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Accounting

Accounting MCQs

Practice topic-wise Accounting MCQs for competitive exams.

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Accounting

Practice Accounting MCQs for competitive exams.

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Latest Accounting MCQs

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Building and furniture are called ____________?

  1. A. Current asset
  2. B. Fictitious asset
  3. C. Tangible asset
  4. D. Fixed assets
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When owner withdraw cash for its private use, it is called ___________?

  1. A. Profit
  2. B. Income
  3. C. Expense
  4. D. Drawing
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Assets having physical existence are called ___________?

  1. A. Current asset
  2. B. intangible asset
  3. C. Tangible asset
  4. D. Liquid assetAccounting & Auditing
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The assets which have some market value are called ____________?

  1. A. Fixed asset
  2. B. Quick asset
  3. C. Fictitious assets
  4. D. Real assets
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The assets which come into existence upon the happening of a certain event are called__________?

  1. A. Contingent assets
  2. B. Fixed assets
  3. C. Fictitious assets
  4. D. Quick assets
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Income earned but not received is called ____________?

  1. A. Fictitious assets
  2. B. Quick asset
  3. C. Real asset
  4. D. Outstanding assetGovernment & Public Sector Jobs
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Debts which are payable in the course of a month are called _____________?

  1. A. External liabilities
  2. B. Fixed liabilities
  3. C. Current liabilities
  4. D. Liquid Liabilities
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The unsold goods are ______________?

  1. A. Equity
  2. B. Sale return
  3. C. Inventory
  4. D. Purchases
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The systems of accounting are _____________?

  1. A. Two
  2. B. Three
  3. C. Five
  4. D. Six
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A sale of Rs. 50.000 to A was entered as a sale to B. This is an example of____________?

  1. A. Error of omission
  2. B. Error of commission
  3. C. Compensating error
  4. D. Error of principle
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Goods sent on approval basis’ have been recorded as ‘Credit sales’. This is an example of____________?

  1. A. Error of principle
  2. B. Error of commission
  3. C. Error of omission
  4. D. Error of duplication
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Institute of Chartered Accountants of Pakistan was established in____________?

  1. A. 1949
  2. B. 1956
  3. C. 1961
  4. D. 1972
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