Business Accounting MCQs and Notes | MCQ Buddy

P

Priyanka Tomar

🎓 Tutor III ⭐ 35.28K Points

📊 Business Accounting

Q. 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

💬 Discuss

✅ Correct Answer: (B) Conservatism

A

Admin

🎓 Coach ⭐ 38.23K Points

📊 Business Accounting

Q. 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.

💬 Discuss

✅ Correct Answer: (A) Going concern, Realisation, Cost

V

Vikash Gupta

🎓 Tutor III ⭐ 33.56K Points

📊 Business Accounting

Q. Real accounts records

(A) Dealings with creditors or debtors
(B) Dealings in commodities
(C) Gains and losses
(D) All of the above

💬 Discuss

✅ Correct Answer: (B) Dealings in commodities

A

Admin

🎓 Coach ⭐ 38.23K Points

📊 Business Accounting

Q. The accounts that records expenses, gains and losses are

(A) Personal accounts
(B) Real accounts
(C) Nominal accounts
(D) None of the above

💬 Discuss

✅ Correct Answer: (C) Nominal accounts

A

Admin

🎓 Coach ⭐ 38.23K Points

📊 Business Accounting

Q. Any written evidence in support of a business transaction is called

(A) Journal
(B) Ledger
(C) Ledger posting
(D) Voucher

💬 Discuss

✅ Correct Answer: (D) Voucher

R

Ranjeet

🎓 Tutor III ⭐ 34.60K Points

📊 Business Accounting

Q. The following is not a type of liability

(A) Short term
(B) Current
(C) Fixed
(D) Contingent

💬 Discuss

✅ Correct Answer: (A) Short term

P

Priyanka Tomar

🎓 Tutor III ⭐ 35.28K Points

📊 Business Accounting

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

(A) Current Liabilities
(B) Fixed liabilities
(C) Contingent liabilities
(D) All the above

💬 Discuss

✅ Correct Answer: (A) Current Liabilities

R

Ram Sharma

🎓 Coach ⭐ 193.88K Points

📊 Business Accounting

Q. 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

💬 Discuss

✅ Correct Answer: (A) Current assets

A

Admin

🎓 Coach ⭐ 38.23K Points

📊 Business Accounting

Q. Long term assets having no physical existence but, possessing a value are called

(A) Intangible assets
(B) Fixed assets
(C) Current assets
(D) Investments

💬 Discuss

✅ Correct Answer: (A) Intangible assets

V

Vijay Sangwan

🎓 Mover ⭐ 28.62K Points

📊 Business Accounting

Q. Accounting furnishes data on

(A) Income and cost for the managers
(B) Financial conditions of the institutions
(C) Company’s tax liability for a particular year
(D) All the above

💬 Discuss

✅ Correct Answer: (D) All the above

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