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: Debit balance in trial balance indicates
A) Asset or expense
B) Profit
C) Reserve
D) Liability or income
Q: Petty cash book is used for recording
A) Fixed asset purchases
B) Capital contributions
C) Small day-to-day expenses
D) Bank transactions
Q: Fixed assets are held by business for
A) Donation
B) Resale
C) Production or services
D) Consumption
Q: Loss due to natural calamity is charged to
A) Capital account
B) Reserves
C) Suspense account
D) Profit and loss account
Q: Goodwill is recorded only when
A) Purchased
B) Internally generated
C) Sold to customer
D) Estimated