Financial Accounting MCQ Questions and Answers for Practice

Financial Accounting MCQs are essential practice tools for students and exam aspirants. These multiple-choice questions help reinforce key concepts and prepare you for various assessments and interviews.

About Financial Accounting MCQ Questions

Financial Accounting MCQs cover a wide range of topics, including financial statements, accounting principles, journal entries, ledger accounts, and more. These questions are designed to test your understanding of core accounting concepts and their practical applications.

Why Practice Financial Accounting Objective Questions?

Practicing Financial Accounting MCQs offers several benefits. They help you prepare for school and college exams, competitive exams, and job interviews. Regular practice enhances your problem-solving skills, improves your speed, and boosts your confidence in handling financial accounting questions.

Who Should Use These MCQs?

Students preparing for school or college exams
Competitive exam aspirants
Candidates preparing for interviews

Financial Accounting MCQ Questions for Practice

1. AICPA Means

American Institute of Certified Public Accountants
American Institute of Campus Prediction Ability
American Intellectual of Certified Public Accountants
American Institute of Certified Person Account

2. Expand AICPA

American Institute of Certified Public Accountants
American Institute of Corporate Public Account
Accounting Institutions of Conventions Public Account.
None of these.

3. Interest on drawings is charged on

Asset
Capital
Inventory
Drawing

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

Asset
Liability
Capital
None of these.

5. Any irrecoverable portion of sundry debtors is known as

Bad debt
Further bad debt
Provision for bad debt
Provision for doubtful debts

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

Balance sheet
Trial balance
Journal
Ledger

7. Which one is list of all account balances

Balance sheet
Ledger
Profit and loss a/c
Trial balance

8. Recording of financial transactions is done in

Books
Journal
Trial balance
None of these.

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

Branch account
Expense account
Branch expense a/c
None of these.

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

Branch account
Branch adjustment a/c
Branch expense a/c
None of these.

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

Branch account
Branch expense account
Branch cash account
None of these.

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

By buying credit purchase
By buying
Adjusted purchasesÂ Â
On installment basic

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

Capital
Drawing
Withdrawal of cash
None of these.

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

Capital a/c
Proprietors a/c
Combine a/c
Interest on capital a/c

15. Rent paid, salary paid which type of expenditure

Capital expenditure
Revenue expenditure
Deferred revenue expenditure
Capital receipt