📒Accounting MCQs
Accounting MCQs
397 MCQs61
An account records the ___________ in the balance of an item?
AIncrease
BDecrease
CIncrease or decrease
DAppreciation
62
Transferring entries from journal to ledger account is commonly known as____________?
ARecording
BTransferring
CPosting
DEntry making
63
Which of the following accounts can be classified as a real account?
ARent expenses account
BRent income account
Cinsurance expenses account
DCash account
64
Identify the nominal account
AMachinery account
BBuilding account
CCreditors account
DRent expenses account
65
Double entry implies that
ARecording entries in journal
BRecording entries in Ledger account
CRecording two aspects of every transaction
DRecording every transaction in books
66
Net loss occurs when______________?
AExpenses are greater than Income
BExpenses are less than Income
CExpenses=Income
DLiabilities are greater than income
67
_______ the withdrawal of cash and goods by the owner of the busienss for his/her personal use?
ADepreciation
BDrawings
COutflow of cash
DAppreciation
68
Identify the asset from the following:
ACash and cash equivalent
BCreditors
CNotes payable
DBank loan
69
What is equity?
ACash from the business
Bliability of a business
COwner’s claim on total assets
DOwner’s claim on total liabilities
70
Which of the following is a liability?
ACash
BEquipment
CDebtors
DCreditors