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Accounting and Auditing MCQs pdf old papers 2018

Accounting and Auditing mcqs 2018

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Accounting and Auditing MCQs pdf old papers 2018
Accounting and Auditing MCQs pdf old papers 2018 online jobs portals
A systematic way to maintain the books of accounts is called_________?

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

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

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

The maintenance of accounts in a systematic way is called__________?

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

Cash discount is provided on _______________?

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

For the business, capital is ____________?

A. Expense
B. Liability
C. Assets
D. All of them

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

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

Goods sent on approval basis’ have been recorded as ‘Credit sales’. This is an example of____________?

A. Error of principle
B. Error of commission
C. Error of omission
D. Error of duplication

Institute of Chartered Accountants of Pakistan was established in____________?

A. 1949
B. 1956
C. 1961
D. 1972

Trial balance is prepared to check accuracy of_______________?

A. Ledger accounts balances 
B. Balance sheet balances
C. Income statement balances
D. Cash flow statement balances

If a transaction is completely omitted from the books of accounts, will it affect the agreement of a trial balance?

A. Yes
B. No
C. Transactions can’t be omitted
D. none of these

________ is the common base for preparing a trial balance?

A. Ledger accounts 
B. General Journal
C. Specialized journals
D. Balance sheet

Which of the following is true about a trial balance?

A. It lists down the balances of accounts 
B. It lists down the balances of a balance sheet
C. It is a kind of financial statement
D. It is not a part of accounting cycle

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

A. No error in recording transactions
B. No error in posting entries to ledger accounts
C. Account balances are correct
D. Mathematically Capital+Liabilities=Assets

Trial balance is commonly prepared?

A. Frequently during the year
B. At the end of an accounting period
C. At the end of a month
D. At the end of a year

Which of the following will affect the agreement of a trial balance?

A. Complete omission of a transaction
B. Partial omission of a transaction 
C. Error of principle
D. Compensating errors

Assets having physical existence are called ___________?

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

The assets which have some market value are called ____________?

A. Fixed asset
B. Quick asset
C. Fictitious assets
D. Real assets

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

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

The unsold goods are ______________?

A. Equity
B. Sale return
C. Inventory
D. Purchases

The systems of accounting are _____________?

A. Two
B. Three
C. Five
D. Six

A sale of Rs. 50.000 to A was entered as a sale to B. This is an example of____________?

A. Error of omission
B. Error of commission
C. Compensating error
D. Error of principle

Goods return to customer are known as:

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

The excess of current assets over current liabilities is called:

A. Working Capital
B. Circulating capital
C. Fixed capital
D. Trading capital

When goods, in which business deals are sold, it is called___________?

A. Purchases
B. Return inward
C. Sales
D. Return outwards

Sales return is also known as____________?

A. Return received
B. Return Payed
C. Return inward
D. Return outward

reduction in price is called:

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

Cash brought by the owner to start business is called__________?

A. Capital
B. Loan
C. Drawing
D. None of these

The concession received on the price of defective goods is called:

A. Discount
B. Cash discount
C. Allowance 
D. Trading discount

In support of business transaction, any written evidence is called ___________?

A. Discount
B. Voucher
C. Allowance
D. Price

Building and furniture are called ____________?

A. Current asset
B. Fictitious asset
C. Tangible asset
D. Fixed assets

Goods Return by the customer are termed as :

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

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

A. Rent income account
B. Creditors account
C. Unearned income account
D. Cash account

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

A. Cash account
B. Bank account
C. Equipment account
D. Accrued expenses account

Which of the following specialized journals records “goods returned by customers”?

A. Purchase journal
B. Sales journal
C. Purchases return journal
D. Sales return journal

Sales on credit is recorded in which of the following journal?

A. Purchase journal
B. Sales journal
C. Purchases return journal
D. Sales return journal

Transactions that a BUSINESS doesn’t record in any specialised journal are recorded in which of the following journals or day books?

A. Cash payments journal
B. Cash receipts journal
C. Purchases return journal
D. General journal

Another name of journal is_____________?

A. Specialized journal
B. Day book
C. Cash book
D. Record book

Which of the following specialised journals will record “goods returned by the BUSINESS “?

A. Purchase journal
B. Sales journal
C. Purchases return journal
D. Sales return journal

Sales and purchase journal don’t record__________?

A. Credit sales
B. Credit purchases
C. Credit sales and purchases
D. Cash sales and purchases

Cash received from debtor is recorded in which of the following SPECIALIZED journals?

A. Purchase journal
B. Sales journal
C. Cash receipts
D. Cash payments journal

Which of the following is a type of cash receipt journal + cash payment journal?

A. Bank statement
B. Statement of cash flow
C. Cash book
D. Cash documents

Modern system of book keeping is called______________?

A. Double entry system
B. American system
C. Single entry system
D. Italic system

The person to whom goods are sold on credit is called___________?

A. Buyer
B. Seller
C. Debtor
D. Creditor

Double entry means______________?

A. Entry in two sets of books
B. Entry at two ends
C. Entry at two dates
D. Entry for two aspects of the transaction

Discount received is a/an:

A. Asset
B. Expense
C. Liability
D. Revenue

Obligation of the Business are known as___________?

A. Liabilities
B. Revenues
C. Expenses
D. Assets

The amount invested by the proprietor to start the business is called:

A. Capital
B. Business
C. Drawings
D. All of them

 

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