ACCOUNTING MCQs



The normal balance of liability account is:

  1. Credit balance
  2. Debit balance
  3. Cash balance
  4. None of above

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A cost that changes with the number of units produced, but that can never be a zero, is what kind of cost ?

  1. Mixed cost
  2. Period cost
  3. Variable cost
  4. Product cost

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Which of the following is a control account?

  1. Capital
  2. Prepaid rent
  3. Accounts receivable
  4. Salary payable

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A___ is a formal financial statement that summarizes revenue and expense for a period:

  1. Income statement
  2. Capital statement
  3. Balance sheet
  4. Statement of cash

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Which of following account is not an account that normally has a credit balance?

  1. Expense
  2. Liability
  3. Revenue
  4. Owner's capital

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