Introduction to accounting – MCQs
Take a quick Multiple Choice Questions (MCQs) test about Introduction to accounting. These MCQs can help you to prepare for your exams, interviews and different tests. Just click the “start quiz” button and start introduction to accounting MCQs quiz.
If you find difficulty in answering these questions, read ‘Introduction to accounting‘ chapter thoroughly from explanation section of the website.
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- Question 1 of 26
1. Question
The liability arising from the purchase of goods or services on credit is called:
Correct
Awesome! your answer is correct.IncorrectYour answer is incorrect. The correct answer is “accounts payable” (option 2). - Question 2 of 26
2. Question
The accounts which have their existence even after the close of the accounting year are known as:
CorrectAwesome! your answer is correct.IncorrectYour answer is incorrect. The correct answer is “real accounts” (option 2) - Question 3 of 26
3. Question
The financial information provided by an accounting system is needed by:
CorrectAwesome! your answer is correct.IncorrectYour answer is incorrect. The correct answer is “all of the above” (option 4). - Question 4 of 26
4. Question
A document prepared to authorize and describe an expenditure is termed as:
CorrectAwesome! your answer is correct.IncorrectYour answer is incorrect. The correct answer is “voucher” (option 2). - Question 5 of 26
5. Question
A percentage reduction from the list price of merchandise allowed to retailers by whole sellers is called:
CorrectAwesome! your answer is correct.IncorrectYour answer is incorrect. The correct answer is “trade discount” (option 2). - Question 6 of 26
6. Question
Current assets minus current liabilities is equal to:
CorrectAwesome! your answer is correct.IncorrectYour answer is incorrect. The correct answer is “working capital” (option 1). - Question 7 of 26
7. Question
The assets that are used in the operation of the business but have no physical existence are usually known as:
CorrectAwesome! your answer is correct.IncorrectYour answer is incorrect. The correct answer is “intangible assets” (option 3). - Question 8 of 26
8. Question
Double entry system of accounting means:
CorrectAwesome! your answer is correct.IncorrectYour answer is incorrect. The correct answer is “entry for two aspects of the transaction” (option 3). - Question 9 of 26
9. Question
The activities of selecting, processing and reporting the information can be described as:
CorrectAwesome! your answer is correct.IncorrectYour answer is incorrect. The correct answer is “accounting” (option 2). - Question 10 of 26
10. Question
Resources minus capital equities is equal to:
CorrectAwesome! your answer is correct.IncorrectYour answer is incorrect. The correct answer is “liabilities” (option 2). - Question 11 of 26
11. Question
The complete process of accounting is called:
CorrectAwesome! your answer is correct.IncorrectYour answer is incorrect. The correct answer is “accounting cycle” (option 3). - Question 12 of 26
12. Question
Stationary is classified as:
CorrectAwesome! your answer is correct.IncorrectYour answer is incorrect. The correct answer is “office supplies” (option 2). - Question 13 of 26
13. Question
Withdrawal of merchandise for personal use is:
CorrectAwesome! your answer is correct.IncorrectYour answer is incorrect. The correct answer is “drawings” (option 1). - Question 14 of 26
14. Question
The science and art of correctly recording business dealing in a set of books is called:
CorrectAwesome! your answer is correct.IncorrectYour answer is incorrect. The correct answer is “book-keeping” (option 3). - Question 15 of 26
15. Question
The modern system of recording business transactions in the books of accounts is known as:
CorrectAwesome! your answer is correct.IncorrectYour answer is incorrect. The correct answer is “double entry system” (option 4). - Question 16 of 26
16. Question
A portion of the accounts receivable which proves to be uncollectible is termed as:
CorrectAwesome! your answer is correct.IncorrectYour answer is incorrect. The correct answer is “bad debts” (option 1). - Question 17 of 26
17. Question
The statement which shows the financial position of a business at a particular date is termed as:
CorrectAwesome! your answer is correct.IncorrectYour answer is incorrect. The correct answer is “balance sheet” (option 2). - Question 18 of 26
18. Question
The properties owned by a business enterprise are called:
CorrectAwesome! your answer is correct.IncorrectYour answer is incorrect. The correct answer is “assets” (option 2). - Question 19 of 26
19. Question
The right or claim to the properties of a business enterprise is called:
CorrectAwesome! your answer is correct.IncorrectYour answer is incorrect. The correct answer is “equity” (option 3). - Question 20 of 26
20. Question
Recording business data in a prescribed manner is called:
CorrectAwesome! your answer is correct.IncorrectYour answer is incorrect. The correct answer is “journalizing ” (option 2). - Question 21 of 26
21. Question
Accounts receivable are considered as:
CorrectAwesome! your answer is correct.IncorrectYour answer is incorrect. The correct answer is “current assets” (option 3). - Question 22 of 26
22. Question
The systematic recording of financial transactions of a business is known as:
CorrectAwesome! your answer is correct.IncorrectYour answer is incorrect. The correct answer is “book-keeping” (option 1). - Question 23 of 26
23. Question
The assets that can be converted into cash within one year are called:
CorrectAwesome! your answer is correct.IncorrectYour answer is incorrect. The correct answer is “current assets” (option 1). - Question 24 of 26
24. Question
The art of measuring, communicating, and interpreting financial activities is called:
CorrectAwesome! your answer is correct.IncorrectYour answer is incorrect. The correct answer is “financial accounting” (option 3). - Question 25 of 26
25. Question
The purchase account is used for goods that are for the purpose of:
CorrectAwesome! your answer is correct.IncorrectYour answer is incorrect. The correct answer is “resale” (option 1). - Question 26 of 26
26. Question
Bad debts arise from:
CorrectAwesome! your answer is correct.IncorrectYour answer is incorrect. The correct answer is “Sales on account or credit sales” (option 1).
Awesome! your answer is correct.
Your answer is incorrect. The correct answer is “accounts payable” (option 2).You can also check:
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