Table of Contents
Golden Rules Of Accounting MCQs with solved answers
1. “Debit the Receiver, credit the giver” is the rule of:
(a) Nominal Account
(b) Real Account
(c) Personal Account
(d) None of these
2. “Debit all Expense & Loses, Credit all Income & gain” is the rule of:
(a) Nominal Account
(b) Real Account
(c) Personal Account
(d) None of these
3. The rule for Real Account is:
(a) Debit the Receiver, Credit the Giver
(b) Debit what comes in, Credit what goes out
(c) Debit all Expense & Loses, Credit all Income & gain
(d) None of these
4. ‘State Bank of India’ is an example of:
(a) Nominal Account
(b) Real Account
(c) Personal Account
(d) Impersonal Account
5. Capital Account is an example of:
(a) Nominal Account
(b) Real Account
(c) Representative Personal Account
(d) Personal Account
Note: Answers are given below at the end.
ISC COMMERCE 12 Concept and Nature of Management MCQs with solved answers
Golden Rules Of Accounting MCQs (question 6 to 10)
6. Which of the following is not a Real Account:
(a) Bank Account
(b) Land and Building Account
(c) Fixtures and Fitting Account
(d) Goodwill Account
7. Which of the following is not an Artificial Personal Account:
(a) Joint-stock company
(b) ISC Board Account
(c) Government Account
(d) Kapil’s Account
8. The Father of the Double-entry system is:
(a) Kautilya
(b) Luca Pacioli
(c) William Pickles
(d) J. R. Baltiboi
9. The book “De Computiset Scripturise” which was published in 1494 was written by:
(a) Spicer and Peglar
(b) Luca Pacioli
(c) William Pickles
(d) J. R. Baltiboi
10. According to the Golden Rule of Accounting (Traditional Approach), Bank Account is ____:
(a) Assets Accounts
(b) Liability Accounts
(c) Personal Accounts
(d) Nominal Accounts
Note: Answers are given below at the end.
ISC Commerce 12 Banking Latest Trends MCQs with Solved Answers
Golden Rules Of Accounting MCQs (question 11 to 15)
11. Cash Withdrawn by owner for his personal use, the result will be:
(a) Assets increase and Capital Decreases
(b) Assets Decreases and Capital Decreases
(c) Assets decreases and Capital increases
(d) Assets Increases and Capital Increases
12. Accounting is the language of:
(a) Printing
(b) Business
(c) Literature
(d) None of these
13. “Goods purchased for Cash” What rule must be followed:
(a) Debit what comes in, Credit what goes out
(b) Debit what comes in, Credit all Income & gain
(c) Debit all Expense & Loses, Credit what goes out
(d) None of these
14. “Goods Sold on Credit to Dinesh” Which two accounts are affected:
(a) Sales Account, Cash Account
(b) Cash Account, Dinesh’s Account
(c) Sales Account, Dinesh’s Account
(d) Purchase Account, Dinesh’s Account
15. Which of the following is not a system of Accounting:
(a) Cash System of Accounting
(b) Single Entry System of Accounting
(c) Credit System of Accounting
(d) Double Entry System of Accounting
Note: Answers are given below at the end.
Questions 16 to 20 of Golden Rules Of Accounting MCQs
16. Identify the odd one out:
(a) Building
(b) Land
(c) Machine
(d) Goodwill
17. Which of the following is a personal Account:
(a) Outstanding Wages Account
(b) Salary Account
(c) Rent Account
(d) Trademark Account
18. Which of the following is not a Real Account:
(a) Plant&Machinery
(b) Bank Account
(c) Trademark Account
(d) Software Account
19. Which of the following is not a Nominal Account:
(a) Bad Debt Account
(b) Depreciation Account
(c) Repair Account
(d) Drawing Account
20. Which of the following is a branch of Accounting:
(a) Financial Accounting
(b) Cost Accounting
(c) Management Accounting
(d) All of These
Note: Answers are given below at the end.
Golden Rules Of Accounting
Golden Rules Of Accounting MCQs (question 21 to 25)
21. Withdrawals of cash from the bank by the proprietor for office use
should be credited to:
(a) Drawings Account
(b) Bank Account
(c) Cash Account
(d) Proprietors personal Account
22. The receiving aspect in a transaction is called as:
(a) Debit aspect
(b) Credit aspect
(c) Neither of the two
23. The giving aspect in a transaction is called as:
(a) Debit aspect
(b) Credit aspect
(c) Neither of the two
24. Patent is an example of:
(a) Tangible real Account
(b) Intangible real Account
(c) Nominal Account
(d) Personal Account
25. Nominal Account is classified under:
(a) personal Account
(b) Impersonal Account
(c) Neither of the Account
(d) Assets Account
Note: Answers are given below at the end.
Questions 26 to 30 Golden Rules Of Accounting MCQs
26. Outstanding rent Account is an example for:
(a) Nominal account
(b) Personal account
(c) Representative personal account
(d) Expenses Account
27. As per the dual aspect concept, every business transaction has:
(a) Three aspects
(b) One aspect
(c) Two aspects
(d) Four aspects
28. Accounts which represent a particular person or group of persons known as:
(a) Nominal Account
(b) Real Account
(c) Personal Account
(d) Representative Personal Account
29. Accounts relating to properties and assets which are owned by the business concern known as:
(a) Nominal Account
(b) Real Account
(c) Personal Account
(d) Representative Personal Account
30. These accounts do not have any existence, form or shape. They relate to incomes and expenses and gains and losses of a business concern known as:
(a) Nominal Account
(b) Real Account
(c) Personal Account
(d) Representative Personal Account
Note: Answers are given below at the end.
Golden Rules Of Accounting MCQs (question 31 to 35)
31. According to the Golden Rule of Accounting (Modern Approach), Building Account is ____:
(a) Assets Accounts
(b) Liability Accounts
(c) Personal Accounts
(d) Nominal Accounts
32. Modern Approach is also known as :
(a) American Approach
(b) Accounting Equation Approach
(c) Balance sheet Equation
(d) All of these
33. Rules of Assets accounts:
(a) Increases in assets are debits;
decreases in assets are credits.
(b) Decrease in assets are debits;
An increase in assets are credits.
(c) a and b
34. According to the Modern Approach. Those accounts related to Assets and properties of a business are called assets accounts:
(a) Assets Accounts
(b) Liability Accounts
(c) Personal Accounts
(d) Nominal Accounts
35. According to the Modern Approach. Those accounts related to Income and gains of a business are called :
(a) Assets Accounts
(b) Liability Accounts
(c) Revenue accounts
(d) Expenses Accounts
Note: Answers are given below at the end.
Answer – Question Number 1 To 5
1. Answer- (b) Real Account
2. Answer- (a) Nominal Account
3. Answer- (b) Debit what comes in, Credit what goes out
4. Answer- (c) Personal Account
5. Answer- (c) Representative Personal Account
Answer – Question Number 6 To 10
6. Answer- (a) Bank Account
7. Answer- (d) Kapil’s Account
8. Answer- (b) Luca Pacioli
9. Answer- (b) Luca Pacioli
10. Answer- (c) Personal Accounts
Answer – Question Number 11 To 15
11. Answer- (b) Assets Decreases and Capital Decreases
12. Answer- (b) Business
13. Answer- (c) Debit all Expense & Loses, Credit what goes out
14. Answer- (c) Sales Account, Dinesh’s Account
15. Answer- (c) Credit System of Accounting
Answer – Question Number 16 To 20
16. Answer- (d) Goodwill
17. Answer- (a) Outstanding Wages Account
18. Answer- (b) Bank Account
19. Answer- (d) Drawing Account
20. Answer- (d) Drawing Account
Answer – Question Number 21 To 25
21. Answer- (b) Bank Account
22. Answer- (a) Debit aspect
23. Answer- (b) Credit aspect
24. Answer- (b) Intangible real Account
25. Answer- (b) Impersonal Account
Answer – Question Number 26 To 31
26. Answer- (c) Representative personal account
27. Answer- (c) Two aspects
28. Answer- (d) Representative Personal Account
29. Answer- (b) Real Account
30. Answer- (a) Nominal Account
31. Answer- (a) Assets Accounts
32. Answer- (d) All of these
33. Answer-
(a) Increases in assets are debits;
decreases in assets are credits.
34. Answer- (a) Assets Accounts
35. Answer- (c) Revenue accounts