MBA Accounting MCQ Question Set 2 MBA MCQs: multiple choice questions and answers,Mock Tests and Practice Papers

MBA/MBA Accounting MCQ Question Set 2 Sample Test,Sample questions

Question:

_______ system records only actual cash receipts and payments

1.Cash basis

2.Accrual basis

3.Mercantile basis

4.Single entry basis

Posted Date:-2021-10-26 09:36:11

Question:

Aggregate of direct costs is known as:

1.Direct material costs

2.Direct Wages

3.Direct Expenses

4.Prime Cost

Posted Date:-2021-10-26 09:37:24

Question:

All direct & indirect expenses related to business are charged:

1.Profit and loss account

2.Trading account

3.Trading account Profit and Loss account

4.Directly to Balance sheet

Posted Date:-2021-10-26 09:52:44

Question:

All those to whom business owes money are:

1.Debtors

2.Investors

3.Creditors

4.Shareholders

Posted Date:-2021-10-26 09:51:38

Question:

Authorized capital, also known as

1.ominal capital

2.Paid up capital

3.Issues capital

4.None of these

Posted Date:-2021-10-26 09:41:58

Question:

Carriage outward is charged to

1.Debit side Profit & Loss a/c

2.Debit side Trading a/c

3.Credit side of Profit & Loss a/c

4.Credit side of trading a/c

Posted Date:-2021-10-26 09:55:15

Question:

Cost accounting emerged mainly on account of:

1.Statutory requirements

2.Competition in the market

3.Labour unrest

4.Limitations of financial accounting

Posted Date:-2021-10-26 09:43:55

Question:

Cost accounting information can be used for:

1.Budget control and evaluation.

2.Determining standard costs and variances.

3.Pricing and inventory valuation decisions.

4.All of these

Posted Date:-2021-10-26 09:34:18

Question:

Cost of goods sold= opening stock+ net purchases+ expenses on Purchases – sales Which part of formula is wrong?

1.opening stock

2.net purchases

3.expenses on Purchases

4.sales

Posted Date:-2021-10-26 09:46:16

Question:

Creating provision against fluctuation in the price of investment is application of accounting concept

1.Convention of conservatism

2.Convention of full disclosure

3.Convention of consistency

4.None of these

Posted Date:-2021-10-26 08:55:28

Question:

Creating provision against fluctuation in the price of investment is application of accounting concept

1.Convention of conservatism

2.Convention of full disclosure

3.Convention of consistency

4.None of these

Posted Date:-2021-10-26 08:55:37

Question:

Credit balance of profit & loss a/c shown on

1.Asset side of balance sheet

2.Liability side of balance sheet

3.Not shown in balance sheet

4.Half on asset side and half on liability side

Posted Date:-2021-10-26 09:55:49

Question:

Current liability does not include

1.Sundry creditors

2.Acceptances

3.Unclaimed dividend

4.Short term investment

Posted Date:-2021-10-26 09:34:58

Question:

Debit what come in Credit what goes out rule for

1.Real a/c

2.Personal a/c

3.Nominal a/c

4.None of these

Posted Date:-2021-10-26 08:56:15

Question:

Depreciation is a charge against

1.Profit

2.Assets

3.Company

4.Books of A/c

Posted Date:-2021-10-26 09:00:00

Question:

Financial accounting is concerned with

1.Recording of business expenses and revenue

2.Recording of costs of products and services

3.Recording of day to day business transactions

4.None of the above

Posted Date:-2021-10-26 09:02:28

Question:

Fixed assets and current assets are categorized as per concept of:

1.Separate entity

2.Going concern

3.Consistency

4.Time period

Posted Date:-2021-10-26 09:00:34

Question:

Going concern concept assumes

1.Business as a dissolving concern

2.Business on relishing values

3.Business as a going concern

4.Asset = liability

Posted Date:-2021-10-26 08:57:37

Question:

Goods given as samples should be credited to:

1.Advertisement account

2.Sales account

3.Purchase account

4.None of the above

Posted Date:-2021-10-26 09:17:17

Question:

If loan have been guaranteed by managers and directors is called as

1.Loan

2.Unsecured Loan

3.Secured Loan

4.Advance by Manager & director

Posted Date:-2021-10-26 09:53:56

Question:

Income tax paid by a sole proprietor on his business income should be:

1.Debited to trading account

2.Debited to profit and loss account

3.Deducted from capital account in the balance sheet

4.None of the above

Posted Date:-2021-10-26 09:20:06

Question:

Information about an item is ______________ if its omission or misstatement might influence the financial decision of the users taken on the basis of that information

1.Concrete

2.Complete

3.Immaterial

4.Material

Posted Date:-2021-10-26 09:40:20

Question:

Insurance prepaid is shown as

1.Current assets

2.Current liabilities

3.Fixed asset

4.Fixed liability

Posted Date:-2021-10-26 09:01:52

Question:

Interest on drawings is:

1.Expenditure for the business

2.Cost for the business

3.Gain for the business

4.None of the above

Posted Date:-2021-10-26 09:47:04

Question:

Investment of X company profit in shares of other company PQR Pvt. ltd are recorded in

1.Asset side of Balance Sheet

2.Liability side of Balance Sheet

3.Profit & Loss a/c

4.Not recorded in Balance Sheet

Posted Date:-2021-10-26 09:18:25

Question:

Management accounting is applicable to

1.Service entities

2.Manufacturing entities

3.Non profit entities

4.All of these

Posted Date:-2021-10-26 09:01:15

Question:

Management Accounting relates to

1.Recording of accounting data

2.Recording of cost data

3.Presentation of account data

4.None of the above

Posted Date:-2021-10-26 08:58:12

Question:

Opening stock + ____ + Direct Expenses (Carriage on Raw material)-Closing Stock = ____

1.Sales, Purchases

2.Sales, Sales return

3.Purchases, Cost of goods produced

4.Purchases, Cost of goods sold

Posted Date:-2021-10-26 09:54:42

Question:

Outstanding expenses are charged to

1.Asset side of balance sheet

2.Liability side of balance sheet

3.Not charged to balance sheet

4.None of these

Posted Date:-2021-10-26 09:56:25

Question:

Payment received from Debtor

1.Decreases the Total Assets

2.Increases the Total Assets

3.Results in no change in the Total Assets

4.Increases the Total Liabilities

Posted Date:-2021-10-26 09:23:25

Question:

Payment received from debtor:

1.Decreases the total assets

2.Increases the total assets

3.Results in no change in total assets

4.Increase the total liabilities

Posted Date:-2021-10-26 09:32:27

Question:

Proposed dividends" is shown in the Balance Sheet of a company under the head:

1.Provisions

2.Reserves and Surplus

3.Current Liabilities

4.Other Liabilities

Posted Date:-2021-10-26 09:41:11

Question:

Purchases of goods on credit from A is recorded as:

1.Debit purchases a/c; credit cash a/c

2.Debit A a/c; credit purchases a/c

3.Debit purchases a/c; credit A a/c

4.Debit A a/c; credit stock a/c

Posted Date:-2021-10-26 09:31:48

Question:

Rent paid to landlord should be credited to

1.Landlords account

2.Rent account

3.Cash account

4.Expense account

Posted Date:-2021-10-26 09:44:43

Question:

Sales made to Mahesh for cash should be debited to

1.Cash account

2.Mahesh Account

3.Sales account

4.Purchase account

Posted Date:-2021-10-26 09:19:10

Question:

Sunk costs are:

1.relevant for decision making

2.Not relevant for decision making

3.cost to be incurred in future

4.future costs

Posted Date:-2021-10-26 09:38:13

Question:

The basic concepts related to p& l a/c are:

1.Realization Concept

2.Matching Concept

3.Cost Concept

4.Both a and b above

Posted Date:-2021-10-26 09:50:48

Question:

The following comments all relate to the recording process. Which of these statements is correct?

1.The general ledger is a chronological record of transactions.

2.The general ledger is posted from transactions recorded in the general journal.

3.The trial balance provides the primary source document for recording transactions into the general journal.

4.Transposition is the transfer of information from the general journal to the general ledger.

Posted Date:-2021-10-26 09:33:41

Question:

The following comments each relate to the recording of journal entries. Which statement is true?

1.For any given journal entry, debits must exceed credits.

2.It is customary to record credits on the left and debits on the right.

3.The chart of accounts reveals the amount to debit and credit to the affected accounts.

4.Journalization is the process of converting transactions and events into debit/credit format.

Posted Date:-2021-10-26 08:56:58

Question:

The primary objective of management accounting is

1.Prepare final a/c

2.Provide management complete and true information

3.Both (a) & (b)

4.None of these

Posted Date:-2021-10-26 09:45:28

Question:

The term Management Accounting was first used in

1.1910

2.1939

3.1950

4.1960

Posted Date:-2021-10-26 09:35:34

Question:

The transferring of debit and credit items from journal to the respective accounts in the ledger is called as

1.Ledger

2.Posting

3.Forward journal

4.None of these

Posted Date:-2021-10-26 09:33:04

Question:

Trade Payables are recorded in ______________

1.Asset side of B/S

2.Liability side of B/S

3.P & L a/c

4.None of the above

Posted Date:-2021-10-26 09:42:38

Question:

What comes in is to be debited, what goes out is to be credited.

1.Rules of Personal

2.Rules of Real

3.Rules of Nominal

4.All of these

Posted Date:-2021-10-26 09:21:20

Question:

Which items does not come under the balance sheet

1.sales

2.Share capital

3.Reserves and surplus

4.Unsecured loan

Posted Date:-2021-10-26 08:58:49

Question:

Which of the following is a liability?

1.Loan from Mr.Y

2.loan to Mr.y

3.Both (a) (b)

4.None of these

Posted Date:-2021-10-26 09:30:54

Question:

Which of the following is a liability?

1.Loan from Mr.Y

2.loan to Mr.y

3.Both (a) (b)

4.None of these

Posted Date:-2021-10-26 09:56:58

Question:

Which of the following is not an example of real a/c:

1.Machinery

2.Building

3.Cash

4.Creditor

Posted Date:-2021-10-26 09:22:48

Question:

Which of the following is not related with Money Measurement Concept ?

1.All business transaction should be expressed only in money

2.The transactions which cannot be expressed in money, will not be recorded in accounting books

3.Business is treated as separate from the proprietor

4.None of these

Posted Date:-2021-10-26 08:59:29

Question:

Which one of the following is not an example of Intangible Assets?

1.Patents

2.Trade Marks

3.Copyright

4.Land

Posted Date:-2021-10-26 08:54:55

Posted on by R4R Team

MBA/MBA Accounting MCQ Question Set 2 Sample Test,Sample questions

Question: _______ system records only actual cash receipts and payments

Question: Aggregate of direct costs is known as:

Question: All direct & indirect expenses related to business are charged:

Question: All those to whom business owes money are:

Question: Authorized capital, also known as

Question: Carriage outward is charged to

Question: Cost accounting emerged mainly on account of:

Question: Cost accounting information can be used for:

Question: Cost of goods sold= opening stock+ net purchases+ expenses on Purchases – sales Which part of formula is wrong?

Question: Creating provision against fluctuation in the price of investment is application of accounting concept

Question: Creating provision against fluctuation in the price of investment is application of accounting concept

Question: Credit balance of profit & loss a/c shown on

Question: Current liability does not include

Question: Debit what come in Credit what goes out rule for

Question: Depreciation is a charge against

Question: Financial accounting is concerned with

Question: Fixed assets and current assets are categorized as per concept of:

Question: Going concern concept assumes

Question: Goods given as samples should be credited to:

Question: If loan have been guaranteed by managers and directors is called as

Question: Income tax paid by a sole proprietor on his business income should be:

Question: Information about an item is ______________ if its omission or misstatement might influence the financial decision of the users taken on the basis of that information

Question: Insurance prepaid is shown as

Question: Interest on drawings is:

Question: Investment of X company profit in shares of other company PQR Pvt. ltd are recorded in

Question: Management accounting is applicable to

Question: Management Accounting relates to

Question: Opening stock + ____ + Direct Expenses (Carriage on Raw material)-Closing Stock = ____

Question: Outstanding expenses are charged to

Question: Payment received from Debtor

Question: Payment received from debtor:

Question: Proposed dividends" is shown in the Balance Sheet of a company under the head:

Question: Purchases of goods on credit from A is recorded as:

Question: Rent paid to landlord should be credited to

Question: Sales made to Mahesh for cash should be debited to

Question: Sunk costs are:

Question: The basic concepts related to p& l a/c are:

Question: The following comments all relate to the recording process. Which of these statements is correct?

Question: The following comments each relate to the recording of journal entries. Which statement is true?

Question: The primary objective of management accounting is

Question: The term Management Accounting was first used in

Question: The transferring of debit and credit items from journal to the respective accounts in the ledger is called as

Question: Trade Payables are recorded in ______________

Question: What comes in is to be debited, what goes out is to be credited.

Question: Which items does not come under the balance sheet

Question: Which of the following is a liability?

Question: Which of the following is a liability?

Question: Which of the following is not an example of real a/c:

Question: Which of the following is not related with Money Measurement Concept ?

Question: Which one of the following is not an example of Intangible Assets?

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Question:
_______ system records only actual cash receipts and payments

Question:
Aggregate of direct costs is known as:

Question:
All direct & indirect expenses related to business are charged:

Question:
All those to whom business owes money are:

Question:
Authorized capital, also known as

Question:
Carriage outward is charged to

Question:
Cost accounting emerged mainly on account of:

Question:
Cost accounting information can be used for:

Question:
Cost of goods sold= opening stock+ net purchases+ expenses on Purchases – sales Which part of formula is wrong?

Question:
Creating provision against fluctuation in the price of investment is application of accounting concept

Question:
Creating provision against fluctuation in the price of investment is application of accounting concept

Question:
Credit balance of profit & loss a/c shown on

Question:
Current liability does not include

Question:
Debit what come in Credit what goes out rule for

Question:
Depreciation is a charge against

Question:
Financial accounting is concerned with

Question:
Fixed assets and current assets are categorized as per concept of:

Question:
Going concern concept assumes

Question:
Goods given as samples should be credited to:

Question:
If loan have been guaranteed by managers and directors is called as

Question:
Income tax paid by a sole proprietor on his business income should be:

Question:
Information about an item is ______________ if its omission or misstatement might influence the financial decision of the users taken on the basis of that information

Question:
Insurance prepaid is shown as

Question:
Interest on drawings is:

Question:
Investment of X company profit in shares of other company PQR Pvt. ltd are recorded in

Question:
Management accounting is applicable to

Question:
Management Accounting relates to

Question:
Opening stock + + Direct Expenses (Carriage on Raw material)-Closing Stock =

Question:
Outstanding expenses are charged to

Question:
Payment received from Debtor

Question:
Payment received from debtor:

Question:
Proposed dividends" is shown in the Balance Sheet of a company under the head:

Question:
Purchases of goods on credit from A is recorded as:

Question:
Rent paid to landlord should be credited to

Question:
Sales made to Mahesh for cash should be debited to

Question:
Sunk costs are:

Question:
The basic concepts related to p& l a/c are:

Question:
The following comments all relate to the recording process. Which of these statements is correct?

Question:
The following comments each relate to the recording of journal entries. Which statement is true?

Question:
The primary objective of management accounting is

Question:
The term Management Accounting was first used in

Question:
The transferring of debit and credit items from journal to the respective accounts in the ledger is called as

Question:
Trade Payables are recorded in ______________

Question:
What comes in is to be debited, what goes out is to be credited.

Question:
Which items does not come under the balance sheet

Question:
Which of the following is a liability?

Question:
Which of the following is a liability?

Question:
Which of the following is not an example of real a/c:

Question:
Which of the following is not related with Money Measurement Concept ?

Question:
Which one of the following is not an example of Intangible Assets?