Important Accounting Mcqs Solved

Accounting Mcqs Set 1

In this article, we are trying to provide multiple choice Accounting MCQs, which mostly used in PPSC EXAM and other Past papers. For further we will upload article as well as soon. This article would be beneficial for all students to attempt exam conduct by PPSC,FPSC and other Sectors.

  • Accounting Provides information on
    • Cost and Income for manager
    • Company tax liability for a particular year
    • The financial condition of an institute
    • All of above
  • Advance payments are recognized as
    (A) receivable
    (B) payable
    (C) bad debt
    (D) none of these
  • The correct form of Accounting equation is
    (A) Assets + Liabilities = Equity
    (B) Assets – Liabilities = Equity
    (C) Assets – Receivable = Equity
    (D) Assets + Receivable = Equity
  • The main source(s) of Generally Accepted Accounting Principles (GAAP) is/are:
    (A) Company Law
    (B) Accounting standards
    (C) Both A and B
    (D) None of these
  • Depreciable amount =
    (A) Cost of an asset + Residual value
    (B) Cost of an asset – Residual value
    (C) Residual value – Cost of an asset
    (D) None of these
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