Financial Accounting MCQ Quiz - Multiple Choice Questions & Answers Page 2

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

1. Branch account
2. Branch expense account
3. Branch cash account
4. None of these.

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

1. By buying credit purchase
2. By buying
3. Adjusted purchases  
4. On installment basic

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 Amount of cash or other assets withdrawn by owner for his personal purpose called

1. Capital
2. Drawing
3. Withdrawal of cash
4. None of these.

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

1. Capital a/c
2. Proprietors a/c
3. Combine a/c
4. Interest on capital a/c

15. Rent paid, salary paid which type of expenditure

1. Capital expenditure
2. Revenue expenditure
3. Deferred revenue expenditure
4. Capital receipt

16. Liability for partly paid investment what is this

1. Capital expenditure
2. Revenue expenditure
3. Deferred revenue expenditure
4. Contingent liability

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

1. Capital receipt
2. Revenue expenditure
3. Capital expenditure
4. Revenue receipt

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

1. Cash
2. Credit
3. Barter
4. None of these.

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

1. Cash
2. Stock
3. Capital
4. None of these.

20. Transit items may either be

1. Cash and credit transit
2. Cash in transit & goods in transit
3. Credit and barter transit
4. None of these.