer

    Added By: Ak Aamir

  8. 8 Discount received is a/an:
    1. Asset

    2. Expense

    3. Liability

    4. Revenue

    See Answer

    Added By: Ak Aamir

  9. 9 Obligation of the Business are known as___________
    1. Liabilities

    2. Revenues

    3. Expenses

    4. Assets

    See Answer

    Added By: Ak Aamir

  10. 10 The amount invested by the proprietor to start the business is called:
    1. Capital

    2. Business

    3. Drawings

    4. All of them

    See Answer

    Added By: Ak Aamir