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

  1. Profit and Loss A/c
  2. Trading A/c
  3. Deducted from the concerned assets A/c
  4. Shown on the liability side
  1. 17,000 (overstated.
  2. 12,000 (understated.
  3. 7,000 (overstated.
  4. 7,000 (understated.
  1. Identification of economic event
  2. Communication of financial information
  3. Recording financial information
  4. Making decisions about business
  1. Current asset
  2. Fictitious asset
  3. Tangible asset
  4. Fixed assets
  1. Recording
  2. summarizing
  3. Grouping
  4. Processing
  1. Increase in capital
  2. Remain the same
  3. Decrease in capital
  4. No effect on capital

  1. Lump sum
  2. Prompt
  3. Actual
  4. None of them
  1. The Trial Balance will not agree
  2. The balance of creditors is understated
  3. The purchases are understated
  4. The favorable bank balance as per Pass Book is less than the Bank balance as per Cash book
  1. Benefits the current accounting period
  2. Will benefit the next accounting period
  3. Results in the acquisition of a permanent asset
  4. Results in the acquisition of a current asset
  1. Increase
  2. Reduce
  3. apportion
  4. Overstate
  1. Arithmetic accuracy
  2. Errors of commission
  3. Omissions of economic events
  4. Understatements of balances
  1. Masood’s account
  2. Cash account
  3. Cash account and Gagan’s account
  4. None of these
  1. Subtracted from bank balance
  2. Added to bank balance
  3. Added to Cash book balance
  4. Subtracted from cash book balance