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: Accounts payable belong to which class
A) Expenses
B) Income
C) Liabilities
D) Assets
Q: Discount received is recorded as
A) Income
B) Asset
C) Expense
D) Liability
Q: Bad debts recovered are shown as
A) Loss
B) Income
C) Expense
D) Asset
Q: Inventory is considered as part of
A) Fixed assets
B) Current assets
C) Liabilities
D) Equity
Q: Freight paid on goods purchased is added to
A) Closing stock
B) Capital account
C) Revenue
D) Cost of goods purchased
Q: Final accounts are prepared to ascertain
A) Cash flow
B) Financial results
C) Tax amount
D) Receivables
Q: Capital contributed by partners is recorded in
A) Profit and loss account
B) Income account
C) Liability account
D) Partner’s capital account
Q: Value of closing stock is determined by
A) Invoice price
B) Sales return
C) Cost or market price whichever is lower
D) Market price only
Q: Outstanding income is considered a
A) Expense
B) Equity
C) Current asset
D) Liability
Q: Receipts and Payments account records
A) Only credit items
B) Only revenue items
C) Adjusted entries
D) All receipts and payments