Accounting Basic Concept Multiple Choice Questions

Hello friends in this post we will discuss about Accounting Basic Concept Multiple choice questions, Accounting Basic Concept MCQs with answers, Accounting Basic Concept quiz with answers, Accounting Basic Concept objective type questions.

11.There are how many steps involves in account processing?

1. 4
2. 5
3. 8
4. 9

Ans – 3
Explain : here are 8 steps involves in account processing.

12.The accounts are classified into how many categories?

1. 4
2. 5
3. 3
4. 6

Ans – 3
Explain : the accounts are classified into three categories.

13.Personal accounts classified into how many categories?

1. 4
2. 5
3. 3
4. 6

Ans – 3
Explain : Personal accounts classified into three categories.

14.An account related to any individual is called as,

1. Individual Account
2. Natural Personal Account
3. Artificial Personal Account
4. Representative Personal Account

Ans – 2
Explain : An account related to any individual is called as a Natural Personal Account.

15.An account related to any artificial person is called as,

1. Individual Account
2. Natural Personal Account
3. Artificial Personal Account
4. Representative Personal Account

Ans – 3
Explain : An account related to any artificial person is called as,Artificial Personal Account.

16.Which Account represents a group of account.

1. Individual Account
2. Natural Personal Account
3. Artificial Personal Account
4. Representative Personal Account

Ans – 4
Explain : Representative personal account represents a group of account.

17. In accounting asset account is called as,

1. Individual Account
2. Natural Personal Account
3. Nominal Accounts
4. Real account

Ans – 4
Explain : Every Business has some assets and every asset has an account. Thus, asset account is called a real account.

18._________ account does not represent any tangible asset.

1. Individual Account
2. Natural Personal Account
3. Nominal Accounts
4. Real account

Ans – 3
Explain : Nominal Account account does not represent any tangible asset.

19.Which system is an incomplete system of accounting, followed by small businessmen, where the number of transactions is very less?

1. Single Entry System
2. Double Entry System
3. Both 1 and 2
4. None of these

Ans – 1
Explain :Single Entry System is an incomplete system of accounting, followed by small businessmen, where the number of transactions is very less

20.Which is a scientific system of accounts followed all over the world without any dispute?

1. Single Entry System
2. Double Entry System
3. Both 1 and 2
4. None of these

Ans – 2
Explain :Double entry system of accounts is a scientific system of accounts followed all over the world without any dispute.