Statewise Prepration
Govt. Examwise MCQ
2309+ MCQ Questions in english हिन्दी
Capital introduced is recorded in:
Capital A/c reflects the owner’s investment in the business.
Ledger is a book of:
Journal is the book of original entry, ledger is the book of final entry.
'Bad debts' are:
Amounts that cannot be recovered from customers = Bad Debts.
What is Bookkeeping?
Bookkeeping is basic accounting — recording daily transactions.
Depreciation is charged on:
It’s charged on tangible fixed assets like machinery, vehicles.
Overdraft is shown in books as:
Overdraft = liability as it’s borrowed money from bank.
. Which document is used for auditing?
Voucher acts as proof of transaction during audit.
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Which is not a tangible asset?
Goodwill is intangible — no physical form.
The rule for Nominal Accounts is:
Nominal accounts deal with expenses and incomes.
Petty cash is used for:
Petty cash is kept for routine small expenses like tea, stationery, etc.
Credit note is issued when:
Credit note = acknowledgment of sales return.
Which of these is a current liability?
Creditors (amount payable) are current liabilities.
The abbreviation 'Dr.' stands for:
Dr.' = Debit, used in ledger entries.
The account 'Commission Received' is a type of:
Commission received = indirect income shown in Profit & Loss A/c.
Which statement shows the financial position of a firm?
Balance sheet shows assets, liabilities, and capital at a specific date.
Which side of the cash book is used to record receipts?
Receipts are recorded on the debit side, payments on the credit side.
Profit and Loss account shows:
It gives the net profit or loss for a financial year.
The balance of Capital account is usually:
Capital is the owner’s investment, so it has a credit balance.
Which document acts as evidence of a business transaction?
Voucher is proof of a financial transaction (like bill, receipt).
Which account is affected when goods are sold on credit?
Credit sales increase Debtors (Assets) and Sales (Income).
Ledger is also known as:
Ledger contains classified transactions from journal — the main book.
Closing stock appears in:
It’s shown on the asset side of the balance sheet.
Which book is known as the original book of entry?
All business transactions are first recorded in the journal.
. Financial year in India starts on:
The Indian financial year is from 1 April to 31 March.
Which of the following is a real account?
Real accounts relate to assets — Cash, Machinery, Building, etc.
Which account is affected in a ‘Cash Sale’?
Cash increases (Dr), Sales increases (Cr).
Double-entry accounting means:
Every transaction affects at least two accounts – debit and credit.
What is the basic accounting equation?
The accounting equation forms the foundation of the double-entry system.
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