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: 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