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Accounts Fundamental MCQ - Multiple Choice Question and Answer

Accounts Fundamental MCQ with detailed explanation for interview, entrance and competitive exams. Explanation are given for understanding.

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Question No : 1
Mr.Customer purchased goods from Mr.Seller on credit. This is a/an

Event
Transaction
Both (a) and (b)
None of the above

Question No : 2
The first step of accountancy is

Journal Entry
Ledger Posting
Balancing of Accounts
Trial Balance

Question No : 3
Cash is an example of

Personal Account
Real Account
Nominal Account
Both (a) and (b)

Question No : 4
Net Realisable Value of an asset means

The historical cost of the asset
Its sale value as on a particular date
Its written down value as on a particular date
None of the above

Question No : 5
Transfer to General Reserve is a charge against

Trading Account
Profit and Loss Account
Profit and Loss Appropriation Account
Balance Sheet

Question No : 6
All indirect expenses are charged against

Trading Account
Profit and Loss Account
Manufacturing Account
None of the above

Question No : 7
The aggregate of direct material, direct labour and direct expenses is known as

Product Cost
Manufacturing Cost
Prime Cost
Production Cost