📒Accounting MCQs
Accounting MCQs
397 MCQs71
What is the basic accounting equation?
ACapital+Liabilities=Assets
BAssets+ liabilities =Capital
CCapital+assets=liabilities
DLiabilities+Capital
72
Which is the most important characteristic that all assets of a business have?
ALong life of assets
BValue of assets
CIntangible nature of assets
DFuture economic benefits
73
Building account is classified as _________ account?
ANominal
BReal
CCash
DCapital
74
The real accounts are accounts of Assets, liabilities and ___________?
AExpenses
BRevenues
CCapital
DDrawing
75
Revenue and expense accounts are referred as______________?
ANominal accounts
BReal account
CCash accounts
DBanks account
76
Which of the following is the normal balance of a rent expense account?
ACredit balance
BCash balance
COverdraft
DDebit balance
77
Which of the following statements is incorrect regarding capital account?
ADebit increases the capital account balance
BCredit increases the capital account balance
CFresh capital increases the capital account balance
DNet income increases the capital account balance
78
The normal balance of liability account is____________?
ADebit balance
BCredit balance
CCash balance
DNeither debit nor credit balance
79
The normal balance of asset account is____________?
ACredit balance
BDebit balance
CCash balance
DNeither debit nor credit balance
80
The normal balance of capital account is_____________?
ACredit balance
BDebit balance
CCash balance
DNeither debit nor credit balance