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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 : 15
Cash payments are recorded on the _______________ of the Cash Book.

Debit side
Credit side
Both sides
Any one side

Question No : 16
All events are transactions but all transactions are not events.

True
False

Question No : 17
In Double Entry System of Book Keeping, the total of Debit balances may not be equal to the total of Credit balances, in certain situations, even if transactions are recorded correctly.

True
False

Question No : 18
Capital of the business is an example of external liability.

True
False

Question No : 19
If the totals of debit and credit columns of a Trial Balance are equal, it implies correctness of books of accounts.

True
False

Question No : 20
The accounts of a company may be maintained using Single Entry System of Book Keeping also.

True
False

Question No : 21
Arrange the steps of accounting in sequential order -
(i) Trial Balance;
(ii) Journal Entry;
(iii) Balancing of Accounts;
(iv) Ledger Posting.

(i),(ii),(iii),(iv)
(ii),(iii),(iv),(i)
(ii),(iv),(i),(iii)
(ii),(iv),(iii),(i)