ACCOUNTING MCQs



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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The major government policies that can be used to pursue its macroeconomic goals are:

  1. Fiscal policy and debit policy
  2. Fiscal policy and monetary policy
  3. Fiscal policy and subsidies
  4. None

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Which of following account with normal balance is shown at the debit side of the trial balance?

  1. Rent income account
  2. Credits account
  3. Cash account
  4. Unearned income account

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