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: Final accounts are prepared to ascertain
A) Cash flow
B) Financial results
C) Tax amount
D) Receivables
Q: Capital contributed by partners is recorded in
A) Profit and loss account
B) Income account
C) Liability account
D) Partner’s capital account
Q: Value of closing stock is determined by
A) Invoice price
B) Sales return
C) Cost or market price whichever is lower
D) Market price only
Q: Outstanding income is considered a
A) Expense
B) Equity
C) Current asset
D) Liability
Q: Receipts and Payments account records
A) Only credit items
B) Only revenue items
C) Adjusted entries
D) All receipts and payments