Accounting Procedures MCQs

Written by True Tamplin, BSc, CEPF®

Reviewed by Subject Matter Experts

Updated on March 12, 2023

1. Double entry implies:
2. Which of the following accounts can be classified as a real account?
3. Keeping a log of financial information in the books of original entries is called:
4. Bookkeeping is mainly concerned with which part of the accounting process?
5. Are assets debited or credited when they increase?
6. When we talk about accounting, what kind of job do we mean?
7. Usually, what asset account in a company's ledger is the most liquid?
8. NAM caters for Modified Cash Accounting, Commitment Accounting, and what else?
9. What are the major objectives of bookkeeping?
10. What is bookkeeping?
11. The books of original entry are sometimes referred to as:
12. What is double-entry bookkeeping?
13. The process of recording data relating to accounting transactions in accounting books is called?
14. The process of recording is performed:
15. The act of transferring information from the general journal to the general ledger is called:
16. What account is a firm's payment to a supplier for merchandise inventory recorded in?
17. Where are amounts owed by customers for credit purchases found?
18. Where would a debit posted to accounts payable in the general ledger come from?
19. What is the name given to a group of accounts that have a common characteristic, such as all customer accounts?
20. Which of the following is not an acceptable statement of the basic accounting equation?
21. The general journal is a book of what type of entries?
22. The process of recording transactions in different journals is called:
23. Every business transaction affects at least how many accounts?
24. Discount allowed is a kind of deduction from:
25. The other name for the journal is:

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About the Author

True Tamplin, BSc, CEPF®

True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.

True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.

To learn more about True, visit his personal website or view his author profiles on Amazon, Nasdaq and Forbes.