Accounting Mcqs

Users will find here Accounting Mcqs for NTS, CSS, PMS, PPSC, FPSC, KPPSC, AJKPSC, BPSC, PTS, SPSC, Lecturer Commerce and all other types of Commerce related, Competitive Exams and Interviews. Commerce students can prepare their Accounting Portion for all test from here.
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To obtain the amount of credit sales made during an accounting period, which account is generally used in single entry and incomplete records?

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(A) Payable Account (B) Total Revenue Account (C) Debtors Account (D) Stock Account [showhide type=”post” more_text=”►Correct Option” less_text=”Show less…”] Correct Option is: C [/showhide]

Under sales on return or approval basis, the ownership of goods is passed only?

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(A) When the retailer gives his approval (B) If the goods are not returned within specified period. (C) Both (a) and (b) (D) None of the above [showhide type=”post” more_text=”►Correct Option” less_text=”Show less…”] Correct Option is: C [/showhide]

Which of these expenses are not included in valuation of closing stock lying with the consignee?

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(A) Freight and insurance (B) Loading and unloading incurred (C) Godown rent (D) Custom duties [showhide type=”post” more_text=”►Correct Option” less_text=”Show less…”] Correct Option is: C [/showhide]

Under estimation of useful life of a depreciable asset will lead to __.

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(A) Overstatement of profit (B) Excess charging of depreciation every year (C) Over valuation of assets in Balance Sheet (D) Short charging of depreciation every year [showhide type=”post” more_text=”►Correct Option” less_text=”Show less…”] Correct Option is: B [/showhide]

Raw material and components purchased and used at the time of installation of new Plant and Machinery will be debited to?

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(A) Plant and Machinery A/c (B) Raw Material Consumed A/c (C) Purchase A/c (D) Profit ;and Loss A/c [showhide type=”post” more_text=”►Correct Option” less_text=”Show less…”] Correct Option is: A [/showhide]