Financial Accounting Objective Question and Answer
Financial Accounting MCQ Multiple Choice Questions - Page 4 for Practice
Financial Accounting MCQ Questions for Practice
91. If the goods are drawn by the proprietor for personal use, the amount should deduct from -------------------- and add to the
Correct Answer is: Cash in hand and stock
92. Patent Rights account is a ------ account
Correct Answer is: Fictitious
93. What is an example of fixed asset
Correct Answer is: None of these.
94. Debit aspect is known as ------------------and Credit aspect is known as ----------------------------.
Correct Answer is: Income and Expenses
95. Which one of these are not the function of account
Correct Answer is: Summerising
96. Which one of these not shown on profit & loss a/c
Correct Answer is: Salaries
97. The amount set apart from profit for future is known as
Correct Answer is: Cash in hand
98. The right may be enjoyed throughout the period of lease agreement is called
Correct Answer is: Fixed rent
99. What is the two type of recouping of short working
Correct Answer is: None of these
100. Return of goods to supplier which are defective called
Correct Answer is: None of these.
101. Which of the following are not current asset
Correct Answer is: Temporary investment
102. Branches are opened to increase
Correct Answer is: None of these
103. Who denotes goods bought for sale
Correct Answer is: None of these.
104. Excess of minimum rent over actual royalty is termed as
Correct Answer is: Â Fixed Rent
105. Capital investments for the branches are made by
Correct Answer is: None of these.
106. Trading account is
Correct Answer is: Capital a/c
107. Branches are units physically segregated from the main office called
Correct Answer is: None of these.
108. In which principal transaction and events are recorded in the books of account and presented in thefinancial statement in accordance with their substance and not legality.
Correct Answer is: Consistency principal
109. Assets having no physical existence but are represented by rights in certain things are called----------------
Correct Answer is: None of these
110. Why use prepare trial balance
Correct Answer is: To know the capital of the firm
111. For what use are preparing profit and loss a/c
Correct Answer is: To determine the sales
112. In which method trial balance is prepared with the balance of ledger account
Correct Answer is: Marshalling
113. Capital receipts will not affect ------------------- and ------------------a/c
Correct Answer is: Trading a/c and trial balance
114. Adjustment given in the ---------------------- is known as hidden adjustment
Correct Answer is: Ledger
115. The lessee may be permitted to recoup short working for a few years only is called
Correct Answer is: None of these
116. Which principal is known as basic principal of accounting
Correct Answer is: Materiality principal
117. Which one of these not shown in trading account
Correct Answer is: Carriage outward
118. Which loss is due to the nature of goods consigned
