Accounts Fundamental MCQ Question with Answer

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

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