Accounting The Basis for Business Decision (29 MCQS)

Introduction to Accounting(14) Recording changes in financial position(15)

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Chapter No 2 :Recording changes in financial position (15 MCQ`S)

  1. The form of record used to reccord increases or decreases is called
    1. Ledger
    2. Bank
    3. account
    4. Book
      5. Show Answer
      Answer: A
      Explanation:
      • N/A
  2. An Account has ------------types of elements
    1. 2
    2. 3
    3. 4
    4. 6
      5. Show Answer
      Answer: A
      Explanation:
      • N/A
  3. Debit is the right side of ledger
    1. yes
    2. no
      5. Show Answer
      Answer: A
      Explanation:
      • N/A
  4. Every transaction is recorded in the equal amount on both side
    1. wrong
    2. correct
      5. Show Answer
      Answer: B
      Explanation:
      • N/A
  5. Journal is a record of bussiness
    1. daily
    2. sale
    3. chronological
    4. periodical
      5. Show Answer
      Answer: C
      Explanation:
      • N/A
  6. Process of tranfering record of transactions is called POSTING
    1. wrong
    2. correct
      5. Show Answer
      Answer: B
      Explanation:
      • N/A
  7. Proof of equality of debit and credit balances is called
    1. Trial balance
    2. Bank statement
    3. Ledger
    4. accounting
      5. Show Answer
      Answer: A
      Explanation:
      • N/A
  8. Sequence of accounting procedure is called accounting cycles
    1. worng
    2. correct
      5. Show Answer
      Answer: A
      Explanation:
      • N/A
  9. Left hand of of account is called
    1. Left side
    2. Right side
    3. Debit
    4. Credit
      5. Show Answer
      Answer: C
      Explanation:
      • N/A
  10. Right hand siide of account is called
    1. Left side
    2. Right side
    3. Debit
    4. Credit
      5. Show Answer
      Answer: D
      Explanation:
      • N/A

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