Accounting MCQs
Accounting MCQs are designed to help students and professionals reinforce their knowledge in financial accounting, cost accounting, and managerial accounting. This section covers core topics such as journal entries, ledger posting, trial balance, financial statements, ratio analysis, depreciation, and accounting standards. Whether you're preparing for professional certifications like ACCA, CA, or CMA, or sitting for competitive exams such as PPSC, FPSC, NTS, and bank recruitment tests, these MCQs provide a solid foundation. They're also useful for B.Com, BBA, and MBA students looking to enhance their conceptual clarity and problem-solving abilities. With real-world scenarios and exam-oriented questions, these MCQs make accounting easier to understand and apply. Practice regularly to boost your analytical skills and exam performance.
Q: Closing stock is adjusted in the final accounts through
A) Profit and loss only
B) Cash book
C) Trading and balance sheet
D) Ledger only
Q: Purchase return reduces the value of
A) Assets
B) Expenses
C) Sales
D) Purchases
Q: Partnership deed outlines terms related to
A) Dividend payment
B) Customer data
C) Shareholding
D) Partner roles
Q: Wages paid for installation of machinery are treated as
A) Capital expenditure
B) Revenue expense
C) Operating expense
D) Miscellaneous expense
Q: Drawings are deducted from
A) Capital
B) Gross profit
C) Sales
D) Revenue
Q: Discount allowed is considered as
A) Asset
B) Expense
C) Liability
D) Income
Q: Accounting year refers to the period for
A) Preparing financial statements
B) Tax filing
C) Daily reporting
D) Stock valuation
Q: Accrued expenses are classified under
A) Capital
B) Current assets
C) Income
D) Current liabilities
Q: Rent outstanding at the end of the year is recorded as
A) Liability
B) Income
C) Expense
D) Asset
Q: Journal entries are recorded in chronological order in
A) Cash book
B) Journal proper
C) Ledger
D) Trial balance