Statewise Prepration
Govt. Examwise MCQ
3858+ MCQ Questions in english हिन्दी
Cash deposited into bank is:
This is a contra entry – one asset increases, another decreases.
Trade Discount is:
Trade Discount is a reduction before sale is recorded – it’s not entered in books.
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Which concept assumes that business will continue indefinitely?
Going Concern means business is expected to operate for a long time.
. The accounting cycle begins with:
Journal Entry is the first step in the accounting process.
. Which of these is not a current asset?
Machinery is a fixed asset, not current.
Suspense account is opened when:
Temporary account used to match trial balance.
If salary is outstanding, it is:
Outstanding expenses are liabilities – they are due but unpaid.
Which of the following is a capital receipt?
Capital receipt = not regular income, but long-term source like loans.
Income & Expenditure Account is prepared by:
Non-trading organizations use Income & Expenditure A/c instead of P&L.
. The credit balance in Passbook indicates:
Bank Passbook Credit = more balance in your favor.
GST is a type of:
GST (Goods & Services Tax) is an indirect tax.
Ledger Folio is:
Ledger Folio (L.F.) column refers to page no. in Ledger.
When goods are sold on credit, it affects:
Credit Sale: Debtors (Dr), Sales (Cr)
Drawing means:
Drawing = cash or goods taken by owner for personal use.
What type of account is 'Loan Taken'?
Loans taken are liabilities payable in future.
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.
Which is not a revenue expenditure?
Buying furniture is a capital expenditure.
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.
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.
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