Financial Accounting Objective Question and Answer
Financial Accounting MCQ Multiple Choice Questions - Page 3 for Practice
61. Which is the statement sent by the consignee to the consignor regarding the sale of goods consigned.
Correct Answer is: Account sales
62. The price of goods sent by head office to branch at a price higher than cost price called
Correct Answer is: Invoice price
63. Which is one which has been sent by one party but not received by the other before theclosing books of accounts.
Correct Answer is: Transit item
64. Principal books of accounting is known as
Correct Answer is: Ledger
65. What is an example of wasting asset
Correct Answer is: Mines
66. Who is the person take property on the lease agreement
Correct Answer is: Lessee
67. Who is the person tends the ownership right of property
Correct Answer is: Lessor
68. Which are the two persons in lease agreement
Correct Answer is: Lessor and Lessee
69. Which of these is accounting equation?
Correct Answer is: Asset = Liability +Capital.
70. What is the gross decrease in the assets or gross increase in liabilities.
Correct Answer is: Loss
71. In which principal we say that if depreciation is charged on fixed installment basis it should beDone year after year
Correct Answer is: Consistency concept
72. The person to whom the goods are sent for sale on commission basis is calle
Correct Answer is: Consignee
73. What type royalty to payable on the basis of sale
Correct Answer is: Copy right royalty
74. Which type of account is entered in balance sheet
Correct Answer is: Real
75. Which type of account are entered in profit & loss a/c
Correct Answer is: Nominal account
76. What are the two types of losses of goods.
Correct Answer is: Normal and abnormal losses
77. Value of goods remaining at the end of a period
Correct Answer is: Closing stock
78. What is the equation of gross profit
Correct Answer is: Sales –Cost of goods sold
79. Minning royalty and patent royalty are payable on the basis of
Correct Answer is: Output
80. The commission given by consignor to the consignee for taking additional risks of recovery of debts on account of sales made on credit is known as ----------------------
Correct Answer is: Delcredre  commission
81. The agreement between business house and the owner of the right is called
Correct Answer is: Royalty agreement
82. Outstanding expenses are those expenses which have became---------during the accounting year.
Correct Answer is: Payable
83. Balance sheet is known as ----------------- statement
Correct Answer is: Positional
84. Trading account show ------------------- incomes and losses
Correct Answer is: Manufacturing
85. It is a system of finding out the profit made by a head office at a branch by preparing an accountcalled---------------------
Correct Answer is: Branch a/c
86. Abnormal loss account should be transferred to
Correct Answer is: Profit and loss a/c
87. What is prepared at the end of the period to show the financial position of business
Correct Answer is: Balance sheet
88. Interest is charged on drawings made by the proprietor it is gain to the ----------------
Correct Answer is: Business
89. Bad debt shown in adjustment is known as
Correct Answer is: Further bad debt
90. What is the major source of revenue of any business
