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.

Total MCQ:	25
Time:	10 Minutes
Pass Mark:	60 Percent

So let’s get started.

START QUIZ

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

Account

Event

Transaction

Journal

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

Journal

Transaction

Ledger

Financial Statement

#3. Transaction brings changes in

Total Profit & Loss

Total Assets

Total Liabilities

Financial Position

#4. What is the meaning of transaction?

Debit & Credit

An Event Measurable in Terms of Money

Account

Goods Purchase and Sale

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

Benefit Receiver and Provider

Debtor and Creditor

Purchaser and Seller

Price Taker and Giver

#6. Every transaction-

Is always visible

Is never visible

May not be visible

May be both visible and invisible

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

Trial Balance

Journal

Ledger

Transaction

#8. What is the source of transaction?

Cash Memo

Voucher

Chalan

Goods Sales

#9. How many types of vouchers?

3 Types

6 Types

2 Types

4 Types

#10. Invoice is –

Evidence of Sales

Evidence of Purchases

Evidence of Purchase and Sale

None of These

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

Invoice

Journal Voucher

Debit Voucher

Credit Voucher

#12. Who makes debit note?

Buyer

Seller

Dealer

Agent

#13. Who makes vouchers?

Bookkeeper

Cashier

Manager

Price Taker

#14. Depreciation is a

Cash Transaction

Credit Transaction

Visible Transaction

Invisible Transaction

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

Paid Insurance Premium

Paid Commission

Amortization

Paid Wages

#16. A business transaction always affects –

Capital Account

Profit and Loss Account

Accounting Equation

Asset Account

#17. What is written depending on the invoice?

Purchase and Sales Book

Sales Return Book

Purchase Return Book

Cash Book

#18. Which is the basic accounting equation?

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

A=L-OE

A=L+OE

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)

#20. All events are-

Not Transaction

Transaction

Measurable in Terms of Money

None of These

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

Must have two sides

Indicates profit only

Changes the financial condition

Measurable in terms money

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

Invoice

Journal Voucher

Debit Note

Credit Note

#23. Which one is not a business transaction?

Depreciation on Building

Sale of personal car of Owner

Deferred Advertisement

Discount Received

#24. Debit Note is created-

When returning the purchased product

If value added tax is paid

If money is received from the debtors

If the sold product is returned

#25. Credit Notes are created-

When returning the purchased product

If the creditors are paid.

If money is received from the debtors.

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

Top 20 Questions and Answers-Accounting Equation [With PDF]

Top 25 MCQ-Account

Top 25 MCQ-Accounting Transaction

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