Basic Accounting MCQs Part 2

1. Identified and measured economic events should be recorded in  _______ Order.

2. Tangible asset do not include______

3. Which of the following is capital expenditure?

4. Out of the following assets which one is not an intangible asset?

5. Generally the duration of an accounting period is of-

6. In India , the accounting standard board was set up in the year

7. _____ is a document that verifies the business transaction.

8.  ____ aspects are affected in every transaction.

9. “The rules and conventions of accounting are commonly referred to as principles”. Who said it?

10. Which of  the following statements is incorrect?

11. On January 1^st 2021 an entry’s balance sheet showed total assets of Rs750 and liabilities of Rs250. Owner’s equity at January 1^st m was?

12. If the assets of a business are Rs1,00,000 and equity is Rs,20,000,
the value of liability will be?

13. The accounting equation should remain in balance because every transaction effects how many accounts?

14. Which of the following is not a correct form of the accounting equation?

15. Find the value of account receivable from following :

cash Rs 48,000, account payable Rs 21,000 owner equity Rs 77,000?

16. During a reporting period , a company’s assets increase by Rs80,000,000.
Liabilities decrease by Rs20,000,000. Equity must therefore?