MCQ quiz on Financial Accounting multiple choice questions and answers on Financial Accounting MCQ questions quiz on Financial Accounting objectives questions with answer test pdf.

Financial Accounting MCQ Questions and Answers Quiz

1. According to ------------------- concept it is assured the business will last for long time

  1. Accounting entity concept
  2. Going concern
  3. Money measurement concept
  4. Dual aspect principal

2. Which loss is due to the nature of goods consigned

  1. Actual loss
  2. Simple loss
  3. Abnormal loss
  4. Normal loss

3. Royalty is an

  1. Agreement
  2. Contract
  3. Mutual action
  4. None of these

4. The modern system of accounting owes to

  1. AICPA
  2. Luca Pacioli
  3. GAAP
  4. None of these

5. AICPA Means

  1. American Institute of Certified Public Accountants
  2. American Institute of Campus Prediction Ability
  3. American Intellectual of Certified Public Accountants
  4. American Institute of Certified Person Account

6. Expand AICPA

  1. American Institute of Certified Public Accountants
  2. American Institute of Corporate Public Account
  3. Accounting Institutions of Conventions Public Account.
  4. None of these.

7. Interest on drawings is charged on

  1. Asset
  2. Capital
  3. Inventory
  4. Drawing

8. Which is the material things or possessions of the business

  1. Asset
  2. Liability
  3. Capital
  4. None of these.

9. Any irrecoverable portion of sundry debtors is known as  

  1. Bad debt
  2. Further bad debt
  3. Provision for bad debt
  4. Provision for doubtful debts

10. Which book is known as total of debit and credit  

  1. Balance sheet
  2. Trial balance
  3. Journal
  4. Ledger

MCQ Multiple Choice Questions and Answers on Financial Accounting

Financial Accounting Question and Answer