Accounting and Bookkeeping MCQs Quiz

Accounting and Bookkeeping MCQs Quiz will be helpful to assess your basic knowledge in the field of Accounting and Finance. This Multiple Choice test consists of 25 objective type quizzes with four options each. Students need to choose one option to move to the next question. If you feel difficulty answering the questions, we strongly recommend you go through our financial accounting section to easily learn the basics of Accounting and Bookkeeping.  Let’s start the test below.

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1. Double entry implies that:

 
 
 
 

2. Which of the following accounts can be classified as a real account?

 
 
 
 

3. Keeping the log of financial information in books of original entries is called:

 
 
 
 

4. Bookkeeping mainly concerns with which part of the accounting process?

 
 
 
 

5. Are assets debited or credited when they increase?

 
 
 
 

7. Usually, what asset account in a company’s ledger is the most liquid?

 
 
 
 

8. NAM caters for Modified Cash Accounting, Commitment Accounting and

 
 
 
 

9. What are the major objectives of bookkeeping?

 
 
 
 

10. What Does Bookkeeping mean?

 
 
 
 

11. Books of original entry are sometimes referred to as:

 
 
 
 

12. What does double entry bookkeeping mean?

 
 
 
 

14. The process of recording is done:

 
 
 
 

15. The act of transferring the information from the General Journal to General Ledger is called what?

 
 
 
 

16. What is a firm’s payment to a supplier for merchandise inventory recorded in?

 
 
 
 

17. Where are amounts owed by customers for credit purchases found?

 
 
 
 

18. Where would a debit posted to accounts payable in the general ledger come from?

 
 
 
 

19. A group of accounts with common a characteristic, such as all customer accounts is a ………..?

 
 
 
 

20. Which of the following is not an acceptable statement of the basic accounting equation?

 
 
 
 

22. The process of recording transactions in different journals is called:

 
 
 
 

23. Every business transaction effect at least _________ accounts.

 
 
 
 

24. Discount allowed is a kind of deduction from:

 
 
 
 

25. The other name of the journal is:

 
 
 
 

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