Commerce & Management•Updated for 2026 Competitive Exams
Financial Accounting MCQS
Practice top multiple choice questions (MCQs), topic summary, and verified answers for Financial Accounting MCQS. Essential for Central & State competitive examinations. Solve these high-frequency practice questions with step-by-step solutions to evaluate your preparation level.
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Practice Questions & Explanations (10 Questions)
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Q1CA / B.ComMedium
Which of the following is the basic accounting equation?
Q2CA / B.ComMedium
The assumption that a business will continue to operate indefinitely is known as the:
Q3CA / B.ComMedium
Which financial statement shows the financial position of a business at a specific point in time?
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Q4CA / B.ComMedium
In accounting, the process of recording transactions in a journal is called:
Q5CA / B.ComMedium
Which of the following accounts normally has a credit balance?
Q6CA / B.ComMedium
Depreciation is the process of:
Q7CA / B.ComMedium
The principle that requires expenses to be reported in the same period as the revenues they help generate is the:
Q8CA / B.ComMedium
Which of the following is an intangible asset?
Q9CA / B.ComMedium
A trial balance is prepared to:
Q10CA / B.ComMedium
If an owner withdraws cash from the business for personal use, it is recorded as:
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