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MBA Accounting MCQ Question Set 9

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1. While discounting the bill, debit should be given to ______




2. Account current is a journal:




3. The holder of a bill who endorses it is called




4. The balance of cash account indicates __________




5. Wages paid for erection of machinery are debited to _______




6. A Cheque received and deposited in the bank on the same day is recorded in the _______




7. Expenditure incurred on research is an example of _______




8. Ledger is also called ________




9. Rs. 500 spent on servicing office typewriter should be debited to _________




10. The receipts and payments account begins with ________




11. A debit balance in the income and expenditure account denotes excess of ____ over______.




12. Which of the following items should not be entered in receipts and payments account of a club?




13. Income and expenditure account reveals ________




14. Any written document in support of a business transaction is called a ________




15. Bills Receivable book is to keep record of _______




16. Book-keeping is mainly concerned with __________




17. Purchase of machinery is recorded in _______




18. A bank pass book is a copy of ________




19. Revenue receipts are ______________ in the business.




20. Which account is generally used for rectification of errors?




21. Balance sheet is a _______




22. A person who draws a bill of exchange is known as the _____




23. Bank account is _______




24. Cash book prepared on imprest system is ________




25. Heavy advertising to launch a new product is a _______




26. When a bill is discharged, the acceptor debits ____




27. Capital=




28. Which one the following is an example of an intangible asset?




29. Which one of the following is an example of personal account?




30. Any expenditure incurred in order to reduce the operating expenses is _____




31. The method of account current usually employed by the banker is known as _______




32. A credit sale of goods to Shiva should be debited to _______




33. Any donation received for a specific purpose is a _________




34. Purchase of Typewriter would result in ______________ of fund.




35. Depreciation deducted from the concerned _______




36. Excess of income over expenditure in shown on the ______________ side of income and expenditure account.




37. Subscriptions received in advance will figure in the _________




38. Specific donations received by a non-trading concern are usually ______




39. Subscription received in advance is _______




40. ________ is given to promote sales.




41. The basic function of financial accounting is to ______




42. Ledger is a book of ______________empor




43. In triple column cash book, cash withdrawn from bank for office use will appear in ______




44. The appropriate book to record credit purchase of machinery is _______




45. Interest on drawings is ______




46. A bill drawn and accepted for providing funds to a friend in need is known as _______




47. Which of the following is related to nominal account?




48. Goods destroyed by fire should be credited to _______




49. Errors which affect one account can be _______




50. Bills are drawn by ______