📒Accounting MCQs
Accounting MCQs
397 MCQs101
A chart of accounts generally start with which of the following types of accounts?
AAssets accounts
Bliability accounts
CCash accounts
DRevenue accounts
102
The first step in accounting process is___________?
ARecording the transaction
BIdentifying the transaction
CPosting the transaction
DPreparing the source documents
103
Discount for quick repayment of debt is normally referred as____________?
ATrade discount
BPrompt payment discount
CCash discount
DBulk discount
104
Which of the following accounts will be credited if a company purchases building for cash?
ACapital account
BFixed assets account
CBuilding account
DCash account
105
In which of the following orders data is entered in journal?
AAlphabetical order
BNumeric order
CBullets order
DChronological order
106
The standard format of journal does not include which of the following?
AAssets column
BDate column
CDescription column
DAmount column
107
Journals are also referred as_____________?
ABook of entries
BBook of original entries
CT account
DBooks of economic event
108
Which of the following accounts will be debited if the business’s owner withdraws cash from business for his personal use?
ADrawings
BCash
CBusiness
DStock
109
Which of the following will be debited if a business purchases goods on credit?
ACash
BDebtor
CCreditor
DPurchases
110
_________ is the evidence that a transaction took place?
ASource documents
BLedger
CBonds
DJournals