Accounting MCQs

This section is all about important aspects of topics of accounting. Moreover, it also includes the Accounting MCQs for FPSC, NTS, PPSC, OTS, and University admission tests. The important topics this section covers are financial accounting MCQs, commerce MCQs, accounting and finance MCQs solved, financial accounting MCQs with answers pdf, accounting MCQs with answers pdf, commerce mcqs, accounting principles & procedures mcqs, accounting and finance mcqs solved, basic accounting MCQs with answers pdf, principles of accounting MCQs with answers pdf, accounting world MCQs, 150 accounting interview questions, and answers pdf, accounts payable interview questions, accountancy MCQ, MCQ on financial accounting.

A. Going concern concept
B. Business entity concept
C. Matching concept
D. None of these

Brief facts about this MCQs:

According to the Business entity concept, the capital of the company is shown on the liability side of the balance sheet. The business entity concept states that the capital of the business is the liability of the business, therefore, it must be shown on the credit side of the balance sheet of the company.

A. Liability account
B. Contra asset account
C. Receivable account
D. None of these

Brief facts about this MCQs:

Provision for bad debt account is a contra asset account. It is used along Accounts Receivable in the balance sheet to report the net realizable value of the company’s accounts receivable throughout the year.
Also Read: Introduction to accounting questions and answers

A. Single column cash book is prepared
B. Double column cash book is prepared
C. Three column cash book is prepared
D. None of these

Brief facts about this MCQs:

Contra entries are entered only when a double column cash book is prepared. It is because there are more than two entries on the debit or credit side. Therefore, a double-column cash book is prepared.
Also Read: cash book is a part of the bookkeeping.

A. Going concern concept
B. Business entity
C. Materiality concept
D. None of these

Brief facts about Business entity:

The transactions between owner and business are recorded according to the business entity concept. A business entity states that the owner of the business is different from the business.
Also Read: principles of accounting mcqs with answers pdf

A. Personal account
B. Real account
C. Nominal account
D. None of these

Brief facts about Patents:

A patent is an exclusive right granted for an invention, which is a product or a process that provides, in general, a new way of doing something. Patent right is the sole right of the company or a partnership business.
Also Read: Accounting principles & procedures mcq and answer pdf

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