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: Interest on loan taken is shown as
A) Liability
B) Expense
C) Asset
D) Income
Q: Short-term loans are reflected under
A) Long-term liability
B) Current liability
C) Capital
D) Reserve
Q: Sales return affects which account
A) Sales account
B) Purchase account
C) Profit and loss appropriation
D) Asset account
Q: Debit note is issued for
A) Credit purchase
B) Sales return
C) Purchase return
D) Cash receipt
Q: Bank overdraft appears on which side of the balance sheet
A) Asset side
B) Debit side
C) Capital side
D) Liability side