MBA/MBA Accounting MCQ Question Set 2 Sample Test,Sample questions

Question:
Aggregate of direct costs is known as:

1.Direct material costs

2.Direct Wages

3.Direct Expenses

4.Prime Cost


Question:
All direct & indirect expenses related to business are charged:

1.Profit and loss account

2.Trading account

3.Trading account Profit and Loss account

4.Directly to Balance sheet


Question:
All those to whom business owes money are:

1.Debtors

2.Investors

3.Creditors

4.Shareholders


Question:
Authorized capital, also known as

1.ominal capital

2.Paid up capital

3.Issues capital

4.None of these


Question:
Carriage outward is charged to

1.Debit side Profit & Loss a/c

2.Debit side Trading a/c

3.Credit side of Profit & Loss a/c

4.Credit side of trading a/c


Question:
Cost accounting emerged mainly on account of:

1.Statutory requirements

2.Competition in the market

3.Labour unrest

4.Limitations of financial accounting


Question:
Cost accounting information can be used for:

1.Budget control and evaluation.

2.Determining standard costs and variances.

3.Pricing and inventory valuation decisions.

4.All of these


Question:
Cost of goods sold= opening stock+ net purchases+ expenses on Purchases – sales Which part of formula is wrong?

1.opening stock

2.net purchases

3.expenses on Purchases

4.sales


Question:
Creating provision against fluctuation in the price of investment is application of accounting concept

1.Convention of conservatism

2.Convention of full disclosure

3.Convention of consistency

4.None of these


Question:
Creating provision against fluctuation in the price of investment is application of accounting concept

1.Convention of conservatism

2.Convention of full disclosure

3.Convention of consistency

4.None of these


Question:
Credit balance of profit & loss a/c shown on

1.Asset side of balance sheet

2.Liability side of balance sheet

3.Not shown in balance sheet

4.Half on asset side and half on liability side


Question:
Current liability does not include

1.Sundry creditors

2.Acceptances

3.Unclaimed dividend

4.Short term investment


Question:
Debit what come in Credit what goes out rule for

1.Real a/c

2.Personal a/c

3.Nominal a/c

4.None of these


Question:
Depreciation is a charge against

1.Profit

2.Assets

3.Company

4.Books of A/c


Question:
Financial accounting is concerned with

1.Recording of business expenses and revenue

2.Recording of costs of products and services

3.Recording of day to day business transactions

4.None of the above


Question:
Fixed assets and current assets are categorized as per concept of:

1.Separate entity

2.Going concern

3.Consistency

4.Time period


Question:
Going concern concept assumes

1.Business as a dissolving concern

2.Business on relishing values

3.Business as a going concern

4.Asset = liability


Question:
Goods given as samples should be credited to:

1.Advertisement account

2.Sales account

3.Purchase account

4.None of the above


Question:
If loan have been guaranteed by managers and directors is called as

1.Loan

2.Unsecured Loan

3.Secured Loan

4.Advance by Manager & director


Question:
Income tax paid by a sole proprietor on his business income should be:

1.Debited to trading account

2.Debited to profit and loss account

3.Deducted from capital account in the balance sheet

4.None of the above


Question:
Information about an item is ______________ if its omission or misstatement might influence the financial decision of the users taken on the basis of that information

1.Concrete

2.Complete

3.Immaterial

4.Material


Question:
Insurance prepaid is shown as

1.Current assets

2.Current liabilities

3.Fixed asset

4.Fixed liability


Question:
Interest on drawings is:

1.Expenditure for the business

2.Cost for the business

3.Gain for the business

4.None of the above


Question:
Investment of X company profit in shares of other company PQR Pvt. ltd are recorded in

1.Asset side of Balance Sheet

2.Liability side of Balance Sheet

3.Profit & Loss a/c

4.Not recorded in Balance Sheet


Question:
Management accounting is applicable to

1.Service entities

2.Manufacturing entities

3.Non profit entities

4.All of these


Question:
Management Accounting relates to

1.Recording of accounting data

2.Recording of cost data

3.Presentation of account data

4.None of the above


Question:
Opening stock + ____ + Direct Expenses (Carriage on Raw material)-Closing Stock = ____

1.Sales, Purchases

2.Sales, Sales return

3.Purchases, Cost of goods produced

4.Purchases, Cost of goods sold


Question:
Outstanding expenses are charged to

1.Asset side of balance sheet

2.Liability side of balance sheet

3.Not charged to balance sheet

4.None of these


Question:
Payment received from Debtor

1.Decreases the Total Assets

2.Increases the Total Assets

3.Results in no change in the Total Assets

4.Increases the Total Liabilities


Question:
Payment received from debtor:

1.Decreases the total assets

2.Increases the total assets

3.Results in no change in total assets

4.Increase the total liabilities


Question:
Proposed dividends" is shown in the Balance Sheet of a company under the head:

1.Provisions

2.Reserves and Surplus

3.Current Liabilities

4.Other Liabilities


Question:
Purchases of goods on credit from A is recorded as:

1.Debit purchases a/c; credit cash a/c

2.Debit A a/c; credit purchases a/c

3.Debit purchases a/c; credit A a/c

4.Debit A a/c; credit stock a/c


Question:
Rent paid to landlord should be credited to

1.Landlords account

2.Rent account

3.Cash account

4.Expense account


Question:
Sales made to Mahesh for cash should be debited to

1.Cash account

2.Mahesh Account

3.Sales account

4.Purchase account


Question:
Sunk costs are:

1.relevant for decision making

2.Not relevant for decision making

3.cost to be incurred in future

4.future costs


Question:
The basic concepts related to p& l a/c are:

1.Realization Concept

2.Matching Concept

3.Cost Concept

4.Both a and b above


Question:
The following comments all relate to the recording process. Which of these statements is correct?

1.The general ledger is a chronological record of transactions.

2.The general ledger is posted from transactions recorded in the general journal.

3.The trial balance provides the primary source document for recording transactions into the general journal.

4.Transposition is the transfer of information from the general journal to the general ledger.


Question:
The following comments each relate to the recording of journal entries. Which statement is true?

1.For any given journal entry, debits must exceed credits.

2.It is customary to record credits on the left and debits on the right.

3.The chart of accounts reveals the amount to debit and credit to the affected accounts.

4.Journalization is the process of converting transactions and events into debit/credit format.


Question:
The primary objective of management accounting is

1.Prepare final a/c

2.Provide management complete and true information

3.Both (a) & (b)

4.None of these


Question:
The term Management Accounting was first used in

1.1910

2.1939

3.1950

4.1960


Question:
The transferring of debit and credit items from journal to the respective accounts in the ledger is called as

1.Ledger

2.Posting

3.Forward journal

4.None of these


Question:
Trade Payables are recorded in ______________

1.Asset side of B/S

2.Liability side of B/S

3.P & L a/c

4.None of the above


Question:
What comes in is to be debited, what goes out is to be credited.

1.Rules of Personal

2.Rules of Real

3.Rules of Nominal

4.All of these


Question:
Which items does not come under the balance sheet

1.sales

2.Share capital

3.Reserves and surplus

4.Unsecured loan


Question:
Which of the following is a liability?

1.Loan from Mr.Y

2.loan to Mr.y

3.Both (a) (b)

4.None of these


Question:
Which of the following is a liability?

1.Loan from Mr.Y

2.loan to Mr.y

3.Both (a) (b)

4.None of these


Question:
Which of the following is not an example of real a/c:

1.Machinery

2.Building

3.Cash

4.Creditor


Question:
Which of the following is not related with Money Measurement Concept ?

1.All business transaction should be expressed only in money

2.The transactions which cannot be expressed in money, will not be recorded in accounting books

3.Business is treated as separate from the proprietor

4.None of these


Question:
Which one of the following is not an example of Intangible Assets?

1.Patents

2.Trade Marks

3.Copyright

4.Land


Question:
_______ system records only actual cash receipts and payments

1.Cash basis

2.Accrual basis

3.Mercantile basis

4.Single entry basis


More MCQS

  1. MBA Accounting MCQ Question Set 1
  2. MBA Accounting MCQ Question Set 2
  3. MBA Accounting MCQ Question Set 3
  4. MBA Accounting MCQ Question Set 4
  5. MBA Accounting MCQ Question Set 5
  6. MBA Accounting MCQ Question Set 6
  7. MBA Accounting MCQ Question Set 7
  8. MBA Accounting MCQ Question Set 8
  9. MBA Accounting MCQ Question Set 9
  10. MBA Accounting MCQ Question Set 10
  11. MBA Advertising and Sales Promotion Mcq Set 1
  12. MBA Advertising and Sales Promotion Mcq Set 2
  13. MBA Advertising and Sales Promotion Mcq Set 3
  14. MBA Advertising and Sales Promotion Mcq Set 4
  15. MBA Advertising and Sales Promotion Mcq Set 5
  16. MBA Advertising and Sales Promotion Mcq Set 6
  17. MBA Advertising and Sales Promotion Mcq Set 7
  18. MBA Advertising and Sales Promotion Mcq Set 8
  19. MBA Advertising and Sales Promotion Mcq Set 9
  20. MBA Advertising and Sales Promotion Mcq Set 10
  21. MBA Advertising and Sales Promotion Mcq Set 11
  22. MBA Advertising and Sales Promotion Mcq Set 12
  23. MBA Advertising and Sales Promotion Mcq Set 13
  24. MBA Behavioural and Allied Sciences MCQ Set 1
  25. MBA Behavioural and Allied Sciences MCQ Set 2
  26. MBA Behavioural and Allied Sciences MCQ Set 3
  27. MBA Behavioural and Allied Sciences MCQ Set 4
  28. MBA Behavioural and Allied Sciences MCQ Set 5
  29. MBA Behavioural and Allied Sciences MCQ Set 6
  30. MBA Behavioural and Allied Sciences MCQ Set 7
  31. MBA Behavioural and Allied Sciences MCQ Set 8
  32. MBA Behavioural and Allied Sciences MCQ Set 9
  33. MBA Behavioural and Allied Sciences MCQ Set 10
  34. MBA Brand Management MCQ Set 1
  35. MBA Brand Management MCQ Set 2
  36. MBA Brand Management MCQ Set 3
  37. MBA Brand Management MCQ Set 4
  38. MBA Brand Management MCQ Set 5
  39. MBA Business Communication MCQ Set 1
  40. MBA Business Communication MCQ Set 2
  41. MBA Business Communication MCQ Set 3
  42. MBA Business Communication MCQ Set 4
  43. MBA Business Communication MCQ Set 5
  44. MBA Business Communication MCQ Set 6
  45. MBA Business Communication MCQ Set 7
  46. MBA Business Communication MCQ Set 8
  47. MBA Business Communication MCQ Set 9
  48. MBA Brand Management MCQ Set 10
  49. MBA Brand Management MCQ Set 11
  50. MBA Business Economics MCQ Set 1
  51. MBA Business Economics MCQ Set 2
  52. MBA Business Economics MCQ Set 3
  53. MBA Business Economics MCQ Set 4
  54. MBA Business Economics MCQ Set 5
  55. MBA Business Economics MCQ Set 6
  56. MBA Business Environment MCQ Set 1
  57. MBA Business Environment MCQ Set 2
  58. MBA Business Environment MCQ Set 3
  59. MBA Business Environment MCQ Set 4
  60. MBA Business Environment MCQ Set 5
  61. MBA Business Environment MCQ Set 6
  62. MBA Business Environment MCQ Set 7
  63. MBA Business Environment MCQ Set 8
  64. MBA Business Environment MCQ Set 9
  65. MBA Business Ethics and Governance MCQ Set 1
  66. MBA Business Law Mcq Set 1
  67. MBA Business Law Mcq Set 2
  68. MBA Business Law Mcq Set 3
  69. MBA Business Law Mcq Set 4
  70. MBA Business Law Mcq Set 5
  71. MBA Business Law Mcq Set 6
  72. MBA Business Law Mcq Set 7
  73. MBA Business Law Mcq Set 8
  74. MBA Business Law Mcq Set 9
  75. MBA Business Mathematics Mcq Set 1
  76. MBA Business Mathematics Mcq Set 2
  77. MBA Business Mathematics Mcq Set 3
  78. MBA Business Mathematics Mcq Set 4
  79. MBA Business Mathematics Mcq Set 5
  80. MBA Business Mathematics Mcq Set 6
  81. MBA Business Statistics Mcq Set 1
  82. MBA Business Statistics Mcq Set 2
  83. MBA Computers In Management Mcq Set 1
  84. MBA Computers In Management Mcq Set 2
  85. MBA Computers In Management Mcq Set 3
  86. MBA Computers In Management Mcq Set 4
  87. MAB Cost and Managerial Accounting Mcq Set 1
  88. MBA Cost and Managerial Accounting Mcq Set 1
  89. MBA Cost and Managerial Accounting Mcq Set 2
  90. MBA Cost and Managerial Accounting Mcq Set 3
  91. MBA Cost and Managerial Accounting Mcq Set 4
  92. MBA Cost and Managerial Accounting Mcq Set 5
  93. MBA Cost and Managerial Accounting Mcq Set 6
  94. MBA Cost and Managerial Accounting Mcq Set 7
  95. MBA Cost and Managerial Accounting Mcq Set 8
  96. MBA Cost and Managerial Accounting Mcq Set 9
  97. MBA Cost and Managerial Accounting Mcq Set 10
  98. MBA Cost and Managerial Accounting Mcq Set 11
  99. MBA E-Business MCQ Set 1
  100. MBA E-Business MCQ Set 2
  101. MBA E-Business MCQ Set 3
  102. MBA E-Business MCQ Set 4
  103. MBA English Language MCQ Set 1
  104. MBA English Language MCQ Set 2
  105. MBA Entrepreneurship Management MCQ Set 1
  106. MBA Entrepreneurship Management MCQ Set 2
  107. MBA Entrepreneurship Management MCQ Set 3
  108. MBA Entrepreneurship Management MCQ Set 4
  109. MBA Entrepreneurship Management MCQ Set 5
  110. MBA Entrepreneurship Management MCQ Set 6
  111. MBA Financial Management MCQ Set 1
  112. MBA Financial Management MCQ Set 2
  113. MBA Financial Management MCQ Set 3
  114. MBA Financial Management MCQ Set 4
  115. MBA Financial Management MCQ Set 5
  116. MBA Financial Management MCQ Set 6
  117. MBA Financial Management MCQ Set 7
  118. MBA Financial Management MCQ Set 8
  119. MBA Financial Management MCQ Set 9
  120. MBA Financial Management MCQ Set 10
  121. MBA Financial Management MCQ Set 11
  122. MBA Financial Management MCQ Set 12
  123. MBA Human Resource Management Mcq Set 1
  124. MBA Human Resource Management Mcq Set 2
  125. MBA Human Resource Management Mcq Set 3
  126. MBA Human Resource Management Mcq Set 4
  127. MBA Human Resource Management Mcq Set 5
  128. MBA Human Resource Management Mcq Set 6
  129. MBA Human Resource Management Mcq Set 7
  130. MBA Human Resource Management Mcq Set 8
  131. MBA Insurance and Risk Management Mcq Set 1
  132. MBA Insurance and Risk Management Mcq Set 2
  133. MBA Insurance and Risk Management Mcq Set 3
  134. MBA Insurance and Risk Management Mcq Set 4
  135. MBA Insurance and Risk Management Mcq Set 5
  136. MBA Insurance and Risk Management Mcq Set 6
  137. MBA Management Information Systems Mcq Set 1
  138. MBA Management Information Systems Mcq Set 2
  139. MBA Management Information Systems Mcq Set 3
  140. MBA Management Information Systems Mcq Set 4
  141. MBA Management Information Systems Mcq Set 5
  142. MBA Management Information Systems Mcq Set 6
  143. MBA Management Information Systems Mcq Set 7
  144. MBA Management Information Systems Mcq Set 8
  145. MBA Management Information Systems Mcq Set 9
  146. MBA Marketing Management Mcq Set 1
  147. MBA Marketing Management Mcq Set 2
  148. MBA Marketing Management Mcq Set 3
  149. MBA Marketing Management Mcq Set 4
  150. MBA Marketing Management Mcq Set 5
  151. MBA Marketing Management Mcq Set 6
  152. MBA Marketing Management Mcq Set 7
  153. MBA Marketing Management Mcq Set 8
  154. MBA Marketing Management Mcq Set 9
  155. MBA Marketing Management Mcq Set 10
  156. MBA Marketing Management Mcq Set 11
  157. MBA Marketing Management Mcq Set 12
  158. MBA Marketing Management Mcq Set 13
  159. MBA Media Planning Mcq Set 1
  160. MBA Media Planning Mcq Set 2
  161. MBA Media Planning Mcq Set 3
  162. MBA Media Planning Mcq Set 4
  163. MBA Operations Research Mcq Set 1
  164. MBA Operations Research Mcq Set 2
  165. MBA Operations Research Mcq Set 3
  166. MBA Operations Research Mcq Set 4
  167. MBA Operations Research Mcq Set 5
  168. MBA Organisational Behavior Mcq Set 1
  169. MBA Organisational Behavior Mcq Set 2
  170. MBA Organisational Behavior Mcq Set 3
  171. MBA Organisational Behavior Mcq Set 4
  172. MBA Principles and Practices of Management Mcq Set 1
  173. MBA Principles and Practices of Management Mcq Set 2
  174. MBA Principles and Practices of Management Mcq Set 3
  175. MBA Principles and Practices of Management Mcq Set 4
  176. MBA Principles and Practices of Management Mcq Set 5
  177. MBA Principles and Practices of Management Mcq Set 6
  178. MBA Principles and Practices of Management Mcq Set 7
  179. MBA Principles and Practices of Management Mcq Set 8
  180. MBA Principles and Practices of Management Mcq Set 9
  181. MBA Production and Operations Management Mcq Set 1
  182. MBA Production and Operations Management Mcq Set 2
  183. MBA Production and Operations Management Mcq Set 3
  184. MBA Production and Operations Management Mcq Set 4
  185. MBA Production and Operations Management Mcq Set 5
  186. MBA Production and Operations Management Mcq Set 6
  187. MBA Production and Operations Management Mcq Set 7
  188. MBA Production and Operations Management Mcq Set 8
  189. MBA Production and Operations Management Mcq Set 9
  190. MBA Production and Operations Management Mcq Set 10
  191. MBA System Analysis and Design Mcq Set 1
  192. MBA System Analysis and Design Mcq Set 2
  193. MBA System Analysis and Design Mcq Set 3
  194. MBA System Analysis and Design Mcq Set 4
  195. MBA System Analysis and Design Mcq Set 5
  196. MBA System Analysis and Design Mcq Set 6
  197. MBA System Analysis and Design Mcq Set 7
  198. MBA System Analysis and Design Mcq Set 8
  199. MBA System Analysis and Design Mcq Set 9
  200. MBA Total Quality Management Mcq Set 1
  201. MBA Total Quality Management Mcq Set 2
  202. MBA Total Quality Management Mcq Set 3
  203. MBA Total Quality Management Mcq Set 4
  204. MBA Total Quality Management Mcq Set 5
  205. MBA Total Quality Management Mcq Set 6
  206. MBA Total Quality Management Mcq Set 7
  207. MBA Total Quality Management Mcq Set 8
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