Principles of Accounting MCQs and Notes

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📊 Principles of Accounting
Q. 4 oct Opening balance=500 units @Rs 20 each, 5 Oct:Purchase=1000 units @Rs 15 ,6 Oct Sales=500 units.What will be rate at which the sales unit will be valued as per weighted avg method?
  • (A) Rs20
  • (B) Rs 15
  • (C) Rs 16.66
  • (D) 17.5
💬 Discuss
✅ Correct Answer: (C) Rs 16.66
📊 Principles of Accounting
Q. What is the formula for calculating depreciation in SLM Method?
  • (A) Cost+Scrap/No of Yrs
  • (B) Scrap-Cost/No of yrs
  • (C) Cost - Scrap/Useful Life
  • (D) None of these
💬 Discuss
✅ Correct Answer: (C) Cost - Scrap/Useful Life
📊 Principles of Accounting
Q. What are the causes of depreciation?
  • (A) Wear and Tear
  • (B) Obsolescence
  • (C) Expiration of legal rights
  • (D) All of the above
💬 Discuss
✅ Correct Answer: (D) All of the above
📊 Principles of Accounting
Q. Where do we show Gas and Fuel in final accounts?
  • (A) Trading A/c
  • (B) P&L Account
  • (C) Balance Sheet
  • (D) Not shown anywhere
💬 Discuss
✅ Correct Answer: (A) Trading A/c
📊 Principles of Accounting
Q. What are the two statements prepared for summarising the transactions? I)Balance Sheet II)Journal III)P&L IV)Cash Book
  • (A) Only I and II
  • (B) Only I,II and III
  • (C) Only I,II and IV
  • (D) Only I and III
💬 Discuss
✅ Correct Answer: (D) Only I and III
📊 Principles of Accounting
Q. The process of transferring the debit and credit items from a journal to their respective account in the ledger is termed as?
  • (A) Balancing
  • (B) Posting
  • (C) Arithmetic
  • (D) Entry
💬 Discuss
✅ Correct Answer: (B) Posting
📊 Principles of Accounting
Q. When Salary is paid by cheque, which account is credited.
  • (A) Cash A/c
  • (B) Bank A/c
  • (C) Salary A/c
  • (D) Personal A/c
💬 Discuss
✅ Correct Answer: (B) Bank A/c
📊 Principles of Accounting
Q. In trial balance, which accounts with is/are recorded at the credit side?
I)Sales
II)Sales return
III)Cash
IV)Loan
  • (A) Only I and II
  • (B) All of these
  • (C) Only I,II and IV
  • (D) Only I and IV
💬 Discuss
✅ Correct Answer: (D) Only I and IV
📊 Principles of Accounting
Q. When proprietor withdrew cash from business for personal use , it is known as -
  • (A) Drawings
  • (B) Investment
  • (C) Furniture
  • (D) Bills Receivable
💬 Discuss
✅ Correct Answer: (A) Drawings
📊 Principles of Accounting
Q. Business enterprise is separate from its owner according to concept.
  • (A) Money measurement
  • (B) Cost
  • (C) business entity concept
  • (D) Dual aspect
💬 Discuss
✅ Correct Answer: (C) business entity concept

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