McqMate
These multiple-choice questions (MCQs) are designed to enhance your knowledge and understanding in the following areas: Bachelor of Business Administration (BBA) , Cost Accounting .
| 151. |
Which account is the odd one: |
| A. | Furniture |
| B. | Materiality |
| C. | Matching |
| D. | Periodicity |
| Answer» A. Furniture | |
| 152. |
“Business unit separate and distinct from the owner of it ”,is based on: |
| A. | Money measurement |
| B. | Going concern concept |
| C. | Business entity concept |
| D. | Dual aspect concept |
| Answer» C. Business entity concept | |
| 153. |
If two or more transactions of the same nature are journalize together having either the debit or credit account common is known as: |
| A. | Compound journal entry |
| B. | Separate journal entry |
| C. | Posting |
| D. | Journalizing |
| Answer» A. Compound journal entry | |
| 154. |
A ………………. Is sent to a customer when he returns the goods |
| A. | Debit note |
| B. | Credit note |
| C. | Proforma invoice |
| D. | Bill |
| Answer» B. Credit note | |
| 155. |
Writing of the transactions in the ledger is called…………………… |
| A. | Posting |
| B. | Journalizing |
| C. | Balancing |
| D. | Auditing |
| Answer» A. Posting | |
| 156. |
A withdrawal of cash from the business by the proprietor should be Credited to: |
| A. | Drawings A/c |
| B. | Capital A/c |
| C. | Cash A/c |
| D. | Current A/c |
| Answer» A. Drawings A/c | |
| 157. |
Narrations are given at the end of ……………………………. |
| A. | Final accounts |
| B. | Trial balance |
| C. | Each ledger accounts |
| D. | Each journal entry |
| Answer» D. Each journal entry | |
| 158. |
Which of the following lists the balance and the title of accounts in the ledger on a given date? |
| A. | P & L account |
| B. | Balance sheet |
| C. | Income statement |
| D. | Trial balance |
| Answer» D. Trial balance | |
| 159. |
Which of the following is not an transaction? |
| A. | Goods are purchased on cash basis for Rs.1000 |
| B. | Salaries paid for the month of may 2009 |
| C. | Land is purchased for Rs.10 lacs |
| D. | An employee is dismissed from the job |
| Answer» D. An employee is dismissed from the job | |
| 160. |
…………………………….. principle requires that the same method should be used from one accounting period to the next . |
| A. | Conservation |
| B. | Business entity |
| C. | Consistency |
| D. | Money measurement |
| Answer» C. Consistency | |
| 161. |
The petty cashier generally works on ……………………. System |
| A. | Accrual |
| B. | Imprest |
| C. | Balancing |
| D. | None of these |
| Answer» B. Imprest | |
| 162. |
Difference of totals of both debit and credit side of the trial balance is transferred to: |
| A. | Suspense account |
| B. | Trading account |
| C. | P & L account |
| D. | Current account |
| Answer» A. Suspense account | |
| 163. |
Carriage inward is debited to : |
| A. | Suspense account |
| B. | Trading account |
| C. | P & L account |
| D. | P & L appropriation account |
| Answer» B. Trading account | |
| 164. |
Double column cash book records : |
| A. | Only cash transactions |
| B. | All transactions |
| C. | Cash and bank transactions |
| D. | Cash purchase and cash sales transactions |
| Answer» C. Cash and bank transactions | |
| 165. |
All of the following have debit balance except one. That account is ……… |
| A. | Wages account |
| B. | Debtors account |
| C. | Good will |
| D. | Bills payable account |
| Answer» D. Bills payable account | |
| 166. |
Drawings are deducted from …………………………. |
| A. | Sales |
| B. | Purchases |
| C. | Expenses |
| D. | Capital |
| Answer» D. Capital | |
| 167. |
……………………… will generally show a debit balance. |
| A. | Bank loan |
| B. | Bad debt recovered |
| C. | Salary payable |
| D. | Drawings |
| Answer» D. Drawings | |
| 168. |
Purchase of a fixed asset on credit basis is recorded in ……………. |
| A. | Cash book |
| B. | Purchase book |
| C. | Journal proper |
| D. | None of these |
| Answer» C. Journal proper | |
| 169. |
Which of the following account will have credit balance? |
| A. | Sales return |
| B. | Bills receivable |
| C. | Carriage inward |
| D. | Outstanding wages |
| Answer» D. Outstanding wages | |
| 170. |
Depreciations arises because of : |
| A. | Fall in the market value of the asset |
| B. | Fall in the value of money |
| C. | Physical wear and tear of asset |
| D. | Inflation in the market |
| Answer» C. Physical wear and tear of asset | |
| 171. |
Goodwill is …………………………. |
| A. | Current account |
| B. | Fictitious asset |
| C. | Tangible asset |
| D. | Intangible asset |
| Answer» D. Intangible asset | |
| 172. |
When money is withdrawn from the bank ……….. the account of the customer. |
| A. | Credits |
| B. | Debits |
| C. | Either (a) or (b) |
| D. | None of these |
| Answer» B. Debits | |
| 173. |
In case of debit balance , the words …………. are written on the debit side. |
| A. | To balance b/d |
| B. | To balance c/d |
| C. | By balance b/d |
| D. | By balance c/d |
| Answer» A. To balance b/d | |
| 174. |
Bank pass book is also known as ………………………………….. |
| A. | Bank book |
| B. | Bank account |
| C. | Bank column |
| D. | Bank statement |
| Answer» D. Bank statement | |
| 175. |
Capital expenditure are recorded in the ……………….. |
| A. | Balance sheet |
| B. | Profit & loss account |
| C. | Trading account |
| D. | Manufacturing account |
| Answer» A. Balance sheet | |
| 176. |
Accounts receivable normally has ……………………. Balance |
| A. | Credit |
| B. | Debit |
| C. | Favorable |
| D. | Negative |
| Answer» B. Debit | |
| 177. |
Total of purchase return boo is posted periodically to the credit of …… |
| A. | Purchase return book |
| B. | Cash book |
| C. | Journal proper |
| D. | None of these |
| Answer» A. Purchase return book | |
| 178. |
In case credit balance , the words ………….. are written on the credit side. |
| A. | To balance b/d |
| B. | To balance c/d |
| C. | By balance b/d |
| D. | By balance c/d |
| Answer» C. By balance b/d | |
| 179. |
Bank overdraft has a ………………………….. balance |
| A. | Debit |
| B. | Credit |
| C. | Negative |
| D. | Favorable |
| Answer» B. Credit | |
| 180. |
Journal proper records : |
| A. | Bills receivables |
| B. | Bills payables |
| C. | Cash payments |
| D. | Opening entry |
| Answer» D. Opening entry | |
| 181. |
Following is not the example of external users |
| A. | Government |
| B. | Management |
| C. | Investors |
| D. | Suppliers and other creditors |
| Answer» B. Management | |
| 182. |
B/R is a …………………………. |
| A. | Tangible asset |
| B. | Intangible asset |
| C. | Fixed asset |
| D. | Current asset |
| Answer» D. Current asset | |
| 183. |
The trial balance shows closing stock of Rs.30,000 .it will be recorded in ……………….. |
| A. | Trading account |
| B. | Profit and loss account |
| C. | Profit and loss appropriation account |
| D. | Balance sheet |
| Answer» D. Balance sheet | |
| 184. |
Carriage outward is debited to ……………………………….. |
| A. | Trading account |
| B. | P/L account |
| C. | Profit and loss appropriation account |
| D. | Balance sheet |
| Answer» B. P/L account | |
| 185. |
Which of the following is correct? |
| A. | Capital = Asset – Liabilities |
| B. | Capital = Asset + Liabilities |
| C. | Asset = Liabilities – capital |
| D. | Liabilities = Asset + capital |
| Answer» A. Capital = Asset – Liabilities | |
| 186. |
In the ledger there are …………………….. columns. |
| A. | 4 |
| B. | 6 |
| C. | 8 |
| D. | 10 |
| Answer» C. 8 | |
| 187. |
Users of accounting information include ……………………… |
| A. | Creditors |
| B. | Lenders |
| C. | Customers |
| D. | All of the above |
| Answer» D. All of the above | |
| 188. |
Accounting standards in India are issued by …………………… |
| A. | Central Govt. |
| B. | State Govt. |
| C. | Institute of chartered accountants in India |
| D. | RBI |
| Answer» C. Institute of chartered accountants in India | |
| 189. |
Book debts normally has ……………………… balance. |
| A. | Credit |
| B. | Debit |
| C. | Unfavorable |
| D. | None of the above. |
| Answer» B. Debit | |
| 190. |
Capital expenditure provide ………………………… benefits |
| A. | Long period |
| B. | Short period |
| C. | Very short period |
| D. | None of the above |
| Answer» A. Long period | |
| 191. |
Accounts payable normally has ……………………….. balnce. |
| A. | Credit |
| B. | Debit |
| C. | Unfavorable |
| D. | None of the above |
| Answer» A. Credit | |
| 192. |
Interest on drawings is …………………………….. for the business.3 |
| A. | Expense |
| B. | Capital |
| C. | Gain |
| D. | None of the abve |
| Answer» C. Gain | |
| 193. |
Loss leads to reduction in ………………………………….. |
| A. | Liability |
| B. | Capital |
| C. | Income |
| D. | Asset |
| Answer» B. Capital | |
| 194. |
Petty expenses paid in cash are recorded in: |
| A. | Purchase book |
| B. | Sales book |
| C. | Petty cash book |
| D. | Purchase return book |
| Answer» C. Petty cash book | |
| 195. |
Stock is ………………………………………. |
| A. | Fixed asset |
| B. | Current asset |
| C. | Investments |
| D. | Intangible asset |
| Answer» B. Current asset | |
| 196. |
All of the following have debit balance except: |
| A. | 6% debentures |
| B. | Loan to contractor |
| C. | Interest on debentures |
| D. | Audit fees |
| Answer» A. 6% debentures | |
| 197. |
Salary and wages is debited to: |
| A. | Trading account |
| B. | P/L account |
| C. | Profit and loss appropriation account |
| D. | Balance sheet |
| Answer» B. P/L account | |
| 198. |
Wages and salary is debited to: |
| A. | Trading account |
| B. | P/L Account |
| C. | Profit and loss appropriations account |
| D. | Balance sheet |
| Answer» A. Trading account | |
| 199. |
Journal proper records …………………………… |
| A. | Credit purchase |
| B. | Credit sales |
| C. | Purchase of asset on credit |
| D. | Sales return |
| Answer» C. Purchase of asset on credit | |
| 200. |
Land & building is a ………………………………… |
| A. | Fixed asset |
| B. | Current asset |
| C. | Fictitious asset |
| D. | Intangible asset |
| Answer» A. Fixed asset | |
Done Studing? Take A Test.
Great job completing your study session! Now it's time to put your knowledge to the test. Challenge yourself, see how much you've learned, and identify areas for improvement. Don’t worry, this is all part of the journey to mastery. Ready for the next step? Take a quiz to solidify what you've just studied.