MCQs4All - Accounting MCQs for NTS, FPSC, CSS, IELTS, TOEFL

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Question. For the business, capital is ____________?

Expense
Liability
Assets
All of them

Question. Institute of Chartered Accountants of Pakistan was established in____________?

1949
1956
1961
1972

Question. A Ltd. Has sales of 2,200, total fixed cost of 570, variable cost of 1,540, raw material consumed of ` 1,100, number of units sold 22,000. What shall be the BEP 9 in units) if raw material price is reduced by 2%?

18,387
18,560
18,750
19,000

Question. Drawings by owner of business are generally recorded on which of the following side of a cash book?

Receipts
Payments
Incomes
Expenditures

Question. A second hand car is purchased for 2,00,000 and sold at 1,40,000 after two years. If depreciation is charged @ 10% on written down value method, find the profit or loss on sale of the Second hand car?

Loss of 20,000
Loss of 22,000
Loss of 11,000
Profit of 11,000

Question. A worker has a time rate of 15/hr. He makes 720 units of component (standard time : 5 minutes/ unit) in a week of 48 hours. His total wages including Rowan bonus for the week is

792
820
840
864

Question. Accommodation bills are generally for?

Genuine trade reasons
For mutual financial accommodation
To help augment money supply
All the three

Question. Double entry implies that

Recording entries in journal
Recording entries in Ledger account
Recording two aspects of every transaction
Recording every transaction in books

Question. Bank reconciliation statement is the comparison of a bank statement (sent by bank) with the _________ (prepared by business).

Cash receipt journal
Cash payment journal
Cash book
Financial statements

Question. The total cost incurred in the operation of a business undertaking other than the cost of manufacturing and production is known as________?

Direct cost
Variable cost
Commercial cost
Conversion cost

Question. A journal entry in which two or more account is debited or credited is referred as____________?

Journal entry
Multi entry
Additional entry
Compound entry

Question. Net income equal to Revenues minus____________?

Gains
Depreciation
Expenses
Capital expenditures

Question. _________ is the first phase of accounting cycle?

Identifying an economic event or transaction
Preparing journals
Posting entries to ledger accounts
Making decisions about business

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