Financial Accounting Objective Question and Answer
Financial Accounting MCQ Multiple Choice Questions - Page 4 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: Purchase and drawings
92. Patent Rights account is a ------ account
Correct Answer is: Real
93. What is an example of fixed asset
Correct Answer is: Land and Building
94. Debit aspect is known as ------------------and Credit aspect is known as ----------------------------.
Correct Answer is: Receiving and giving
95. Which one of these are not the function of account
Correct Answer is: Statement
96. Which one of these not shown on profit & loss a/c
Correct Answer is: Wages
97. The amount set apart from profit for future is known as
Correct Answer is: Reserve
98. The right may be enjoyed throughout the period of lease agreement is called
Correct Answer is: Unrestricted
99. What is the two type of recouping of short working
Correct Answer is: Restricted and unrestricted
100. Return of goods to supplier which are defective called
Correct Answer is: Return outwards/purchases returns
101. Which of the following are not current asset
Correct Answer is: Preliminary expense
102. Branches are opened to increase
Correct Answer is: Sales
103. Who denotes goods bought for sale
Correct Answer is: Purchases
104. Excess of minimum rent over actual royalty is termed as
Correct Answer is: Short working
105. Capital investments for the branches are made by
Correct Answer is: Head office
106. Trading account is
Correct Answer is: Account
107. Branches are units physically segregated from the main office called
Correct Answer is: Head office
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: Substance over legal form
109. Assets having no physical existence but are represented by rights in certain things are called----------------
Correct Answer is: Intangible asset
110. Why use prepare trial balance
Correct Answer is: To check arithmetical accuracy of a/c
111. For what use are preparing profit and loss a/c
Correct Answer is: To find out net profit or net loss
112. In which method trial balance is prepared with the balance of ledger account
Correct Answer is: Balance Method
113. Capital receipts will not affect ------------------- and ------------------a/c
Correct Answer is: Trading  & profit & loss a/c
114. Adjustment given in the ---------------------- is known as hidden adjustment
Correct Answer is: Trial balance
115. The lessee may be permitted to recoup short working for a few years only is called
Correct Answer is: Restricted
116. Which principal is known as basic principal of accounting
Correct Answer is: Dual aspect principal
117. Which one of these not shown in trading account
Correct Answer is: Closing stock
118. Which loss is due to the nature of goods consigned
