Types of Accounts MCQs



MCQs 1 To 10

 

1. Economic resources of business that expected to be of benefit in future time referred as?

Correct! Wrong!

2. Liabilities are?

Correct! Wrong!

3. All of following are Assets except?

Correct! Wrong!

4. Revenue?

Correct! Wrong!

5. Which of the following is an identifiable non-monetary asset without physical substance?

Correct! Wrong!

6. Residual interest in the net asset of an entity that remains after deducting its liabilities is?

Correct! Wrong!

7. All of following are Expenses except?

Correct! Wrong!

8. Which of the following item of revenue nature?

Correct! Wrong!

9. All economics costs that a business incur through its operation to earn revenues?

Correct! Wrong!

10. All of the following are Liabilities except?

Correct! Wrong!

Accounting Pillars (1-10)
Super Genius ***
Excellent ***
Very Good **
Good *
Fair
Fail

Share your Results:

 

 

>> Read Types of Accounts



MCQs 11 To 20

 

11. Which of the following is not an asset?

Correct! Wrong!

12. What is owned by a business and used in carrying out its operating activities is best described as?

Correct! Wrong!

13. Which of the following is a liability?

Correct! Wrong!

14. Assets which have no physical existence and which cannot be seen, touched or felt are?

Correct! Wrong!

15. Which of the following is a liability?

Correct! Wrong!

16. Which of the following is an expense?

Correct! Wrong!

17. Which of the following is an example of an intangible asset?

Correct! Wrong!

18. Which of the following would not be regarded as an asset?

Correct! Wrong!

19. Economic Obligations of the Business are called?

Correct! Wrong!

20. Which of the following is the liability?

Correct! Wrong!

Accounting Pillars (11-20)
Super Genius ***
Excellent ***
Very Good **
Good *
Fair
Fail

Share your Results:

 

>> Practice Accounting Equation Problems and Solutions

References

Ramchandran, N., & Kakani, R. K. (2007). Financial Accounting for Management. (2nd, Ed.) New Delhi: Tata McGraw Hill.

Sehgal, A., & Sehgal, D. (n.d.). Advanced Accountancy (Vol. I & II). New Delhi: Taxmann Publication Pvt. Ltd.

Shukla, M. C., Grewal, T. S., & Gupta, S. C. (2008). Advanced Accountancy (Vol. I & II). New Delhi: S Chand & Co.

Weygandt, J. J., Kimmel, P. D., & Kieso, D. E. (2012). Accounting Principles (10th ed.). Hoboken: John Wiley & Sons, Inc.

Williams, M., & Bettner, H. (1999). Accounting (The basic for business decisions). (11th, Ed.) USA: Irwin McGraw- Hill.

 

0 Comments