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.

11. Cash brought by the owner to start business is called__________?

A. Capital
B. Loan
C. Drawing
D. None of these

12. The concession received on the price of defective goods is called:

A. Discount
B. Cash discount
C. Allowance
D. Trading discount

13. In support of business transaction, any written evidence is called ___________?

A. Discount
B. Voucher
C. Allowance
D. Price

14. Building and furniture are called ____________?

A. Current asset
B. Fictitious asset
C. Tangible asset
D. Fixed assets

15. Cash discount is provided on _______________?

A. Purchases
B. Prompt payment
C. Sales
D. Sales return

16. Goods return to supplier are known as:__________?

A. Merchandise return
B. Purchase return
C. Return inwards
D. Sales return

17. The excess of current assets over current liabilities is called:

A. Working Capital
B. Circulating capital
C. Fixed capital
D. Trading capital

18. When goods, in which business deals are sold, it is called___________?

A. Purchases
B. Return inward
C. Sales
D. Return outwards

19. Sales return is also known as____________?

A. Return received
B. Return Payed
C. Return inward
D. Return outward

20. reduction in price is called:

A. Paid price
B. Invoice price
C. Book price
D. Discount

NOTE
IF YOU THINK ANY OF THE MCQ ABOVE IS WRONG.
PLEASE COMMENT WITH CORRECT ANSWER AND ITS DETAIL EXPLANATION IN COMMENT BOX.
THANK YOU

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