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: Expenses not yet paid are classified under
A) Accrued income
B) Revenue
C) Outstanding expenses
D) Prepaid expenses
Q: Purchase of goods on credit is recorded in
A) Cash book
B) Purchase book
C) Sales book
D) Journal proper
Q: If liabilities increase, the accounting equation remains balanced by
A) Increasing assets
B) Decreasing capital
C) Decreasing revenue
D) Increasing equity
Q: Losses and gains from sale of investments are recorded in
A) Profit and loss account
B) Cash book
C) Trading account
D) Capital account
Q: Bills receivable is a type of
A) Expense
B) Asset
C) Equity
D) Liability