Top 25 MCQ-Accounting Transaction

Prepare yourself by practicing these “Top 25 MCQ-Accounting Transaction”.

It will definitely help you to perform well in any competitive exams, such as a job interview, an accounting exam for school or college, etc.

So let’s get started.

START QUIZ

#1. Events that are linked to money are called—

Account

Account

Event

Event

Transaction

Transaction

Journal

Journal

#2. The basic foundation of book-keeping is-

Journal

Journal

Transaction

Transaction

Ledger

Ledger

Financial Statement

Financial Statement

#3. Transaction brings changes in

Total Profit & Loss

Total Profit & Loss

Total Assets

Total Assets

Total Liabilities

Total Liabilities

Financial Position

Financial Position

#4. What is the meaning of transaction?

Debit & Credit

Debit & Credit

An Event Measurable in Terms of Money

An Event Measurable in Terms of Money

Account

Account

Goods Purchase and Sale

Goods Purchase and Sale

#5. In each transaction, which two parties are involved?

Benefit Receiver and Provider

Benefit Receiver and Provider

Debtor and Creditor

Debtor and Creditor

Purchaser and Seller

Purchaser and Seller

Price Taker and Giver

Price Taker and Giver

#6. Every transaction-

Is always visible

Is always visible

Is never visible

Is never visible

May not be visible

May not be visible

May be both visible and invisible

May be both visible and invisible

#7. Before you know the rules of accounting you need to know-

Trial Balance

Trial Balance

Journal

Journal

Ledger

Ledger

Transaction

Transaction

#8. What is the source of transaction?

Cash Memo

Cash Memo

Voucher

Voucher

Chalan

Chalan

Goods Sales

Goods Sales

#9. How many types of vouchers?

3 Types

3 Types

6 Types

6 Types

2 Types

2 Types

4 Types

4 Types

#10. Invoice is -

Evidence of Sales

Evidence of Sales

Evidence of Purchases

Evidence of Purchases

Evidence of Purchase and Sale

Evidence of Purchase and Sale

None of These

None of These

#11. What is the voucher used for selling goods and other income?

Invoice

Invoice

Journal Voucher

Journal Voucher

Debit Voucher

Debit Voucher

Credit Voucher

Credit Voucher

#12. Who makes debit note?

Buyer

Buyer

Seller

Seller

Dealer

Dealer

Agent

Agent

#13. Who makes vouchers?

Bookkeeper

Bookkeeper

Cashier

Cashier

Manager

Manager

Price Taker

Price Taker

#14. Depreciation is a

Cash Transaction

Cash Transaction

Credit Transaction

Credit Transaction

Visible Transaction

Visible Transaction

Invisible Transaction

Invisible Transaction

#15. Which one is an example of non-cash transaction?

Paid Insurance Premium

Paid Insurance Premium

Paid Commission

Paid Commission

Amortization

Amortization

Paid Wages

Paid Wages

#16. A business transaction always affects -

Capital Account

Capital Account

Profit and Loss Account

Profit and Loss Account

Accounting Equation

Accounting Equation

Asset Account

Asset Account

#17. What is written depending on the invoice?

Purchase and Sales Book

Purchase and Sales Book

Sales Return Book

Sales Return Book

Purchase Return Book

Purchase Return Book

Cash Book

Cash Book

#18. Which is the basic accounting equation?

A=L+(C+E-R+D)

A=L+(C+E-R+D)

A=L-OE

A=L-OE

A=L+OE

A=L+OE

A=L+(C+R-E+D)

A=L+(C+R-E+D)

#19. Which is the extended accounting equation?

A=L+(C-R-E-D)

A=L+(C-R-E-D)

A=L+(C+R+E+D)

A=L+(C+R+E+D)

A=L+(C-R+E-D)

A=L+(C-R+E-D)

A=L+(C+R-E-D)

A=L+(C+R-E-D)

#20. All events are-

Not Transaction

Not Transaction

Transaction

Transaction

Measurable in Terms of Money

Measurable in Terms of Money

None of These

None of These

#21. Which one of the following is not a transaction feature?

Must have two sides

Must have two sides

Indicates profit only

Indicates profit only

Changes the financial condition

Changes the financial condition

Measurable in terms money

Measurable in terms money

#22. Which is the voucher used for non-cash transactions?

Invoice

Invoice

Journal Voucher

Journal Voucher

Debit Note

Debit Note

Credit Note

Credit Note

#23. Which one is not a business transaction?

Depreciation on Building

Depreciation on Building

Sale of personal car of Owner

Sale of personal car of Owner

Deferred Advertisement

Deferred Advertisement

Discount Received

Discount Received

#24. Debit Note is created-

When returning the purchased product

When returning the purchased product

If value added tax is paid

If value added tax is paid

If money is received from the debtors

If money is received from the debtors

If the sold product is returned

If the sold product is returned

#25. Credit Notes are created-

When returning the purchased product

When returning the purchased product

If the creditors are paid.

If the creditors are paid.

If money is received from the debtors.

If money is received from the debtors.

If the sold product is returned.

If the sold product is returned.

Finish

Results

Congratulations on passing the quiz! Your dedication and effort have paid off. Keep up the great work!

Keep your spirits up! Failure is just a part of the journey to success. Best of luck for the next time!

You can also check:

• Top 25 MCQ-Introduction to Accounting
• Top 25 MCQ-Account
• Top 25 MCQ-Double Entry System
• Top 25 MCQ-Journal
• Top 25 MCQ-Special Journal
• Top 25 MCQ-Trial Balance