FULL ACCOUNTING MCQ BY CHAPTERS

(EXPANDED WITH MORE CALCULATION)

CHƯƠNG 1 – GIỚI THIỆU KẾ TOÁN TÀI CHÍNH
1. 1. What is the correct accounting equation?
a. Assets = Liabilities – Capital
b. Assets = Capital – Liabilities
c. Assets = Capital + Liabilities ✅
d. Liabilities = Assets + Capital
2. 2. What does financial accounting primarily report?
a. Internal management decisions
b. Production costs
c. Financial performance and position ✅
d. Marketing plans
3. 3. Which of the following is not a financial statement?
a. Balance Sheet
b. Trial Balance ✅
c. Income Statement
d. Cash Flow Statement
4. 4. Who are users of financial statements?
a. Only owners
b. Only banks
c. Only tax inspectors
d. Owners, banks, suppliers, investors ✅
5. 5. What is the objective of financial accounting?
a. Minimize tax
b. Provide financial information for decision making ✅
c. Pay salaries
d. Reduce expenses
6. 6. Which of the following is an example of an asset?
a. Wages
b. Accounts payable
c. Inventory ✅
d. Rent expense
7. 7. Which of the following is a liability?
a. Account receivable
b. Bank loan ✅
c. Computer
d. Cash
8. What is the value of liabilities if total assets are $90,000 and capital is $55,000?
a. $145,000
b. $35,000 ✅
c. $90,000
d. $55,000

CHƯƠNG 2 – GHI NHẬN GIAO DỊCH

9. 8. Which statement best defines a transaction?
a. An event that involves only one party
b. Any event recorded in a diary
c. An exchange that affects the accounting equation ✅
d. A verbal agreement
10. 9. In double-entry bookkeeping, every transaction affects:
a. One account
b. Two accounts ✅
c. Only assets
d. Only liabilities
11. 10. A form of settlement received is always a:
a. Credit
b. Debit ✅
c. Liability
d. Capital
12. 11. What is the correct double entry for purchasing a computer in cash?
a. Dr Cash, Cr Computer
b. Dr Equipment, Cr Cash ✅
c. Dr Expense, Cr Equipment
d. Dr Capital, Cr Bank
13. 12. Which type of account usually has a debit balance?
a. Revenues
b. Liabilities
c. Expenses ✅
d. Capital
14. 13. Which is the normal balance for the capital account?
a. Debit
b. Credit ✅
c. Both
d. None
15. 14. Which transaction results in: Dr Cash, Cr Receivable?
a. Payment to supplier
b. Customer pays debt ✅
c. Owner invests capital
d. Bank loan received
16. 15. The primary purpose of the trial balance is to:
a. Prepare income tax
b. Check arithmetic accuracy ✅
c. Pay employees
d. Issue invoices
17. 16. What is the effect of a drawing of $500 cash?
a. Dr Drawings, Cr Cash ✅
b. Dr Cash, Cr Drawings
c. Dr Capital, Cr Bank
d. Dr Expense, Cr Cash
18. You sell goods for $1,500 on credit. What is the correct double entry?
a. Dr Receivable $1,500, Cr Sales $1,500 ✅
b. Dr Cash $1,500, Cr Sales $1,500
c. Dr Sales $1,500, Cr Receivable $1,500
d. Dr Revenue $1,500, Cr Capital $1,500

CHƯƠNG 3 – HÀNG TỒN KHO

19. 17. Which account is debited when goods are purchased?
a. Sales
b. Cash
c. Purchases ✅
d. Capital
20. 18. Which account is credited when goods are sold?
a. Purchases
b. Inventory
c. Sales ✅
d. Cash
21. 19. Return of goods by customers is recorded in:
a. Sales account
b. Return inwards account ✅
c. Return outwards account
d. Purchases account
22. 20. Return of goods to suppliers is recorded in:
a. Sales
b. Return inwards
c. Return outwards ✅
d. Inventory
23. 21. Goods bought for resale are recorded as:
a. Drawings
b. Expenses
c. Purchases ✅
d. Fixed assets
24. 22. Sales for cash are recorded as:
a. Dr Cash, Cr Sales ✅
b. Dr Sales, Cr Cash
c. Dr Bank, Cr Purchases
d. Dr Sales, Cr Capital
25. 23. Purchases on credit are recorded as:
a. Dr Purchases, Cr Capital
b. Dr Purchases, Cr Payables ✅
c. Dr Payables, Cr Purchases
d. Dr Cash, Cr Purchases
26. If opening inventory = $2,000, purchases = $10,000, and closing inventory = $3,000,
what is COGS?
a. $9,000 ✅
b. $12,000
c. $15,000
d. $7,000

CHƯƠNG 4 – DOANH THU, CHI PHÍ & LỢI NHUẬN

27. 24. Profit is calculated by:
a. Revenue + Expenses
b. Revenue – Capital
c. Revenue – Expenses ✅
d. Assets – Liabilities
28. 25. What is the correct double entry for paying rent in cash?
a. Dr Rent Expense, Cr Cash ✅
b. Dr Capital, Cr Cash
c. Dr Rent Expense, Cr Revenue
d. Dr Cash, Cr Rent Expense
29. 26. What happens when you receive commission in cash?
a. Dr Commission income, Cr Cash
b. Dr Cash, Cr Commission received ✅
c. Dr Revenue, Cr Commission
d. Dr Revenue, Cr Capital
30. 27. Which of the following increases capital?
a. Loss
b. Drawings
c. Revenue ✅
d. Wages
31. 28. Drawings are:
a. Revenue
b. Expense
 c. Deduction from capital ✅
d. Not part of accounting
32. 29. If expenses > revenue, then:
a. Capital increases
b. Business breaks even
c. Profit is positive
d. Loss is incurred ✅
33. 30. Which of the following is not an expense?
a. Wages
b. Electricity bill
c. Rent received ✅
d. Water bill
34. If gross profit is $10,000 and expenses are $6,000, what is net profit?
a. $16,000
b. $6,000
c. $4,000 ✅
d. $10,000

CHƯƠNG 5 – BALANCING-OFF ACCOUNTS

35. 31. What is the purpose of balancing-off an account?
a. To prepare a new journal
b. To match revenue with expenses
c. To find the final balance and carry it forward ✅
d. To post entries to the income statement
36. 32. A debit balance on an account indicates:
a. The account is overdrawn
b. The entity owes money
c. The entity is owed money ✅
d. The account is closed
37. 33. What do double lines under totals signify in a T-account?
a. Account has been closed ✅
b. Trial balance is correct
c. Account is inactive
d. Balance is missing
38. 34. Creditors are shown in the financial statement as:
a. Assets
b. Revenue
c. Current liabilities ✅
d. Expenses
39. An account has debit entries totaling $3,200 and credit entries of $2,600. What is the
closing balance?
a. $600 Dr ✅
 b. $600 Cr
c. $5,800 Cr
d. $5,800 Dr

CHƯƠNG 6 – TRIAL BALANCE

40. 35. The trial balance ensures:
a. Profit and loss are equal
b. All invoices are matched
c. Total debits = total credits ✅
d. Cash is fully recorded
41. 36. Which of the following will not affect the agreement of a trial balance?
a. Omission of a transaction ✅
b. Entering debit and credit unequally
c. Recording one side only
d. Addition errors
42. 37. When is the trial balance usually prepared?
a. Every day
b. Before the journal is posted
c. After preparing income statement and balance sheet
d. At the end of the accounting period ✅
43. 38. Closing inventory appears:
a. In the ledger
b. In the trial balance
c. Below the trial balance ✅
d. In the cash book
44. Which of the following balances would appear on the debit side of a trial balance?
a. Capital
b. Purchases ✅
c. Sales
d. Revenue

CHƯƠNG 14 – INCOME STATEMENT

45. 39. The formula for gross profit is:
a. Revenue – Expenses
b. Sales – Cost of goods sold ✅
c. Capital + Net income
d. Purchases – Closing inventory
46. 40. Net profit is:
a. Sales – Purchases
b. Gross profit – Revenue
c. Gross profit – Expenses ✅
d. Total assets – Liabilities
47. 41. What is the purpose of the income statement?
a. To check cash flows
b. To find assets
c. To show profit or loss ✅
d. To show liabilities
48. 42. How does net profit affect capital?
a. No effect
b. Increases capital ✅
c. Decreases capital
d. Adds to liabilities
49. If revenue is $60,000 and COGS is $45,000, what is gross profit?
a. $15,000 ✅
b. $60,000
c. $45,000
d. $105,000

CHƯƠNG 15 – BALANCE SHEET (SOFP)

50. 43. Which of the following is a non-current asset?
a. Cash
b. Accounts receivable
c. Equipment ✅
d. Inventory
51. 44. Current assets are listed in what order?
a. Alphabetical
b. From largest value to smallest
c. Increasing order of liquidity ✅
d. Random order
52. 45. What does the balance sheet show?
a. Financial position on a specific date ✅
b. Profits over a year
c. Cash flows over time
d. Tax obligations
53. 46. Capital in the balance sheet is calculated as:
a. Assets – Liabilities ✅
b. Liabilities – Assets
c. Revenue – Expenses
d. Current assets – Current liabilities
54. A company has total assets of $100,000 and total liabilities of $30,000. What is the
equity?
a. $70,000 ✅
b. $130,000
 c. $100,000
d. $30,000

CHƯƠNG 16 – CÂU HỎI TÍNH TOÁN THỰC TẾ

55. 47. A business had opening inventory of $5,000, purchases of $20,000, and closing
inventory of $4,000. What is the cost of goods sold?
a. $21,000
b. $19,000 ✅
c. $25,000
d. $16,000
56. 48. Sales revenue is $50,000 and cost of goods sold is $35,000. What is gross profit?
a. $15,000 ✅
b. $50,000
c. $35,000
d. $85,000
57. 49. If gross profit is $12,000 and expenses are $5,000, what is net profit?
a. $17,000
b. $7,000 ✅
c. $5,000
d. $12,000
58. 50. A business has assets of $70,000 and liabilities of $30,000. What is the capital?
a. $100,000
b. $40,000 ✅
c. $30,000
d. $70,000
59. 51. Opening capital is $20,000. During the year, the business earns $8,000 profit and the
owner withdraws $3,000. What is the closing capital?
a. $25,000 ✅
b. $20,000
c. $28,000
d. $30,000

CHƯƠNG 17 – ANALYZING ACCOUNTING TRANSACTION

60. 52. Which of the following best describes an accounting transaction?
a. A future event expected to affect cash
b. Any note written in a diary
c. An event that changes financial position ✅
d. Verbal agreement between parties
61. 53. In a transaction, what are the two key elements to be identified?
a. Invoice and document
b. Form of settlement and item exchanged ✅
 c. Amount and currency
d. Buyer and seller
62. 54. A customer pays $500 cash to settle a previous debt. What are the accounts
involved?
a. Dr Receivables, Cr Revenue
b. Dr Cash, Cr Account Receivable ✅
c. Dr Sales, Cr Cash
d. Dr Cash, Cr Capital
63. 55. What happens when the business purchases a van worth $12,000 by paying cash?
a. Dr Equipment, Cr Capital
b. Dr Equipment, Cr Cash ✅
c. Dr Cash, Cr Van
d. Dr Capital, Cr Equipment
64. 56. Which of the following is NOT a valid transaction?
a. Purchase of supplies on credit
b. Owner invested capital
c. Goods damaged but not recorded ✅
d. Rent paid by cheque
65. 57. Which of the following must exist for a transaction to be recorded?
a. Profit must be generated
b. Cash must be involved
c. A change in the accounting equation ✅
d. Owner approval only
66. 58. If a transaction increases assets and increases liabilities, what could it be?
a. Paying supplier in cash
b. Taking out a loan ✅
c. Receiving interest income
d. Depreciation
67. 59. What is the correct double entry for buying a new printer for $300 on credit?
a. Dr Cash, Cr Equipment
b. Dr Equipment, Cr Payables ✅
c. Dr Capital, Cr Equipment
d. Dr Payables, Cr Equipment
68. The business receives a loan of $5,000 from the bank. What is the correct entry?
a. Dr Loan, Cr Cash
b. Dr Cash, Cr Loan ✅
c. Dr Capital, Cr Bank
d. Dr Revenue, Cr Bank