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.

62. A proforma invoice is sent by

by
Consignee to consignor
Consignee to debtors
Debtors to consignee
Consignor to consignee
✅ The correct answer is D.
A proforma invoice is sent by Consignor to consignee. A Pro-forma invoice is a document prepared by the consignor which is sent to the consignee along with the goods. It contains the details with respect to the quantity of goods sent, rates at which the goods are sent and other terms and conditions for sending the goods on consignment.

64. Difference of total of debit and credit side of the trial balance is transferred to

by
Suspense A/c
Difference A/c
P & L A/c
Trading A/c
✅ The correct answer is A.
Difference of total of debit and credit side of the trial balance is transferred to Suspense A/c. Suspense accounts are used when your trial balance is out of balance or when you have an unidentified transaction. The suspense account is a general ledger account that acts as a holding account until the error is discovered or the unknown transaction is identified.