Financial Accounting Trivia Quizzes for Practice

61. Which is the statement sent by the consignee to the consignor regarding the sale of goods consigned.

1. Invoice
2. Bill
3. Account sales
4. None of these.

62. The price of goods sent by head office to branch at a price higher than cost price called

1. Invoice price
2. Actual price
3. Unloaded price
4. None of these.

63. Which is one which has been sent by one party but not received by the other before theclosing books of accounts.

1. Item of transaction
2. Transit item
3. Credit transaction
4. None of these.

64. Principal books of accounting is known as

1. Journal
2. Profit and loss
3. Ledger
4. Balance sheet

65. What is an example of wasting asset

1. Land
2. Fixed asset
3. Stock
4. Mines

66. Who is the person take property on the lease agreement

1. Lessor
2. Lessee
3. Payee
4. None of these

67. Who is the person tends the ownership right of property

1. Lessor
2. Lessee
3. Payer
4. None of these

68. Which are the two persons in lease agreement

1. Lessor and Lessee
2. Payer and payee
3. Drawer and drawee
4. None of these

69. Which of these is accounting equation?

1. Liability = Asset + Capital
2. Asset = Liability – Capital
3. Capital = Asset + Liability
4. Asset = Liability +Capital.

70. What is the gross decrease in the assets or gross increase in liabilities.

1. Loss
2. Revenue
3. Profit
4. Expense

71. In which principal we say that if depreciation is charged on fixed installment basis it should beDone year after year

1. Materiality concept
2. Consistency concept
3. Conservatism concept
4. Time line principal

72. The person to whom the goods are sent for sale on commission basis is calle

1. Merchant
2. Consignor
3. Consignee
4. None of these.

73. What type royalty to payable on the basis of sale

1. Minning royalty
2. Patent  royalty
3. Copy right royalty
4. None of these

74. Which type of account is entered in balance sheet  

1. Nominal
2. Real
3. Capital
4. Expense

75. Which type of account are entered in profit & loss a/c

1. Nominal account
2. Personal account
3. Real account
4. Other