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: Loss from sale of fixed asset is shown under
A) Direct expenses
B) Indirect expenses
C) Liabilities
D) Assets
Q: Capital expenditure leads to
A) Losses
B) Recurring expenses
C) Acquisition of assets
D) Reduction in capital
Q: Drawings in kind are recorded at
A) Book value
B) Purchase price
C) Cost price
D) Market value
Q: Salaries account is classified as
A) Revenue
B) Personal
C) Nominal
D) Real
Q: Debentures are shown under which heading
A) Long-term liability
B) Equity
C) Reserves
D) Current liability
Q: Prepaid rent is included in
A) Fixed assets
B) Equity
C) Current liabilities
D) Current assets
Q: Opening stock appears in
A) Trading account only
B) Balance sheet only
C) Trading and balance sheet
D) Profit and loss account
Q: Accounting equation is based on
A) Capital = Assets – Liabilities
B) Assets = Liabilities + Capital
C) Assets = Liabilities – Capital
D) Liabilities = Assets + Capital
Q: Income received in advance is treated as
A) Expense
B) Asset
C) Liability
D) Profit
Q: Goodwill is classified as
A) Current liability
B) Intangible asset
C) Tangible asset
D) Fixed liability