Accounting and Finance MCQs Test 7

We are prepared this Accounting and Finance MCQs Test for our students to get prepare for their exams and interviews. This MCQs test will also help you to assess your accounting and finance knowledge. The MCQs quiz consists of 25 questions. Every question has a maximum of 4 options with one correct option. You must choose an option to go to the next question. Wish you the best of luck!

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1. Which of the following accounts is an asset account?

 
 
 
 

2. Which of the following accounts is a liability account?

 
 
 
 

3. Which of the following is a revenue account?

 
 
 

4. Which of the following is an expense account?

 
 
 
 

5. Which of the following accounts is an equity account?

 
 
 
 

6. The left side of an account is referred to as?

 
 
 
 

8. A record prepared to test that the debit balance account equal the credit balance account is?

 
 
 
 

9. An entry made in the accounts receivable control account also requires an entry to be made in?

 
 
 
 

10. The increase in the owner’s equity resulting from profitable business operations is called?

 
 
 
 

11. Economic Events that affect the financial position of a business are called?

 
 
 
 

12. Receiving payment on account from a customer?

 
 
 
 

13. Paying an account owed to a supplier?

 
 
 
 

15. Which of the following would be added to the balance per bank when performing a bank reconciliation?

 
 
 
 

16. Which of the following would require a journal entry when performing a bank reconciliation?

 
 
 
 

17. A credit to an expense account increases the account’s balance

 
 

18. A debit to which of the listed accounts increases the account’s balance

 
 
 
 

19. Documents such as invoices, receipts, and checks are referred to as source documents

 
 

20. A debit to an account always increases the account’s balance?

 
 

21. Which of the following accounts normally have a credit balance?

 
 
 
 

22. Which of the following statement is not correct?

 
 
 
 

24. In addition to Cash, the Current Asset Classification includes?

 
 
 
 

25. After posting closing entries all account balances are set to Zero?

 
 

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