Home MCQs Principles of Accounting

Principles of Accounting

Accounting Mcqs

Sales return is also known as____________?

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A. Return received B. Return Payed C. Return inward D. Return outward Return inwards refer to the goods returned to an organization by its customers. They are goods...
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Accounting Mcqs

Goods Return by the customer are termed as :

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A. Purchase return B. Customer return C. Sales return D. Inventory return
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Accounting Mcqs

reduction in price is called:

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A. Paid price B. Invoice price C. Book price D. Discount
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Accounting Mcqs

Debts which are payable in the course of a month are called _____________?

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A. External liabilities B. Fixed liabilities C. Current liabilities D. Liquid Liabilities
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Accounting Mcqs

Income earned but not received is called ____________?

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A. Fictitious assets B. Quick asset C. Real asset D. Outstanding asset
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Accounting Mcqs

The assets which come into existence upon the happening of a certain event are called__________?

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A. Contingent assets B. Fixed assets C. Fictitious assets D. Quick assets
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Accounting Mcqs

Cash discount is provided on _______________?

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A. Purchases B. Prompt payment C. Sales D. Sales return
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Accounting Mcqs

When owner withdraw cash for its private use, it is called ___________?

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A. Profit B. Income C. Expense D. Drawing
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Accounting Mcqs

A systematic way to maintain the books of accounts is called_________?

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A. Accountancy B. Economics C. Book Keeping D. Auditing
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Accounting Mcqs

Goods return to customer are known as:

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A. Merchandise return B. Purchase return C. Return inwards D. Sales return
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Accounting Mcqs

Assets having physical existence are called ___________?

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A. Current asset B. intangible asset C. Tangible asset D. Liquid asset
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Accounting Mcqs

An Art of reading, classifying & Summarizing of accounts in a systematic way is called__________?

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A. Accounting B. Accountancy C. Auditing D. Book Keeping
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