Accounting Multiple Choice Question

Financial Accounting Multiple choice Questions Answers

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Hello Friends in this article we are going to discuss about Financial Accounting mcq with answers pdf, Financial Accounting Multiple choice Questions Answers PDF.

21.Which book that is maintained on a daily basis for recording all the financial entries of the day.

  1. Daily
  2. Assignment
  3. Journal
  4. Notebook

Ans – 3
Explain : Journal is a book that is maintained on a daily basis for recording all the financial entries of the day.

22.Journal entries are passed according to rules of

  1. Credit
  2. Debit
  3. Both 1 and 2
  4. None of these

Ans – 3
Explain : Journal entries are passed according to rules of debit and credit of double entry system.

23.In Journal which represents the date of transaction?

  1. Column 4
  2. Column 1
  3. Column 3
  4. Column 6

Ans – 2
Explain : In Journal Column 1 represents the date of transaction.

24.In Journal which of the following represents the name of account to be debited

  1. Column 2: Line 1
  2. Column 2: Line 2
  3. Column 2: Line 3
  4. Column 2: Line 4

Ans – 1
Explain : In Journal Column 2: Line 1 represents the name of account to be debited.

25. In Journal which of the following represents the name of account to be credited?

  1. Column 2: Line 1
  2. Column 2: Line 2
  3. Column 2: Line 3
  4. Column 2: Line 4

Ans – 2
Explain : In Journal Column 2: Line 2 represents the name of account to be credited.


26.In Journal which of the following represents Amount(s) to be debited?

  1. Column 4
  2. Column 1
  3. Column 3
  4. Column 5

Ans – 1
Explain : In Journal Column 4 represents Amount(s) to be debited.

27.In Journal which of the following represents Amount(s) to be credited?

  1. Column 4
  2. Column 1
  3. Column 3
  4. Column 5

Ans – 4
Explain : In Journal Column 5 represents Amount(s) to be credited.

28.Transferring journal entries into a ledger account is called,

  1. Migration
  2. Posting
  3. Valuation
  4. None of these

Ans – 2
Explain : Transferring journal entries into a ledger account is called ‘posting’.

29.Debit balance of personal account represents,

  1. Amount Payable
  2. Amount Receivable
  3. Valuation
  4. Posting

Ans – 2
Explain : Debit balance of personal account represents, Amount Receivable

30.Credit balance of personal accounts signifies,

  1. Amount Payable
  2. Amount Receivable
  3. Valuation
  4. Posting

Ans – 1
Explain : redit balance of personal accounts signifies, Amount Payable


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