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

  1. Return received
  2. Return Payed
  3. Return inward
  4. Return outward
  1. First
  2. Original
  3. Secondary
  4. Generic
  1. Every day
  2. Every half year
  3. Every year
  4. At the end of every accounting period
  1. Recording the transaction
  2. Identifying the transaction
  3. Posting the transaction
  4. Preparing the source documents
  1. Buyer
  2. Seller
  3. Debtor
  4. Creditor
  1. Purchase journal
  2. Sales journal
  3. Purchases return journal
  4. Sales return journal

  1. Nominal accounts
  2. Real account
  3. Cash accounts
  4. Banks account
  1. Trade discount
  2. Prompt payment discount
  3. Cash discount
  4. Bulk discount
  1. Petty cash
  2. Cash book
  3. Cash receipt
  4. Discount
  1. Replacement cost
  2. Current cost
  3. Cost to acquire less accumulated amortization
  4. Cost less expired portion
  1. Sales – Cost of goods sold
  2. Sales – Closing Stock + Purchases
  3. Opening Stock + Purchases – Closing Stock
  4. None of the above
  1. Credited to P&L A/c
  2. Debited to P&L A/c
  3. Reduced from debtors in Balance Sheet
  4. Added to debtors in Balance Sheet
  1. Two times a year
  2. once a year
  3. Frequently during the accounting period
  4. At the end of a accounting period