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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. What is the basic accounting equation?
A.
Capital+Liabilities=Assets
B.
Assets+ liabilities =Capital
C.
Capital+assets=liabilities
D.
Liabilities+Capital


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Q. Which is the most important characteristic that all assets of a business have?
A.
Long life of assets
B.
Value of assets
C.
Intangible nature of assets
D.
Future economic benefits


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Q. Which of the following can be considered as the most important phase of accounting cycle and it is the primarily objective of financial accounting?
A.
Identifying transactions
B.
Preparing “T Accounts”
C.
Preparing financial statements
D.
Preparing trial balances


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Q. Liability are arisen from which of the following events?
A.
Present event
B.
Future event
C.
Past event
D.
None


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Q. An asset must be _______ by the business to be shown as an asset in its “balance sheet”
A.
Possessed
B.
Owned
C.
Controlled
D.
Used


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Q. The gross decrease in economic benefits for the business are what?
A.
Expenses
B.
Obligations
C.
Obligations
D.
Income or gain


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Q. ________ is the gross inflow of economic benefits?
A.
Assets
B.
Liabilities
C.
Income
D.
Expenses


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Q. Liabilities are which of the following?
A.
Resources
B.
Obligations
C.
Future benefits
D.
Expenses


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Q. An asset posses which of the following?
A.
Future economic benefits for the business
B.
All kind of benefits for the business
C.
Expenses for the business
D.
Merits and Demerits for the business


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Q. ________ is a separate legal entity that Total capital can be divided in many shares.
A.
Partnership
B.
Sole proprietorship
C.
Company
D.
Non-profit organization


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