accounting questions with answers
2,134 multiple-choice questions. Open any question for its answer and explanation.
- The accounting process involves recording
- In accounting, an economic event is referred to as
- Identify the correct sequence of accounting process
- Bookkeeping mainly consists of which part of accounting process?
- Auditing refers to
- Which of the following is the external user of financial statements?
- Which of the following is the internal user of financial statements?
- ________ is the first phase of accounting cycle
- ______ is a separate legal entity whose total capital can be divided into many shares
- An asset possesses which of the following?
- Liabilities are which of the following?
- _______ is the gross inflow of economic benefits
- An asset must be ________ by the business to be shown as an asset in its balance sheet.
- Which is the most important characteristic that all assets of a business have?
- What is the basic accounting equation?
- Which of the following is a liability?
- What is equity?
- Identify the asset from the following
- ______ is the withdrawal of cash and goods by the owner of the business for his/her personal use
- Net loss occurs when
- Double entry implies that
- Identify the nominal account
- Which of the following accounts can be classified as a real account?
- Capital increases if ______ increases
- Capital of a business decreases if there is an increase in