MCQOPTIONS
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MCQOPTIONS
This section includes 657 Mcqs, each offering curated multiple-choice questions to sharpen your Testing Subject knowledge and support exam preparation. Choose a topic below to get started.
| 1. |
The following is not a type of liability |
| A. | Short term |
| B. | Current |
| C. | Fixed |
| D. | Contingent |
| Answer» B. Current | |
| 2. |
Bookkeeping is a/an……………………of correctly recording of business transition. |
| A. | Art and Science |
| B. | Art |
| C. | Science |
| D. | Art or Science |
| Answer» C. Science | |
| 3. |
A trader purchases goods for Rs. 2500000, of these 70% of goods were sold during the year. At the end of 31st December 2009, the market value of such goods were Rs. 500000. But the trader recorded in his books for Rs. 750000. Which of the following concept is violated. |
| A. | Money measurement |
| B. | Conservatism |
| C. | Consistency |
| D. | None of these |
| Answer» C. Consistency | |
| 4. |
All those to whom business owes money are: |
| A. | Debtors |
| B. | Investors |
| C. | Creditors |
| D. | Shareholders concept |
| Answer» D. Shareholders concept | |
| 5. |
Profit and loss is calculated at the stage of |
| A. | Recording |
| B. | Posting |
| C. | Classifying |
| D. | Summarising |
| Answer» E. | |
| 6. |
As per the Matching concept, Revenue – ? = Profit |
| A. | Expenses |
| B. | Liabilities |
| C. | Losses |
| D. | Assets |
| Answer» B. Liabilities | |
| 7. |
The basic sequence in the accounting process can best be described as: |
| A. | Transaction, journal entry, source document, ledger account, trial balance. |
| B. | Source document, transaction, ledger account, journal entry, trial balance. |
| C. | Transaction, source document, journal entry, trial balance, ledger account. |
| D. | Transaction, source document, journal entry, ledger account, trial balance. |
| Answer» E. | |
| 8. |
What comes in is to be debited, what goes out is to be credited. |
| A. | Rules of Personal |
| B. | Rules of Real |
| C. | Rules of Nominal |
| D. | All of these |
| Answer» C. Rules of Nominal | |
| 9. |
A trader calculated his profit as Rs.150000 on 31/03/2014. It is an |
| A. | Transaction |
| B. | Event |
| C. | Transaction as well as event |
| D. | Neither transaction nor event |
| Answer» C. Transaction as well as event | |
| 10. |
Small items like, pencils, pens, files, etc. are written off within a year according to _____ concept. |
| A. | Materiality |
| B. | consistency |
| C. | Conservatism |
| D. | Realisation |
| Answer» B. consistency | |
| 11. |
The main object of cost accounting is: |
| A. | To record day to day transactions of the business |
| B. | To reveal managerial efficiency |
| C. | To ascertain true cost of products and services |
| D. | To determine tender price |
| Answer» D. To determine tender price | |
| 12. |
Debit the receiver & credit the giver is _____ account. |
| A. | Personal |
| B. | Real |
| C. | Nominal |
| D. | All the above |
| Answer» B. Real | |
| 13. |
The transferring of debit and credit items from journal to the respective accounts in the ledger is calledas |
| A. | Ledger |
| B. | Posting |
| C. | Forward journal |
| D. | None of these one of these |
| Answer» C. Forward journal | |
| 14. |
Which accounting concept satisfy the valuation criteria? |
| A. | Going concern, Realisation, Cost |
| B. | Going concern, Cost, Dual aspect |
| C. | Cost, Dual aspect, Conservatism |
| D. | Realisation, Conservatism, Going concern. |
| Answer» B. Going concern, Cost, Dual aspect | |
| 15. |
Real accounts records |
| A. | Dealings with creditors or debtors |
| B. | Dealings in commodities |
| C. | Gains and losses |
| D. | All of the above |
| Answer» C. Gains and losses | |
| 16. |
The purpose of financial accounts is reporting to |
| A. | Management only |
| B. | Government only |
| C. | Investor only |
| D. | All of these |
| Answer» E. | |
| 17. |
An accounting that deals with the accounting and reporting of information to management regarding thedetail information is |
| A. | Financial accounting |
| B. | Management accounting |
| C. | Cost accounting |
| D. | Real Accounting |
| Answer» C. Cost accounting | |
| 18. |
Accounting principles are divided into two types. These are --- |
| A. | Accounting Concepts |
| B. | Accounting Conventions |
| C. | Accounting Standards |
| D. | Accounting Concepts & Accounting Conventions |
| Answer» E. | |
| 19. |
Cost concept basically recognises ____. |
| A. | Fair Market value |
| B. | Historical cost |
| C. | Realisable value |
| D. | Replacement cost |
| Answer» C. Realisable value | |
| 20. |
Fixed assets are held by business for _____. |
| A. | Converting into cash |
| B. | Generating revenue |
| C. | Resale |
| D. | None of the above |
| Answer» C. Resale | |
| 21. |
Business enterprise is separate from its owner according to _____ concept. |
| A. | Money measurement concept |
| B. | Matching concept |
| C. | Entity concept |
| D. | Dual aspect concept |
| Answer» D. Dual aspect concept | |
| 22. |
Double entry system is used in which type of accounting? |
| A. | Cost |
| B. | Financial |
| C. | Management |
| D. | All |
| Answer» C. Management | |
| 23. |
The assets that can be easily converted into cash within a short period, i.e., 1 year or less are known as |
| A. | Current assets |
| B. | Fixed assets |
| C. | Intangible assets |
| D. | Investments |
| Answer» B. Fixed assets | |
| 24. |
The system of recording based on dual aspect concept is called: |
| A. | Double account system |
| B. | Double entry system |
| C. | Single entry system |
| D. | All the above |
| Answer» C. Single entry system | |
| 25. |
Which of the following is a Real A/c? |
| A. | Building A/c |
| B. | Capital A/c |
| C. | Shyam A/c |
| D. | Rent A/c |
| Answer» B. Capital A/c | |
| 26. |
The proprietor of the business is treated as creditor for the capital introduced by him due to_____concept. |
| A. | Money measurement |
| B. | Cost |
| C. | Entity |
| D. | Dual aspect |
| Answer» D. Dual aspect | |
| 27. |
Identify which is wrong rule |
| A. | Nominal account- debit all expenses & losses |
| B. | Real account- credit what comes in |
| C. | Nominal account- credit all incomes & gains |
| D. | Personal account- debit the receiver |
| Answer» C. Nominal account- credit all incomes & gains | |
| 28. |
The rule debit all expenses and losses and credit all income and gains relates to |
| A. | Personal account |
| B. | Real account |
| C. | Nominal accounts |
| D. | All |
| Answer» D. All | |
| 29. |
A trader has made a sale of Rs.75,500 out of which cash sales amounted to Rs.25,500. He showed tradereceivables on 31-3-2014 at Rs.25,500. Which concept is followed by him? |
| A. | Going concern |
| B. | Cost |
| C. | Accrual |
| D. | Money measurement |
| Answer» D. Money measurement | |
| 30. |
Cash a/c is a ______. |
| A. | Real a/c |
| B. | Nominal |
| C. | Personal |
| D. | None |
| Answer» B. Nominal | |
| 31. |
The accounts that records expenses, gains and losses are |
| A. | Personal accounts |
| B. | Real accounts |
| C. | Nominal accounts |
| D. | None of the above |
| Answer» D. None of the above | |
| 32. |
Debit the receiver credit the giver rule for |
| A. | Real a/c |
| B. | Personal a/c |
| C. | Nominal a/c |
| D. | None of these |
| Answer» C. Nominal a/c | |
| 33. |
P & L a/c is prepared for a period of one year by following: |
| A. | Consistency concept |
| B. | Conservatism concept |
| C. | Accounting period concept |
| D. | Cost Concept |
| Answer» D. Cost Concept | |
| 34. |
The comparison of financial statement of one year with that of another is possible only when ----------------concept is followed |
| A. | Going concern |
| B. | Accrual |
| C. | Consistency |
| D. | Materiality |
| Answer» D. Materiality | |
| 35. |
Payments app ______launched Digital gold allows the customers to buy and sell gold through electronic platform. |
| A. | mRupee |
| B. | Paytm |
| C. | Vodafone M-Pesa |
| D. | Airtel Money |
| Answer» C. Vodafone M-Pesa | |
| 36. |
Which company sign a MoU with the Andhra Pradesh Government to build a new plant in Anantapur district? |
| A. | Honda |
| B. | Ford |
| C. | Kia |
| D. | Volkswagen |
| Answer» D. Volkswagen | |
| 37. |
Which airplane company offering all-inclusive tickets starting from Rs. 1,099 to destinations? |
| A. | Air India |
| B. | Jet Airways |
| C. | AirAsia |
| D. | SpiceJet |
| Answer» D. SpiceJet | |
| 38. |
Life Insurance Corporation of India (LIC) has introduced how many endowment assurance plans for individuals having Aadhaar card? |
| A. | 2 |
| B. | 3 |
| C. | 5 |
| D. | 4 |
| Answer» B. 3 | |
| 39. |
What is the name of the hospital which become the India's First public hospital for eye tumours? |
| A. | Anugrah Narayan Magadh Medical College and Hospital (ANMMCH) |
| B. | Jawaharlal Institute of Postgraduate Medical Education & Research (JIPMER) |
| C. | All India Institute of Hygiene and Public Health (AIIH&PH) |
| D. | All India Institute of Medical Sciences (AIIMS) |
| Answer» E. | |
| 40. |
Which airline became the world's first airline to adopt new satellite-based airplane tracking system? |
| A. | Malaysia Airlines |
| B. | Japan Airlines |
| C. | Singapore Airlines |
| D. | Asiana Airlines |
| Answer» B. Japan Airlines | |
| 41. |
Which Food delivery and home services app was launched by Google for Indian market? |
| A. | Ambrosia |
| B. | Delicay |
| C. | G-kitchen |
| D. | Areo |
| Answer» E. | |
| 42. |
Which e-tailer has acquired logistics start-up InLogg to smooth its delivery process? |
| A. | Jabong |
| B. | Myntra |
| C. | Flipkart |
| D. | Snapdeal |
| Answer» C. Flipkart | |
| 43. |
Which company launched 'Savdhan Rahein, Safe Rahein' a public awareness campaign on financial fraud risks? |
| A. | DCB Bank |
| B. | Bajaj Finserv |
| C. | SBI Capital |
| D. | ICICI bank |
| Answer» C. SBI Capital | |
| 44. |
The report titled 'Connected Commerce: Creating a Roadmap for a Digitally Inclusive Bharat' has been launched by the NITI Aayog in collaboration with which company? |
| A. | GPay |
| B. | Bill & Melinda Gates Foundation |
| C. | Mastercard |
| D. | Paytm |
| Answer» D. Paytm | |
| 45. |
Which pharmaceuticals company has decided to expand its vaccine business in the United Kingdom with an investment of £240 million? |
| A. | Franco India Pharmaceuticals |
| B. | Serum Institute of India |
| C. | Astra Zeneca Pharma India |
| D. | None of the above |
| Answer» C. Astra Zeneca Pharma India | |
| 46. |
Which Indian PSU regained market capitalization of Rs 50,000 crore and entered 100 most valued Indian firms? |
| A. | SAIL |
| B. | BHEL |
| C. | NTPC |
| D. | BEML |
| Answer» B. BHEL | |
| 47. |
According to UN Study, the Online share of retail sales jumps to how much percent amid lockdowns? |
| A. | 20% |
| B. | 21% |
| C. | 19% |
| D. | 22% |
| Answer» D. 22% | |
| 48. |
How much amount has been committed by Citibank to support COVID-19 relief measures in India? |
| A. | Rs.250 cr |
| B. | Rs.130 cr |
| C. | Rs.200 cr |
| D. | Rs.150 cr |
| Answer» D. Rs.150 cr | |
| 49. |
In restructuring of loan resolution frame 2.0 for individual borrowers and small businesses, the outstanding loan of these borrowers must be upto how much to avail the facility? |
| A. | Rs 30 crore |
| B. | Rs 15 crore |
| C. | Rs 20 crore |
| D. | Rs 25 crore |
| Answer» E. | |
| 50. |
Which company has partnered with a not-for-profit organisation, SEEDS to launch a community COVID-19 vaccination drive and set up COVID care centres? |
| A. | Samsung |
| B. | Amazon |
| C. | PepsiCo |
| D. | Apple Inc |
| Answer» D. Apple Inc | |