MBA MCQ Quiz Hub

MBA Accounting MCQ Question Set 8

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1. Goodwill account is related to _______




2. The credit balance of bank account indicates _______




3. The statement sent along with purchase return is ________




4. Depreciation is provided on ______________




5. An example of revenue expenditure is ______




6. At the time of endorsement of a bill, the drawer credits ______




7. In accounting the benefit receiving aspect is said to be




8. Summary of all balances is known as




9. The excess of current assets over current liabilities is called ________




10. Bills payable book is a ________




11. Bank Reconciliation statement is _________




12. The distinction between capital and revenue is necessary for the preparation of ______




13. If payment is made on the average due date it results in ______




14. A sale of goods to vidhya for cash should be debited to ______________.




15. Purchases for office furniture on account is recorded in _________




16. Payment of compensation to a worker who has been discharged from service is a ___________




17. The following items are shown in profit and loss appropriation account _________




18. Wages paid to workers must be debited to ______________ account




19. Receipts and payment account record receipt and payments of _______




20. In a receipts and payments account the payments are recorded on the ______________ side.




21. Any revenue expense for when a separate fund is available will be _________




22. Donations received by a non-profit organisation are usually a ______




23. Errors of carry forward from one year to another year affect ________




24. Average due date can be called as _______




25. The person upon whom the bill of exchange is drawn is called _______




26. When furniture is sold for cash, the entry should be made in _______




27. A Cheque received and paid into the bank on the same day id recorded in the ______




28. Amount paid for acquiring goodwill is _______




29. Purchase journal is kept to record _______




30. Petty cash may be used to pay __________




31. Expenditure incurred by a publisher for acquiring copyrights is a ________




32. A gross profit is transferred to the ______________side of the profit and loss account.




33. Subscription received in advance by a club is shown on the ______________ side of the balance sheet.




34. Interest received on special fund investments will be added to ______________ fund in the balance sheet.




35. The information for the preparation of receipt and payments account is taken from _____




36. Any profit on the sale of furniture of a cricket club will be taken to ______




37. The main purpose of this ______________ accounting is to ascertain profit or loss during a specific period, to show financial position of the business.




38. ______ is allowed to encourage early cash payment.




39. The prime function of accounting is to _______




40. The system of recording transactions based on dual aspect concept is called ______




41. The cash book records _______




42. Bank reconciliation statement is prepared by the _______




43. Errors which affect one side of an account are called ______




44. Bills payable book is a ___________




45. Trading account is prepared to find out _______




46. A bill of exchange payable after a certain period is known as ______________ bill.




47. A bill which is not an inland bill is a ______________ bill.




48. Donations received for a special purpose will be taken to _____




49. Which one of the following is Current Asset ______




50. Accounts receivable includes ________