Financial Accounting Multiple Choice Questions and Answers

71. Who is the person tends the ownership right of property

1. Lessor
2. Lessee
3. Payer
4. None of these

72. Which are the two persons in lease agreement

1. Lessor and Lessee
2. Payer and payee
3. Drawer and drawee
4. None of these

73. Which of these is accounting equation?

1. Liability = Asset + Capital
2. Asset = Liability – Capital
3. Capital = Asset + Liability
4. Asset = Liability +Capital.

74. What is the gross decrease in the assets or gross increase in liabilities.

1. Loss
2. Revenue
3. Profit
4. Expense

75. The person who introduced double entry principle

1. Luca Pacioli
2. William
3. Luca’s
4. None of these.

76. In which principal we say that if depreciation is charged on fixed installment basis it should beDone year after year

1. Materiality concept
2. Consistency concept
3. Conservatism concept
4. Time line principal

77. The person to whom the goods are sent for sale on commission basis is calle

1. Merchant
2. Consignor
3. Consignee
4. None of these.

78. What type royalty to payable on the basis of sale

1. Minning royalty
2. Patent  royalty
3. Copy right royalty
4. None of these

79. Which type of account is entered in balance sheet  

1. Nominal
2. Real
3. Capital
4. Expense

80. Which type of account are entered in profit & loss a/c

1. Nominal account
2. Personal account
3. Real account
4. Other