Introduction to Accounting – Multiple Choice Questions – MCQ

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#1. The investment by the proprietor in the business, in the form of goods/cash or any other assets is known as

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#2. The cash available with the business is fixed asset

Cash is current asset.

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#3. A Building is

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#4. To get the financial results, businesses uses the following process for recording, classifying and summarising all the business transactions.

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#5. We use ________ to record the transactions pertaining to an asset, expense, liability, person, firm or institution.

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#6. Right side of a ledger account is

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#7. ____________ are owned by the business and help in smooth functioning of the business.

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#8. The discount given on cash transactions is called as

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#9. Book Keeping is

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#10. The surplus of assets over the liabilities is called as

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