Punjab Patwari Accounts MCQ (Helpful to Crack Exam) – 01

These Punjab Patwari Accounts MCQ are very helpful to crack the accounts section of this exam. These questions are important and extra information helps to understand the concept. Moreover, Some of these questions have been asked in Government Exams in India.

01. Accounting is a Language of (Asked in Exams)

  1.  Profit
  2.  Liabilities
  3.  Assets
  4.  Business

02. International Accounting Standards Committee (IASC) replaced on April 1, 2001, by: (Asked in Exams)

  1.  International Accounting Standards Board
  2.  International Accounts Standards Board
  3.  Worldwide Accounting Standards Board
  4.  Global Accounting Standards Board

03. The Audire is a Latin word. The word Audire is used to derive the word ‘Audit’ in Accounting.  What is the mean of Audire : (Asked in Exams)

  1.  To Check
  2.  To Help
  3.  To Hear
  4.  To Speak

04. Which of the following option define “A VOUCHER”? (Asked in Exams)

  1.  To find an error in accounts
  2.  A piece of documentary evidence that supports a transaction in the business.
  3.  A non-monetary transaction
  4.  Proof of  Profit.

05. Profit & Loss Account is also known as: (Important)

  1.  Asset Account
  2.  Balance Sheet Statement
  3.  Capital Account
  4.  Income and Expenditure Account

06. Goodwill is in accounts is a/an: (Asked in Exams)

  1.  An intangible Asset
  2.  A tangible Asset
  3.  A Market Account
  4.  A Personal Account

07. The father of Accounting is Mr. Luca Pacioli. Which country does he belong to? (Asked in Exams)

  1.  Italian
  2.  American
  3.  British
  4.  Canadian

08. Accounting is very popular in the Modern Era. Which type of Accounting System is used in this era? (Important)

  1.  Single Entry Book Keeping
  2.  Double-Entry Book Keeping
  3.  Triple Entry Book Keeping  
  4.  None of the above

09. In Accounting, Journal is also known as ‘Day Book’ or Book of Original Entry. In simple words, Journal meaning in accounting is? (Important)

  1.  Recording
  2.  Classifying
  3.  Summarizing
  4.  All of the above

10. Loss of Goods with fire or spoilage will be treated as _________ in Accounts? (Important)

  1.  Normal Loss
  2.  Fire Loss
  3.  Abnormal Loss
  4.  Both B & C

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