WorksheetsBasic Accounts MCQ
Total questions: 8
Worksheet time: 4mins
The main Purpose of Financial Accounting is?
To Provide financial information to shareholders
To maintain balance sheet
To minimize taxes.
To keep track of liabilities
What type of balance do asset accounts have?
Contra
Debit
Credit
None of the above
What are the long-term assets which do not have any physical existence?
Current Assets
Tangible Assets
Current Liabilities
Intangible Asstes
Which of the following is correct ?
Income tax is a trade expense
Closing Stock shown in Trial Balance is recorded in Balance Sheet
Prepaid Expenses Account is Nominal Account
None of the above
The main objective of Book-keeping is to:
find out profit or loss
keep correct and complete record of business transactions
show the correct position of assets and liabilities
examine the accuracy of business transactions
Debit what comes in and credit what goes out is the rule of _________.
Personal Account
Real Account
Nominal Account
Assets Account
Which one of the following is a real account?
Salary Account
Mr. Ram's Account
Building Account
Interest expense account
Net profit is calculated in which of the following account?
Profit and loss account
Balance sheet
Trail Balance
Trading Account
