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Home » Accounts Important Question Free Mock Test

Accounts Important Question Free Mock Test

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Accounting Question Mock Test :- Accountancy is referred to as the process of recording financial transactions that take place in a business. The Accounting process involves summarising, reporting and analysing the information to be used by various users of Accounting information.Following are some of the Accounting multiple choice questions and answers that will help the students in brushing up their understanding of the concept of Accounting.

1➤ Accounting provides data or information on

Income and cost for the managersFinancial conditions of the institutionsCompany’s tax liability for a particular year All the above

2➤ Long term assets without any physical existence but, possessing a value are called

Intangible assets Fixed assetsCurrent assetsInvestments

3➤ The assets that can be easily converted into cash within a short period, i.e., 1 year or less are known as

Current assetsFixed assets Intangible assets Investments

4➤ Copyrights, Patents and Trademarks are examples of

Current assetsFixed assets Intangible assetsInvestments

5➤ What is the main objective of financial accounting?

profit and loss account only balance sheet onlyboth P & L account and balance sheet trial balance only

6➤ According to which concept the owners are considered to be different from the business

business entity concept going concern conceptmoney measurement conceptaccounting period concept

7➤ According to which concept all the transactions are measurable in the terms of money are recorded in accounts?

business entity concept going concern conceptmoney measurement conceptaccounting period concept

8➤ While putting the value or price of an entity in financial records the lowest price is recorded not the current price or current market value. This is known as

Business Entity ConceptConservatismExpenditure ConceptMoney Measurment Concept

9➤ Which of the following is related to Scientific system of maintaining account?

single entrydouble entrycontra entrybook entry

10➤ Which of the following defines outstanding salary account?

natural personal account artificial personal account representative personal accountreal account

11➤ Debit the receiver, credit the giver is rule for

personal accounttangible real accountnominal account representative personal account

12➤ The debts which are to be repaid within a short period (a year or less) are referred to as,

Current Liabilities Fixed liabilitiesContingent liabilities All the above

13➤ Gross profit is

Cost of goods sold + Opening stock Sales – cost of goods sold Sales – PurchasesNet profit – expenses

14➤ Net profit is calculated in which of the following account?

Profit and loss accountBalance sheetTrial balanceTrading account

15➤ Interest earned is a

personal account real accountnominal accountIntangible real account

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