Accounting Variation Proforma MCQs

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MCQs 1 to 10

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A debit will reduce _____________________________, but increase ___________________________?

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The amount of salary paid to Sohail should be debited to?

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The amount charged to customer for goods or services sold is called?

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The effect of a credit entry on the payables account is to?

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The decrease in owner’s equity attributable to business activities is called?

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How the debit side of journal effect?

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In double entry system of book–keeping every business transaction affects?

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A person who pays out something or to whom money owes is called?

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Which of the following transactions results in an immediate increase in expenses?

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The payment of cash to supplier will?

Correct! Wrong!

Accounting Variation Proforma (1-10)
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MCQs 11 to 20

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To record goods returned inward?

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What is the nature of sales?

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Expired cost of any fixed assets?

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All of them are same except?

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When drew cash from bank Rs. 8,000 for office use bank account will be?

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Every transaction has minimum __________________?

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What the nature of purchases account?

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If the goods are purchased for the purpose of resale on credit, then the following account would be credited?

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The person or corporation from whom the business is purchased is?

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The rent paid to landlord should be credited to?

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Accounting Variation Proforma (11-20)
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References

Mukharji, A., & Hanif, M. (2003). Financial Accounting (Vol. 1). New Delhi: Tata McGraw-Hill Publishing Co.

Narayanswami, R. (2008). Financial Accounting: A Managerial Perspective. (3rd, Ed.) New Delhi: Prentice Hall of India.

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

1 Comment

  1. Plz correct….
    3. The payment of cash to supplier will?

    (a) Reduce cash balance and reduce current liabilities

    (b) Increase receivables and reduce cash balance

    (c) Reduce account payable and increase purchases

    (d) Increase payable and reduce cash balance

    Reply

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