Accounts Fundamental MCQ Question with 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

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

Wanna test your skill? Here are some exams we prepared for you. So if you need to test your skill just attempt any exam from bellow.

Exam Name No. Of Q Attempted Link
Accounting set 1 30 6698 Start
Accounting set 2 30 2416 Start
Accounting set 3 30 1796 Start
Accounting set 4 30 1722 Start
Accounting set 5 30 1697 Start
Accounting set 6 30 1540 Start
Accounting set 7 30 1545 Start
Accounting set 8 30 1704 Start
Accounting set 9 30 1509 Start
Accounting set 10 30 1736 Start
Accounting set 11 30 1685 Start
Accounting set 12 30 1918 Start