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Business Accounting MCQs: 40 Questions & Answers in Faculty

40 Business Accounting MCQs in Faculty with answers & explanations. Page 2. Practice objective questions for competitive exams, interviews & self-assessment… Use the answer toggle below to show or hide all solutions, tap an option to check one question, or open a question for its own page.

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Business Accounting MCQs: 40 Questions & Answers in Faculty

The rule debit all expenses and losses and credit all income and gains relates to

Profit and loss is calculated at the stage of

Historical cost concept requires the valuation of an asset at

Which of the following is not a nominal Account?

As per the Matching concept, Revenue – ? = Profit

Cash a/c is a ______.

Debit the receiver & credit the giver is _____ account.

Business enterprise is separate from its owner according to _____ concept.

Small items like, pencils, pens, files, etc. are written off within a year according to _____ concept.

Fixed assets are held by business for _____.

A trader purchases goods for Rs. 2500000, of these 70% of goods were sold during the year. At the end of 31st December 2009, the market value of such goods were Rs. 500000. But the trader recorded in his books for Rs. 750000. Which of the following concept is violated.

Which accounting concept satisfy the valuation criteria?

Real accounts records

The accounts that records expenses, gains and losses are

Any written evidence in support of a business transaction is called

The following is not a type of liability

The debts which are to be repaid within a short period (a year or less) are referred to as,

The assets that can be easily converted into cash within a short period, i.e., 1 year or less are known as

Long term assets having no physical existence but, possessing a value are called

Accounting furnishes data on

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