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Here is the MCQs guide for the topic of Accounting. you will find various types of questions along with there answers in this
Q. An account records the ___________ in the balance of an item?
A.
Increase
B.
Decrease
C.
Increase or decrease
D.
Appreciation


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Q. Transferring entries from journal to ledger account is commonly known as____________?
A.
Recording
B.
Transferring
C.
Posting
D.
Entry making


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Q. Which of the following accounts can be classified as a real account?
A.
Rent expenses account
B.
Rent income account
C.
insurance expenses account
D.
Cash account


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Q. Identify the nominal account
A.
Building account
B.
Machinery account
C.
Rent expenses account
D.
Creditors account


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Q. Double entry implies that
A.
Recording entries in journal
B.
Recording entries in Ledger account
C.
Recording two aspects of every transaction
D.
Recording every transaction in books


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Q. Net loss occurs when______________?
A.
Expenses are greater than Income
B.
Expenses are less than Income
C.
Expenses=Income
D.
Liabilities are greater than income


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Q. _______ the withdrawal of cash and goods by the owner of the busienss for his/her personal use?
A.
Depreciation
B.
Drawings
C.
Outflow of cash
D.
Appreciation


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Q. Identify the asset from the following:
A.
Cash and cash equivalent
B.
Creditors
C.
Notes payable
D.
Bank loan


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Q. What is equity?
A.
Cash from the business
B.
liability of a business
C.
Owner’s claim on total assets
D.
Owner’s claim on total liabilities


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Q. Which of the following is a liability?
A.
Cash
B.
Equipment
C.
Debtors
D.
Creditors


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