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Accounting - Questions and Answers for Competitive Exams | GkSeries

Questions
1. What is the main objective of financial accounting?
  • [A] profit and loss account only
  • [B] balance sheet only
  • [C] both P & L account and balance sheet
  • [D] trial balance only

Answer: Option [C]

2. According to which concept the owners are considered to be different from the business
  • [A] business entity concept
  • [B] going concern concept
  • [C] money measurement concept
  • [D] accounting period concept

Answer: Option [A]

3. According to which concept all the transactions are measurable in the terms of money are recorded in accounts?
  • [A] business entity concept
  • [B] going concern concept
  • [C] money measurement concept
  • [D] accounting period concept

Answer: Option [C]

4. While putting the value or price of an entity in financial records the lowest price is recorded not the current price or current market value. This is known as
  • [A] Business Entity Concept
  • [B] Conservatism
  • [C] Expenditure Concept
  • [D] Money Measurment Concept

Answer: Option [B]

5. Which of the following is related to Scientific system of maintaining account?
  • [A] single entry
  • [B] double entry
  • [C] contra entry
  • [D] book entry

Answer: Option [B]

6. Which of the following defines outstanding salary account?
  • [A] natural personal account
  • [B] artificial personal account
  • [C] representative personal account
  • [D] real account

Answer: Option [C]

7. Debit the receiver, credit the giver is rule for
  • [A] personal account
  • [B] tangible real account
  • [C] nominal account
  • [D] representative personal account

Answer: Option [A]

8. Interest earned is a
  • [A] personal account
  • [B] real account
  • [C] nominal account
  • [D] Intangible real account

Answer: Option [C]

9. Investment is a
  • [A] personal account
  • [B] real account
  • [C] nominal account
  • [D] representative personal account

Answer: Option [B]

10. Trading account is a
  • [A] personal account
  • [B] real account
  • [C] nominal account
  • [D] none of the above

Answer: Option [C]

11. Profit and loss account starts with
  • [A] net profit
  • [B] net loss
  • [C] gross profit
  • [D] none of the above

Answer: Option [C]

12. All revenue incomes are credited to
  • [A] manufacturing account
  • [B] trading account
  • [C] profit and loss account
  • [D] none of the above

Answer: Option [C]

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