Punjab Patwari Accounts MCQ (Helpful Questions)- 02

This Punjab Patwari Accounts MCQs are prepared according to the requirement of Punjab Patwari Recruitment 2020-21. All the questions are very important.

These MCQs are very helpful for the exam preparation point of view.

01. There is an equation that works as the foundation of the double-entry bookkeeping system. This is a fundamental accounting equation is? 

    1. Assets = Liabilities + Capital or Owner’s Equity
    2. Liabilities = Assets + Capital or Owner’s Equity
    3. Capita = Liabilities + Assets
    4. None of the Above

02. In accounting, the owner & business are the two different things. Which of the accounting concepts show this relation? (Important)

    1. Dual Concept
    2. Accounting Period Concept
    3. Business Entity Concept
    4. All of the above

03. Treatment of Goods given as free samples are: (V. Important)

    1. Added to carriage inward
    2. Added to Bad-Debts
    3. Deducted from Advertisement Expenses
    4. Deducted from Purchases

04. After the preparation of ledgers, the next step is the preparation of: (V. Important)

    1. Trial Balance
    2. Account
    3. Balance Sheet
    4. No of the Above

05. The person who introduces capital into the business is called?

    1. Owner
    2. Proprietor
    3. Both a & b
    4. None of the Above

06. The financial year starts and ends on

    1. 1 Jan to 31 Dec
    2. 1 Feb to 31 March
    3. 1 March to 30 April
    4. 1 April to 31 March

07. Sometimes, the business owner has withdrawn money from Business for its personal use. It is called as…… (Important)

    1. Posting
    2. Withdraw
    3. Drawings
    4. None of the above

08. Gross working capital means the same thing as:  (V. Important)

    1. Total assets
    2. Fixed assets
    3. Current assets
    4. Current assets minus current liabilities

09. Return of goods purchased is recorded in (V. Important)

    1. Cashbook
    2. Return inward book
    3. Journal
    4. Return outward book

10. Accounting can take into account: (V. Important)

    1. Only monetary transactions
    2. Only non-monetary transactions
    3. Both of the above (a) & (b)
    4. None of the above

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