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Accounting - MCQ Online Exam Quiz

Important questions about Accounting - MCQ. Accounting - MCQ MCQ questions with answers. Accounting - MCQ exam questions and answers for students and interviews.

A systematic way to maintain the books of accounts is called_________?

Options

A : Accountancy

B : Economics

C : Book Keeping

D : Auditing

An Art of reading, classifying & Summarizing of accounts in a systematic way is called__________?

Options

A : Accounting

B : Accountancy

C : Auditing

D : Book Keeping

The maintenance of accounts in a systematic way is called__________?

Options

A : Accounting

B : Reading

C : Book Keeping

D : Auditing

Goods Return by the customer are termed as :

Options

A : Purchase return

B : Customer return

C : Sales return

D : Inventory return

Modern system of book keeping is called______________?

Options

A : Double entry system

B : American system

C : Single entry system

D : Italic system

The person to whom goods are sold on credit is called___________?

Options

A : Buyer

B : Seller

C : Debtor

D : Creditor

Double entry means______________?

Options

A : Entry in two sets of books

B : Entry at two ends

C : Entry at two dates

D : Entry for two aspects of the transaction

Discount received is a/an:

Options

A : Asset

B : Expense

C : Liability

D : Revenue

Obligation of the Business are known as___________?

Options

A : Liabilities

B : Revenues

C : Expenses

D : Assets

The amount invested by the proprietor to start the business is called:

Options

A : Capital

B : Business

C : Drawings

D : All of them

Cash discount is provided on _______________?

Options

A : Purchases

B : Prompt payment

C : Sales

D : Sales return

Goods return to supplier are known as:__________?

Options

A : Merchandise return

B : Purchase return

C : Return inwards

D : Sales return

The excess of current assets over current liabilities is called:

Options

A : Working Capital

B : Circulating capital

C : Fixed capital

D : Trading capital

When goods, in which business deals are sold, it is called___________?

Options

A : Purchases

B : Return inward

C : Sales

D : Return outwards

Sales return is also known as____________?

Options

A : Return received

B : Return Payed

C : Return inward

D : Return outward

reduction in price is called:

Options

A : Paid price

B : Invoice price

C : Book price

D : Discount

Cash brought by the owner to start business is called__________?

Options

A : Capital

B : Loan

C : Drawing

D : None of these

The concession received on the price of defective goods is called:

Options

A : Discount

B : Cash discount

C : Allowance

D : Trading discount

In support of business transaction, any written evidence is called ___________?

Options

A : Discount

B : Voucher

C : Allowance

D : Price

Building and furniture are called ____________?

Options

A : Current asset

B : Fictitious asset

C : Tangible asset

D : Fixed assets

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