Simplified guide of MCQs for Exams, Interviews

Sub Topic: Accounting

1 .  A systematic way to maintain the books of accounts is called_________?

  • A. Accountancy
  • B. Economics
  • C. Book Keeping
  • D. Auditing

Correct Answer:

Book Keeping


2 .  An Art of reading, classifying & Summarizing of accounts in a systematic way is called__________?

  • A. Accounting
  • B. Accountancy
  • C. Auditing
  • D. Book Keeping

Correct Answer:

Accounting


3 .  The maintenance of accounts in a systematic way is called__________?

  • A. Accounting
  • B. Reading
  • C. Book Keeping
  • D. Auditing

Correct Answer:

Book Keeping


4 .  Goods Return by the customer are termed as :

  • A. Purchase return
  • B. Customer return
  • C. Sales return
  • D. Inventory return

Correct Answer:

Sales return


5 .  Modern system of book keeping is called______________?

  • A. Double entry system
  • B. American system
  • C. Single entry system
  • D. Italic system

Correct Answer:

Double entry system


6 .  The person to whom goods are sold on credit is called___________?

  • A. Buyer
  • B. Seller
  • C. Debtor
  • D. Creditor

Correct Answer:

Debtor


7 .  Double entry means______________?

  • A. Entry in two sets of books
  • B. Entry at two ends
  • C. Entry at two dates
  • D. Entry for two aspects of the transaction

Correct Answer:

Entry for two aspects of the transaction


8 .  Discount received is a/an:

  • A. Asset
  • B. Expense
  • C. Liability
  • D. Revenue

Correct Answer:

Revenue


9 .  Obligation of the Business are known as___________?

  • A. Liabilities
  • B. Revenues
  • C. Expenses
  • D. Assets

Correct Answer:

Liabilities


10 .  The amount invested by the proprietor to start the business is called:

  • A. Capital
  • B. Business
  • C. Drawings
  • D. All of them

Correct Answer:

Capital