ACCOUNTING MCQs



Identify the asset from the following

  1. Cash and cash equivalent
  2. Creditors
  3. Notes payable
  4. Bank loan

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Which is the most important characteristic that all assets of a business have?

  1. Long life of assets
  2. Value of assets
  3. Intangible nature of assets
  4. None of the above`

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________ is the first phase of accounting cycle

  1. Identifying an economic event or transaction
  2. Preparing Journal
  3. Posting entries to Ledger accounts
  4. Making decisions about business

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Credit note is the basis for recording a transaction in which of the following journals?

  1. Purchase Journal
  2. Sales return journal
  3. General journal
  4. Cash receipt journal

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Debit balance = Credit balance in a trial balance indicates that:

  1. No error in recording transactions
  2. No error in posting entries to ledger accounts
  3. Account balances are correct
  4. Mathematically Capital

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