MCQs for upcoming JKSSB Accounts Assistant Exam

Try these MCQs today and comment your answers below. The correct answers with your comments will be published tomorrow. Check answers of previous MCQs here

1. Long term assets having no physical existence but, possessing a value is called as

A) Intangible assets

B) Fixed assets

C) Current assets

D) Investments

2. The assets that can be easily converted into cash within a short period i. i.e., 1 year or less is known as

A) Current assets

B) Fixed assets

C) Intangible assets

D) Investments

3. Copyrights, Patents and Trademarks are,

A) Current assets

B) Fixed assets

C) Intangible assets

D) Investments

4. The debts which are to be repaid within a short period (a year or less) are referred to as,

A) Current Liabilities

B) Fixed liabilities

C) Contingent liabilities

D) All the above

5. Gross profit is

A) Cost of goods sold + Opening stock

B) Excess of sales over cost of goods sold

C) Sales fewer Purchases

D) Net profit fewer expenses of the period

6. Net profit is computed in the

A) Profit and loss account

B) Balance sheet

C) Trial balance

D) Trading account

7.The concept that the owners are separate from the business and no personal transactions are recorded in business is known as______.

a) Accrual Concept

b) Separate legal entity Concept

c) Matching Concept

d) Accrual Concept

8.The process of entering all transactions from the journal to ledger is known as______.

a) Posting

b) Entry

c) Accounting

d) Journal

9. The Accounting process involves recording___

a) Non- quantifiable events

b) Quantifiable events

c) Both

d) None of them

10. In accounting, economic Event is known as_______.

a) Cash

b) Bank statement

c) Transactions

d) None of these

11. _________ is also known as “Book of original entry”.

a) Journal

b) Ledger

c) Trial Balance

d) Both a and b

12.Accounting equation is______

a) Assets= capital – liabilities

b) Capital= Assets + liabilities

c) Assets= capital+ liabilities

d) Capital= Assets – liabilities

13. Debit what comes in, credit what goes out is the rule for which account?

a) Personal Account

b) Nominal Account

c) Capital Account

d) Real Account

14. Which of the following is the aspect of business is considered while making financial statements?

a) Revenue

b) Expense

c) Equity

d) All of them

15. _______ is also known as “statement of financial position”.

a. Income statement

b. Cash flow statement

c. Balance sheet

d. None of these

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