1- Accounting principles are generally based on:
A). Practicability✔️
B). Subjectivity
C). Convenience in recording
D). Daily life
2- Events which are related with money are called:
A). Monetary events✔️
B). Non – monetary events
C). Non- social events
D). Political events
3- Events which are not related with money or which do not change the financial position of a person are known as:
A). Monetary events
B). Non- monetary events✔️
C). Social events
D). Political events
4- A transaction will be possible, when there will be:
A). One party
B). Two parties✔️
C). No party
D). None of the above
5- All the events relevant to business must be measurable in terms of:
A). Goods
B). Units
C). Money✔️
D). Ethical values
6- If there is a change in total value of assets and liabilities of a business concern, it will be consider as:
A). Qualitative change
B). Quantitative change✔️
C). Monetary change
D). Political change
7- When there is no question of meeting the value of a transaction, it is regarded as a:
A). Each transaction
B). Credit transaction
C). Paper transaction✔️
D). None of the above
8- A transaction taking place with an outside person or organization, is called on :
A). Internal transaction
B). External transaction✔️
C). Paper transaction
D). None of the above
9- A transaction taking place with in which no outside person or organization is involved is called as:
A). Internal transaction✔️
B). External transaction
C). Paper transaction
D). None of the above
10- Which of the system of recording transaction on duel aspect concept of accounting:
A). Double account system
B). Double entry system✔️
C). Single entry system
D). Management system
11- Realization concept implies:
A). The receipt of the order
B). The delivery of the goods✔️
C). The receipt of cash from the customer
D). None of the above
12- The proprietor is treated as a creditor to the extent of his capital according to:
A). Cost Concept
B).Business entity Concept✔️
C). Going concern concept
D). None of the above
13- The accounting equation is based on:
A).Going concern concept
B). Dual aspect concept
C). Money measurement concept✔️
D). None of the above
14- An obligation of the entity to owners is treated as a liability in the balance sheet according to:
A). Going concern concept✔️
B). Dual aspect concept
C). Business entity Concept
D). None of the above
15- The accounting equation is:
A). Liabilities= Assets+ capital✔️
B). Assets= capital – Liabilities
C). Assets= capital+ Liabilities
D). None of the above
16- In accounting, all business transactions are recorded as having:
A). Dual aspect✔️
B). Single aspect
C). None of the above
D). Economic aspect
17- Accounting principle is general law or rule follows in the preparation of:
A). Accounting equation
B). Financial statement
C). Personal Accounts
D). Bank Accounts✔️
18- Usefulness, objectivity and feasibility are the three basic norms found in:
A). Accounting transaction
B). Accounting concepts
C). Accounting principles✔️
D). None of the above
19- The cost Concept applied only to the assets and not to:
A). Expenses
B). Liabilities✔️
C). Incomes
D). None of the above
20- The Qualitative aspect of things are ignored by:
A). Dual aspect concept
B). Entity Concept✔️
C). Money measurement concept
D). None of the above
21- The equity of creditors represents debts of the business and are called:
A). Assets
B). Liabilities✔️
C). Capital
D). Income
22- The equity of the owners is called:
A). Assets
B). Liabilities
C). Capital✔️
D). Income
23- The cost Concept is helpful in making:
A). Unreal records
B). Incomplete records
C). Truthful records✔️
D). None of the above
24- The individual record of an asset, a liability, a revenue, an expense or capital in a summarized manner is called:
A). A trial Balance
B). Ledger
C). An account✔️
D). Journal
25- Accounts relating to persons or firms are called:
A). Real Accounts
B). Proprietary Accounts
C). Personal Accounts✔️
D). Nominal Accounts
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