2309+ MCQ Questions in english हिन्दी

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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.

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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.

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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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