Accounting MCQs | Basic Accounting Quiz Multiple Choice Questions Test with Answers

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ACCOUNTING MCQS | BASIC ACCOUNTING QUIZ, MULTIPLE CHOICE QUESTIONS (ACCOUNTING MCQ) TEST WITH ANSWERS
Accounting Multiple Choice Questions (MCQs) Test with answers Page-1. The following basic accounting quiz are from accounting theory, basics of accounting, general accounting, financial accounting, and cost accounting. Link to Accounting MCQs (PDF) is given below. These are the most important and the most repeated accounting questions with answers for test preparation. Answers to the following featured accounting questions are given after the third accounting MCQ.

FEATURED ACCOUNTING MCQ
1. Which of the following is part of the double entry system in Accounting?
(A) Cash book
(B) General journal
(C) Sales journal
(D) Trial balance

2. In which of the following book returns inwards are recorded?
(A) Sales returns book
(B) Purchase returns book
(C) Cash receipts book
(D) Cash payment book

3. What is the net amount of cash paid to the supplier if: Credit purchases $12,000 out of which $2,000 were rejected and subsequently returned to the supplier. Supplier allowed a discount of 1% on settlement of amount.
(A) $10,000
(B) $12,000
(C) $9,900
(D) $11,880

ANSWER: ACCOUNTING MCQ
1. (A) Cash book
2. (A) Sales returns book
3. (C) $ 9,900. See below ↓ for regular Accounting questions. Answers to these accounting quiz are given after the 5th accounting MCQ.

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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 | BASIC ACCOUNTING QUIZ, MULTIPLE CHOICE QUESTIONS (MCQ) TEST.

ACCOUNTING MCQS (PDF)
Download accounting multiple choice questions (MCQs) in PDF from this section.