Principles of Accounting MCQs and Notes

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📊 Principles of Accounting
Q. Trial balance is not a conclusive proof of accuracy due to which errors.
I)Error of omission
II)Error of Principle
III)Error of Commission
IV)Compensatory Errors
  • (A) All I,II,III and IV
  • (B) Only I,II and III
  • (C) Only I,II and IV
  • (D) Only II and III
💬 Discuss
✅ Correct Answer: (A) All I,II,III and IV
📊 Principles of Accounting
Q. The respective normal account balances of Sales, Sales Returns , and Discounts allowed are?
  • (A) Credit, Credit, Credit
  • (B) Debit, credit, debit
  • (C) Credit, Debit, Debit
  • (D) Credit, Debit, Credit
💬 Discuss
✅ Correct Answer: (C) Credit, Debit, Debit
📊 Principles of Accounting
Q. In the books of account if a transaction is completely deleted, will it affect the trial balance?
  • (A) No
  • (B) Yes
  • (C) A transaction cannot be omitted
  • (D) May be
💬 Discuss
✅ Correct Answer: (A) No
📊 Principles of Accounting
Q. Goods destroyed by fire should be credited to
  • (A) Puchases A/c
  • (B) Sales A/c
  • (C) Loss by fire A/c
  • (D) Insurance A/c
💬 Discuss
✅ Correct Answer: (A) Puchases A/c
📊 Principles of Accounting
Q. Which is correct.
I)Dr. the receiver,Cr. the Giver
II)Dr. what goes out,Cr. what comes in
III)Dr. all Expenses,Cr.All Losses
  • (A) Only I
  • (B) Only II and III
  • (C) ALL I,II and III
  • (D) Only I and II
💬 Discuss
✅ Correct Answer: (A) Only I
📊 Principles of Accounting
Q. The expenses due but not paid is known as -
  • (A) Prepaid Expenses
  • (B) Debtors
  • (C) Outstanding Expense
  • (D) Bills Receivable
💬 Discuss
✅ Correct Answer: (C) Outstanding Expense
📊 Principles of Accounting
Q. Arun is a Book-seller, which item will be goods for his business ?
  • (A) Purchase of Computer
  • (B) Purchase of Fan
  • (C) Purchase of Furniture
  • (D) Purchase of Stationery
💬 Discuss
✅ Correct Answer: (D) Purchase of Stationery
📊 Principles of Accounting
Q. The elements of the accounting equation are
  • (A) Assets, Liabilities,Capital
  • (B) Liabilities,Capital
  • (C) Liabilities
  • (D) Capital
💬 Discuss
✅ Correct Answer: (A) Assets, Liabilities,Capital
📊 Principles of Accounting
Q. According to which principle the same accounting methods should be used each year:
  • (A) Prudence
  • (B) Full disclosure
  • (C) Materiality
  • (D) Consisten cy
💬 Discuss
✅ Correct Answer: (D) Consisten cy

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