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