This paper investigates the impact of online multiple choice questions (MCQs) on students' learning in an undergraduate Accounting module at a British university. The impact is considered from three perspectives: an analysis of how students use the MCQs; students' perceptions expressed in a questionnaire survey; and an investigation of the correlation between MCQ usage and examination performance. The study reveals a number of interesting findings. First, students use the MCQs in different ways, indicating that MCQs are suitable for different learning styles. Second, the MCQs are perceived as being useful by virtually all students. Third, the statistical analysis shows a statistically significant correlation between regular MCQ usage and higher examination performance while controlling for a number of other confounding variables. These findings lead to the conclusion that MCQs are useful tools that can effectively support students' learning. Therefore the use of MCQs on other Accounting and Business modules is encouraged.