Financial Accounting MCQs Quiz Multiple Choice Questions & Answers

Financial Accounting MCQs questions answers

Test Your Skills in Financial Accounting Quiz Online

Embark on a journey through the intricate world of financial accounting with our curated collection of multiple-choice questions and answers. Whether you're a budding accountant, a business owner navigating financial statements, or simply eager to understand the principles of financial accounting, our repository offers a wealth of insights. Explore topics such as accounting principles, financial statement analysis, journal entries, and the accounting cycle. Each multiple-choice question is meticulously crafted to challenge your understanding and ignite your curiosity about the dynamic field of financial accounting. From understanding the fundamentals of double-entry bookkeeping to mastering complex topics such as inventory valuation and depreciation methods, our MCQs provide a comprehensive exploration of all facets of financial accounting.

Financial Accounting Questions with Answers

1. AICPA Means

2. Expand AICPA

3. Interest on drawings is charged on

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

5. Any irrecoverable portion of sundry debtors is known as  

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

7. Which one is list of all account balances

8. Recording of financial transactions is done in

9. Which is an account prepared to record all expenses at branch.

10. Which account is prepared wth a view to ascertain the gross profit of branch.

11. Which account is prepared to exercise control over the branch cash.

12. On which condition we  made adjustment for closing stock as well as opening stock in the purchaseaccount

13. Amount of cash or other assets withdrawn by owner for his personal purpose called

14. Interest on capital is credited to----------------------- A /C

15. Rent paid, salary paid which type of expenditure

16. Liability for partly paid investment what is this

17. Amount received during the course of trading operations are called

18. Which transaction is one where in items are exchanged for other items.

19. What represents the amount invested by owner in to business

20. Transit items may either be

21. A shipment of goods by a manufacturer to an agent tobe sold by him on commission basis on the risk    and account of the former called -------------------

22. Pass entry for consignors expenses

23. The person who send the goods to the agent to be sold by him on commission is calle

24. The head office prepares a combined balance sheet called ----------------- 

25. Any amount spend on increasing the earning capacity of a business is known as  

26. Expenditure incurred during one year known as  

27. What is the expenditure of revenue nature

28. What is to the original form of accounting

29. The amount of royalty payable is an expense to the lessee and is ------------------ in the royaltyaccount

30. Who is a person to whom business occurs money  

31. Assets acquired for long term use in business called

32. A person who owes money to the business is a

33. Branches keeping full system of accounting is called

34. The head office prepares branch account to find out ------------------- earned by branch

35. Payment of monthly rent to land lord is 

36. What is short working?   

37. What is the another term of minimum rent

38. Assets which have no real value but are shown in books of account for technical reasons are called

39. Assets which are held for a short period called

40. Recouping of short working arise in

41. Which concept facilitates recording of business events on a uniform basis.

42. Which principal have separate entity

43. Things which are purchased by business for resale called

44. What represents goods sent by head office to the branch or by the branch to the head office but not received by other

45. Managers commission is calculated on

46. The amount of reserve deducted from the

47. The accounts for the dependent branches are maintained only in the books of

48. Adjustment given in trial balance is known as

49. Trading and profit and loss account is known as ----------------------- statement

50. Prepaid expenses is ------------------- to the business


Multiple Choice Questions and Answers on Financial Accounting

Financial Accounting Multiple Choice Questions and Answers

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