Accounting MCQs (Chapterwise Multiple Choice Questions)

What do you call a situation where more than one person collaborates to circumvent existing internal controls?

Assigned responsibility

Segregation of duties

Fraud prevention

Collusion

Answer & Explanation

Correct Answer: Collusion

Note: This Question is unanswered, help us to find answer for this one

Under the perpetual inventory system, discounts taken on an invoice by the buyer would be ________.

Cost of goods sold

Credited to cost of goods sold

Net sales revenue

Credited to merchandise inventory

Answer & Explanation

Correct Answer: Credited to merchandise inventory

Note: This Question is unanswered, help us to find answer for this one

On March 15, a business receives an invoice from the power company for utilities used in February. The retailer pays the invoice on April 1. The business uses accrual-based accounting. Which month should the business recognize the expense?

April

March

No record required

February

Answer & Explanation

Correct Answer: February

Note: This Question is unanswered, help us to find answer for this one

Which budgeting approach request justification of all expenditures?

Zero-based budgeting

Master budgeting

Rolling budgets

Bottom-up budgeting

Answer & Explanation

Correct Answer: Zero-based budgeting

Note: This Question is unanswered, help us to find answer for this one

Evaluated receipts settlement is ________.

A streamlined process that bypasses paper documents altogether

A process that eliminates the need for separation of duties

A procedure that compresses the payment approval process into a single step by comparing the receiving report to the purchase order

None of above

Answer & Explanation

Correct Answer: A procedure that compresses the payment approval process into a single step by comparing the receiving report to the purchase order

Note: This Question is unanswered, help us to find answer for this one

Under bush 43, the u.s. budget deficit neared __________ trillion dollars a year.

1

2

3

4

Answer & Explanation

Correct Answer: 1

Note: This Question is unanswered, help us to find answer for this one

Which statement is not an advantage of robotic process automation (RPA)?

Bots are more creative than humans

Bots do no need to take time off

Bots improve efficiency

Bots can eliminate human errors

Answer & Explanation

Correct Answer: Bots are more creative than humans

Note: This Question is unanswered, help us to find answer for this one

The highminuslow method basically fits a line through the highest and lowest ________ points.

Variable cost

Volume

Fixed cost

None of the above ..

Answer & Explanation

Correct Answer: Variable cost

Note: This Question is unanswered, help us to find answer for this one

A company budgeted 1,200 washers, but only 1,000 are produced. It costs $10 to produce a widget. What is the materials variance?

200

2000

350

20

Answer & Explanation

Correct Answer: 200

Note: This Question is unanswered, help us to find answer for this one

This purchase of paper part of gdp because the paper is good.

Is not; an intermediate

The fraction of a change in disposable income that is saved

Aggregate Demand; recessionary gap

Only the value of the bread sold in a store;

Answer & Explanation

Correct Answer: Is not; an intermediate

Note: This Question is unanswered, help us to find answer for this one

Accounting Quick Quiz

Poor Results!

You need a lot of improvement.

Just don't give up!

Correct Answers: 0/10

Start Practicing with our MCQs given below.

Accounting MCQ

Accounting Quick Quiz

What do you call a situation where more than one person collaborates to circumvent existing internal controls?

Under the perpetual inventory system, discounts taken on an invoice by the buyer would be ________.

On March 15, a business receives an invoice from the power company for utilities used in February. The retailer pays the invoice on April 1. The business uses accrual-based accounting. Which month should the business recognize the expense?

Which budgeting approach request justification of all expenditures?

Evaluated receipts settlement is ________.

Under bush 43, the u.s. budget deficit neared __________ trillion dollars a year.

Which statement is not an advantage of robotic process automation (RPA)?

The highminuslow method basically fits a line through the highest and lowest ________ points.

A company budgeted 1,200 washers, but only 1,000 are produced. It costs $10 to produce a widget. What is the materials variance?

This purchase of paper ______ part of gdp because the paper is ______ good.

This purchase of paper part of gdp because the paper is good.