Financial Accounting

FOLLOWING ARE MCQs RELATED TO SINGLE ENTRY SYSTEM | Accounts from Incomplete Records with Answers 1)  In double entry system: (A)  Only one aspect of a transaction is recorded (B) Both aspect of a transaction is recorded (C) No aspect of a transaction is recorded (D)  None of these [efaccordion id=”01″] [efitems title=”Answer …

FOLLOWING ARE MCQs RELATED TO BILLS OF EXCHANGE with Answers 1)  Bill receivable account is a : (A)  Machinery account (B) Personal A/C (C)  Real A/C (D)  None of these [efaccordion id=”01″] [efitems title=”Answer & Explaination” text=”Option C“]  [/efaccordion] 2)  At the time of endorsement of a bill, the drawer credits: (A)  …

FOLLOWING  MCQs ARE RELATED TO BANKING TRANSACTIONS WITH ANSWERS 1)  Bank does not issue cheque book on: (A)  Current account (B)  Fixed deposit account (C)  Saving bank account (D) All of the above [efaccordion id=”01″] [efitems title=”Answer” text=”Option B“] [/efaccordion] 2)  Bank issue bank statement on: (A)  Current account (B)  Saving …

Word journal is derived from the French word “Jour” which means day, That’s why it is called “Day Book”. Business transactions are recorded in a journal chronologically. Whereas, in business, all accounts have their separate page, which is called a ledger. Finally, Trial Balance is very useful in business. It …

Accounting Equation : It is very important and beneficial tool for management. we can define it in these words “The expression of the equality of an entity’s Assets with the claim against them is referred to as the Accounting Equation. The financial position of a business can be checked in …

Introduction to Accounting MCQs with Answers – Test Your Mcqs Skills 1)  A  written evidence in supporting business dealing is called: (A)  Business document (B)  Business letter (C)  Voucher (D)  Financial statement Answer: Option C 2)  Creditors are also known as: (A)  Notes payable (B)  Accounts Receivable (C)  Notes payable (D)  …