Multiple Choice Questions (MCQ) on Accounting
1- ___________ is the official record of the proceedings of a meeting
A:- Minutes
B:- Notice
C:- Agenda
D:- Quorum
2- Which of the following is not one of the “Big Five personality traits”?
A:- Agreeableness
B:- Conscientiousness
C:- Emotional stability
D:- Aggressiveness
3- What are the ethical dilemmas faced while communicating
A:- Secrecy, Ambiguity
B:- Whistleblowing, Leaks
C:- Lying, Rumour, and Gossip
D:- All of the above
4- What is the primary goal of negotiation?
A:- To dominate and control the other party
B:- To find a solution that satisfies the interests of all the parties involved
C:- To win at any cost, regardless of the outcome for the other party
D:- To avoid any concessions and maintain the status quo
5- The acronym WIFM means
A:- What’s in it for managers?
B:- What’s in it for me?
C:- What’s in it for most?
D:- What’s in it for management?
6- If the customer is attracted by the advertisement of ‘up to 70% off’ and exposed to goods with lower or no discount, it is called
A:- Bait advertising
B:- Aggressive advertising
C:- Surrogate Advertising
D:- Mobile Advertising
7- _________ is making false or misleading statements about the environmental benefits of a product or practice
A:- Bond washing
B:- Greenwashing
C:- Blue washing
D:- None of the above
8- Auditing is referred to as _____ purpose examination and investigation involves _________ purpose examination
A:- General, Special
B:- Special, General
C:- General, General
D:- Special, Special
9- ____________ is a transaction processing system in which all transactions are collected into a group and processed together.
A:- Collective processing
B:- Batch processing
C:- Real Time processing
D:- Versatile processing
10- Which of the following is not a CRM system?
A:- Operational
B:- Skiing
C:- Collaborative
D:- Analytical
11- ____________ is the management of the flow of goods, data, and finance from procurement of raw material to the delivery of the product at its destination
A:- Material Requisite planning
B:- Material Requirement Planning
C:- Manufacturing Resource planning
D:- Supply chain management
12- Indicate the financial analysis method in which the total present value of future cash inflow is equal to the initial investment
A:- IRR
B:- ARR
C:- NPV
D:- Benefit-cost ratio
13- A person who is considered as an assessee for some other person is called
A:- Specified Assessee
B:- Normal Assessee
C:- Deemed Assessee
D:- Assessee in default
14- A local authority is preparing a cash budget for its refuse disposal department. Which of the following items would not be included in the cash budget?
A:- Operative wages
B:- Depreciation of machinery
C:- Fuel for the collection vehicle
D:- The capital cost of the new collection vehicle
15- Which of the following statements is correct?
A:- Opening Stock + Net purchase – Direct expense – closing stock = cost of goods sold
B:- Opening Stock + Net purchase + Direct expense – closing stock = cost of goods sold
C:- Opening Stock – Net purchase + Direct expense + closing stock = cost of goods sold
D:- Opening Stock + Net purchase + Direct expense + closing stock = cost of goods sold
16- The cost of spare parts and accessories and overhaul in service costing is categorized under which of the following charges
A:- Operating charges
B:- Standing charges
C:- Maintenance charges
D:- Fixed charges
17- The part of labour cost variance which arises due to the difference between the standard rate specified and the actual rate paid is
A:- Labour Cost variance
B:- Labour Rate variance
C:- Labour Efficiency Variance
D:- Labour Mix Variance
18- An individual received Rs. 10,000 at the end of 5 years. If the interest rate suddenly increases, then the present value of the cash flow
A:- Will rise
B:- Will remain unchanged
C:- Will fall
D:- Will rise slowly but not in the same proportion
19- Which of the following is not an advisable financial strategy that may be followed by a finance manager of an organization when interest rates are low
A:- Borrow money at a fixed rate of interest to increase the company’s gearing and to maximize return on equity
B:- Borrow long-term funds rather than short-term funds
C:- Replace the high-cost debt with low-cost debt
D:- New projects should be suspended temporarily till the interest rates of the economy increase
20- Which of the following are the sources of business ethics? (i) Religion, (ii) Legal System, (iii) Culture, (iv) Ministry of Corporate Affairs
A:- Only (i) and (ii)
B:- Only (i), (ii) and (iii)
C:- Only (ii), (iii) and (iv)
D:- All of the above
ANSWERS:
1-(A), 2-(D), 3-(D), 4-(B), 5-(B), 6-(A), 7-(B), 8-(A), 9-(B), 10-(B), 11-(D), 12-(A), 13-(C), 14-(B), 15-(B), 16-(C), 17-(B), 18-(C), 19-(D), 20-(B)