Accounting Mcqs — Test 5

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Question 1

Discount for quick repayment of debt is normally referred as____________?

Question 2

The first step in accounting process is___________?

Question 3

A chart of accounts generally start with which of the following types of accounts?

Question 4

Amount paid to Masood posted to the credit side of his account would affect___________?

Question 5

Which of the following is true regarding closing entries?

Question 6

Closing stock is generally valued at______________?

Question 7

A few errors committed in Ahhiwalia’s books of account are given below. State which errors would affect the Trial Balance.

Question 8

Which of the following methods is not a practical way of realizing revenue?

Question 9

The amount payable to a person as consideration for the use of rights vested in him is

Question 10

Buildings account is debited with an amount towards repairs. This is an example of?