Accounting MCQs
Accounting MCQs help students and professionals master financial, cost, and managerial accounting, covering topics like journal entries, financial statements, and ratios—ideal for certifications, competitive exams, and business studies to boost skills and exam performance.
Q: Revenue is recognized when it is earned, regardless of cash receipt
A) When earned
B) When collected
C) When invoiced
D) When received in bank
Q: Double-entry bookkeeping affects how many accounts per transaction
A) Multiple
B) One
C) Two
D) Three
Q: Balance sheet reflects the financial position on a particular date
A) Quarterly
B) Specific date
C) Monthly
D) Fiscal year
Q: Depreciation accounts for which financial effect
A) Decrease in asset value
B) Revenue deduction
C) Increase in liability
D) Cash loss
Q: Outstanding expenses are classified under which section in accounts
A) Income
B) Equity
C) Assets
D) Liabilities