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.

21. Debts which are payable in the course of a month are called _____________?

A. External liabilities
B. Fixed liabilities
C. Current liabilities
D. Liquid Liabilities

22. The unsold goods are ______________?

A. Equity
B. Sale return
C. Inventory
D. Purchases

23. The systems of accounting are _____________?

A. Two
B. Three
C. Five
D. Six

24. A sale of Rs. 50.000 to A was entered as a sale to B. This is an example of____________?

A. Error of omission
B. Error of commission
C. Compensating error
D. Error of principle

25. For the business, capital is ____________?

A. Expense
B. Liability
C. Assets
D. All of them

26. When owner withdraw cash for its private use, it is called ___________?

A. Profit
B. Income
C. Expense
D. Drawing

27. Assets having physical existence are called ___________?

A. Current asset
B. intangible asset
C. Tangible asset
D. Liquid asset

28. The assets which have some market value are called ____________?

A. Fixed asset
B. Quick asset
C. Fictitious assets
D. Real assets

29. The assets which come into existence upon the happening of a certain event are called__________?

A. Contingent assets
B. Fixed assets
C. Fictitious assets
D. Quick assets

30. Income earned but not received is called ____________?

A. Fictitious assets
B. Quick asset
C. Real asset
D. Outstanding asset

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

This Post Has One Comment

  1. Hello 🙂 I just want to tell you that I am all new to blogging and certainly savored your web page. Very likely I’m want to bookmark your blog post . You definitely come with terrific articles and reviews. Thanks a bunch for sharing your web site.

Leave a Reply