📒Accounting MCQs
Accounting MCQs
397 MCQs1
The assets which have some market value are called ____________?
AFixed asset
BQuick asset
CFictitious assets
DReal assets
2
Assets having physical existence are called ___________?
ACurrent asset
Bintangible asset
CTangible asset
DLiquid asset
3
When owner withdraw cash for its private use, it is called ___________?
AProfit
BIncome
CExpense
DDrawing
4
Building and furniture are called ____________?
ACurrent asset
BFictitious asset
CTangible asset
DFixed assets
5
Which of the following is true about a trial balance?
AIt lists down the balances of accounts
BIt lists down the balances of a balance sheet
CIt is a kind of financial statement
DIt is not a part of accounting cycle
6
________ is the common base for preparing a trial balance?
ALedger accounts
BGeneral Journal
CSpecialized journals
DBalance sheet
7
If a transaction is completely omitted from the books of accounts, will it affect the agreement of a trial balance?
AYes
BNo
CTransactions can’t be omitted
Dnone of these
8
Trial balance is prepared to check accuracy of_______________?
ALedger accounts balances
BBalance sheet balances
CIncome statement balances
DCash flow statement balances
9
Institute of Chartered Accountants of Pakistan was established in____________?
A1949
B1956
C1961
D1972
10
Goods sent on approval basis’ have been recorded as ‘Credit sales’. This is an example of____________?
AError of principle
BError of commission
CError of omission
DError of duplication