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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 : 8
A part of the profit distributed to the shareholders is known as

Reserve & Surplus
Retained Earnings
Dividend
Net Profit

Question No : 9
The cost of a machine is Rs.5,70,000. Its scrap value is Rs.25,000 and useful life is 10 years. The depreciation amount under Straight Line Method is

Rs.57,000
Rs.59,500
Rs.54,500
Rs.50,000

Question No : 10
The account which can never have a credit balance is

Bank
Cash
Debtor
Creditor

Question No : 11
The short description of a transaction written at the end of a journal entry is known as _______________.

Summary
Narration
Memo
Info

Question No : 12
The basic unit of measurement of the accounting system is ______________.

Money
Finance
Weight
None of the above

Question No : 13
Business ventures, which are started for a predefined period, are known as _____________ventures

Joint
Terminal
Treminable
Limited Period

Question No : 14
Depreciation is not charged on _______________.

New assets
Land
Building
None of the above

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 Link
Accounting set 1 30 Start
Accounting set 2 30 Start
Accounting set 3 30 Start
Accounting set 4 30 Start
Accounting set 5 30 Start
Accounting set 6 30 Start
Accounting set 7 30 Start
Accounting set 8 30 Start
Accounting set 9 30 Start
Accounting set 10 30 Start
Accounting set 11 30 Start
Accounting set 12 30 Start