Golden Rules Of Accounting MCQs with solved answers

Golden Rules Of Accounting MCQs with solved answers

Golden Rules Of Accounting MCQs with solved answers (question 1 to 5)

Golden Rules Of Accounting MCQs with solved answers
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 with solved answers

(question 6 to 10)

Golden Rules Of Accounting MCQs with solved answers
Golden Rules Of Accounting MCQs with solved answers

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 with solved answers

(question 11 to 15)

Golden Rules Of Accounting MCQs with solved answers
Golden Rules Of Accounting MCQs with solved answers

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 Cash Withdrawn by owner for his personal use, the result will be: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.

Golden Rules Of Accounting MCQs with solved answers

(question 16 to 20)

Golden Rules Of Accounting MCQs with solved answers
Golden Rules Of Accounting MCQs with solved answers

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 with solved answers

(question 21 to 25)

Golden Rules Of Accounting MCQs with solved answers
Golden Rules Of Accounting MCQs with solved answers

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.

Golden Rules Of Accounting MCQs with solved answers

(question 26 to 30)

Golden Rules Of Accounting MCQs with solved answers
Golden Rules Of Accounting MCQs with solved answers

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 with solved answers

(question 31 to 35)

Golden Rules Of Accounting MCQs with solved answers
Golden Rules Of Accounting MCQs with solved answers

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

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