Help is required related to accounting exams and test preparation? Academic Task covers Accounting MCQs with answers and explanations. These accounting mcqs are equally helpful for students for MBA, MMS, BBA, Bcom, Mcom, and MCA. These cost accounting mcqs are also helpful for the preparation of NTS, FPSC, KPPSC, ETEA, Senior Auditor, Junior Auditor, Accountant, and other tests. MCQs on financial accounting covers the topic like Principles of Accounting, Accounting Equation, Journal, Ledger, Banking Transactions, Accounting Basic, Accounting for Pensions, Bill of Exchange, Changes in accounting principles, Capital & Revenue, Final Accounts, Cost Management, Cost Measurement, Financial Accounting, Financial Decision Making, Financial Management, Financial Reporting, Financial Statements, Current Assets, Adjustments  – and much more. Also, check Marketing MCQs with answers here.

1.Double entry means______________?

A. Entry in two sets of books
B. Entry at two ends
C. Entry at two dates
D. Entry for two aspects of the transaction

2. Discount received is a/an:

A. Asset
B. Expense
C. Liability
D. Revenue

3. Obligation of the Business are known as___________?

A. Liabilities
B. Revenues
C. Expenses
D. Assets

4. The amount invested by the proprietor to start the business is called:

A. Capital
B. Business
C. Drawings
D. All of them

5. A systematic way to maintain the books of accounts is called_________?

A. Accountancy
B. Economics
C. Book Keeping
D. Auditing

6. An Art of reading, classifying & Summarizing of accounts in a systematic way is called__________?

A. Accounting
B. Accountancy
C. Auditing
D. Book Keeping

7. The maintenance of accounts in a systematic way is called__________?

A. Accounting
B. Reading
C. Book Keeping
D. Auditing

8. Goods Return by the customer are termed as :

A. Purchase return
B. Customer return
C. Sales return
D. Inventory return

9. Modern system of book keeping is called______________?

A. Double entry system
B. American system
C. Single entry system
D. Italic system

10. The person to whom goods are sold on credit is called___________?

A. Buyer
B. Seller
C. Debtor
D. Creditor