3812+ MCQ Questions in english हिन्दी

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Amount owed by the business to outsiders is:

Liabilities are dues payable to third parties (e.g., creditors, loans).

Which account is not shown in Balance Sheet?

Sales appears in Profit & Loss A/c, not Balance Sheet.

Which of these has a debit balance?

Rent Paid is an expense, so it has a debit balance.

Trade Discount is:

Trade Discount is a reduction before sale is recorded – it’s not entered in books.

Which concept assumes that business will continue indefinitely?

Going Concern means business is expected to operate for a long time.

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. 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.

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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.

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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.

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.

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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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