These are the Basic Accounting MCQS Multiple Choice Questions. These are helpful in helping students prepare for the apptitude tests, exams and even in recruitment tests.
Who is the father of double entry accounting system:
Accumulated profit & loss account is also called:
Under which depreciation method , write down value of the assets at the end of useful life become zero:
Sales budget is prepared on the basis of last year profit and loss account?
Non cash items and accrual expenses are integral part of cash budget?
Fund flow statement is also called:
Expenses and revenues for the year are shown in:
Fundamental accounting equation is descirbed as:
Revenue is recorded on earned basis on the basis of:
Long term assets are those from which future economic benefits will result for :
T accounts is also referred to as:
Cash & Cash Equivalent is a:
Answers: Lucas Pacioli, Retained earnings, straight line, no, no, sources & application staement, profit & loss account, equity + liabilities = assets, accrusla basis, more than 12 months, general ledger, current asset account.