Accounting MCQs | Quiz, Multiple Choice Questions NTS, FPSC Test

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ACCOUNTING MCQS | BASIC ACCOUNTING QUIZ, MULTIPLE CHOICE QUESTIONS NTS, FPSC TEST
Accounting Multiple Choice Questions (MCQs) Test Page-1. The following basic accounting quiz are from accounting theory, basics of accounting, general accounting, financial accounting, and cost accounting. Find answers to the accounting questions at the bottom of the page.
FEATURED ACCOUNTING MCQ
1. In accounting and finance, the goods which are purchased for the purpose of resale are known as
(A) Inventory
(B) Purchases
(C) Merchandise
(D) Traded goods

ANSWER: ACCOUNTING MCQ
1. (A) Inventory (See below ↓ for regular Accounting questions)

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1. The main source(s) of Generally Accepted Accounting Principles (GAAP) is/are:
(A) Company Law
(B) Accounting standards
(C) Both A and B
(D) None of these

2. What standards are used to prepare financial statements by most of the countries and companies
(A) International Financial Reporting Standards
(B) International Financial Accounting Standards
(C) International Accounting & Auditing Standards
(D) International Risk Reporting Standards

3. The correct form of Accounting equation is
(A) Assets + Liabilities = Equity
(B) Assets – Liabilities = Equity
(C) Assets – Receivable = Equity
(D) Assets + Receivable = Equity

4. A company sold goods worth $5,000 on 5 June and $10,000 on 28 June. The company received the first payment on 25 June and second on 7 July. The company prepared the financial statement on 30 June. What would be the total sale on the financial statement?
(A) $0
(B) $5,000
(C) $10,000
(D) $15,000

5. Advance payments are recognized as
(A) receivable
(B) payable
(C) bad debt
(D) none of these

ANSWERS: ACCOUNTING MCQS
1. (C) Both A and B
2. (A) International Financial Reporting Standards
3. (B) Assets – Liabilities = Equity
4. (D) $15,000
5. (A) receivable. Next: Accounting MCQs 6–10

ACCOUNTING MCQS | MULTIPLE CHOICE QUESTIONS TEST.