Introduction to Accounting – Multiple Choice Questions – MCQ

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

Cash is current asset.

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#2. The recording of all the business transactions systematically in a set of books is an art. We call this as

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#3. In ________ entry system only one aspect of a business transaction is recorded

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#4. _________ is the legal activity performed to earn profits.

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#5. A Building is

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#6. In a business, ________ is purchased and sold

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#7. Closing stock refers to the goods brought in by the owner when the business is started

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#8. Left side of ledger account is

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#9. _____________ is the document that certifies the purchase or sale or any other monetary transaction.

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#10. The inventory of goods that remain unused/unsold at the end of the year is called as

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