Accounting

Master the fundamentals of Accounting with our extensive collection of Accounting MCQs with answers and detailed explanations. Covering topics like financial accounting, cost accounting, auditing, partnership accounts, corporate accounting, and managerial accounting, these multiple-choice questions are ideal for students, teachers, and candidates preparing for competitive exams (CA, ACCA, ICMA, CSS, PMS, NTS, FPSC, PPSC, UPSC, etc.). Each question is followed by a clear solution and explanation to strengthen your concepts, improve problem-solving skills, and boost exam preparation. Perfect for practice, self-assessment, and revision in Accounting.

141. Which of the following documents contains rules and regulations for internal management of the business?

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Memorandum of association
Articles of association
Prospectus
Statutory Declaration
✅ The correct answer is B.
Articles of association contains rules and regulations for internal management of the business. Articles of Association is a document which prescribes the rules and bye-laws for the general management of the company and for the attainment of its object as given in the memorandum.

144. Capital expenditures are recorded in the

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Trading account
Profit & Loss account
Balance sheet
All of the above
✅ The correct answer is C.
Capital expenditures are recorded in the Balance sheet. A capital expenditure is recorded as an asset, rather than charging it immediately to expense. It is classified as a fixed asset, which is then charged to expense over the useful life of the asset, using depreciation.

149. Which of the following will affect the agreement of a trial balance?

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Complete omission of a transaction
Partial omission of a transaction
Error of principle
Compensating errors
✅ The correct answer is B.
Partial omission of a transaction will affect the agreement of a trial balance. When only one aspect of a transaction is posted to the ledger, it is called as error of partial omission.