PakQuizHub

Accounting Mcqs – MCQs

1591 questions. Click to practice.

Correct options are highlighted when revealed.

1.What is the accounting method called that systematically allocates the unexpired cost of fixed assets as expenses over multiple accounting periods?

2.Given that the beginning work-in-process inventory is 2,600 units, 9,000 units were started during the period, the ending work-in-process inventory is 2,300 units, and 8,000 units were completed as good products, what is the total amount of spoilage?

3.What is the term used for any written document that serves as proof of a business transaction?

4.What term is used for the price reduction granted on faulty or damaged goods?

5.What is the term for the money invested by the owner to initiate a business?

6.What term is used to describe a decrease in the original price of an item?

7.What is another term used for sales returns?

8.What term is used to describe the transaction of selling goods in business?

9.What term describes the surplus of current assets compared to current liabilities?

10.What term is used to describe the process of sending goods back to the supplier?

11.What term is used to describe the debts or financial responsibilities of a company?

12.What term is used to describe the funds put in by the owner to initiate a business?

13.How is a discount received classified in accounting terms?

14.What does the term 'double entry' refer to in accounting?

15.What is the term for an individual or entity that purchases goods on credit?

16.What is the name of the contemporary method used for recording financial transactions?

17.What is the term used for goods sent back by the customer to the seller?

18.What is the term used for the organized process of recording financial transactions?

19.What term refers to the systematic process of recording, categorizing, and summarizing financial transactions?

20.What is the term for the organized method of recording financial transactions?

Accounting Mcqs – MCQs | PakQuizHub