Correct Answer is: American Institute of Certified Person Account

Correct Answer is: None of these.

Financial Accounting MCQ Multiple Choice Questions Answers

Q: 5. Any irrecoverable portion of sundry debtors is known as

Correct Answer is: Provision for doubtful debts

Q: 7. Which one is list of all account balances

Correct Answer is: Profit and loss a/c

Q: 12. On which condition we made adjustment for closing stock as well as opening stock in the purchaseaccount

Correct Answer is: On installment basic

Financial Accounting MCQs are essential practice tools for students and exam aspirants. These multiple-choice questions help reinforce key concepts and prepare you for various assessments and interviews.

About Financial Accounting MCQ Questions

Financial Accounting MCQs cover a wide range of topics, including financial statements, accounting principles, journal entries, ledger accounts, and more. These questions are designed to test your understanding of core accounting concepts and their practical applications.

Why Practice Financial Accounting Objective Questions?

Practicing Financial Accounting MCQs offers several benefits. They help you prepare for school and college exams, competitive exams, and job interviews. Regular practice enhances your problem-solving skills, improves your speed, and boosts your confidence in handling financial accounting questions.

Who Should Use These MCQs?

Financial Accounting MCQ Questions for Practice

1. AICPA Means

American Institute of Certified Public Accountants
American Institute of Campus Prediction Ability
American Intellectual of Certified Public Accountants
American Institute of Certified Person Account

2. Expand AICPA

American Institute of Certified Public Accountants
American Institute of Corporate Public Account
Accounting Institutions of Conventions Public Account.
None of these.

3. Interest on drawings is charged on

Asset
Capital
Inventory
Drawing

4. Which is the material things or possessions of the business

Asset
Liability
Capital
None of these.

5. Any irrecoverable portion of sundry debtors is known as

Bad debt
Further bad debt
Provision for bad debt
Provision for doubtful debts

6. Which book is known as total of debit and credit

Balance sheet
Trial balance
Journal
Ledger

7. Which one is list of all account balances

Balance sheet
Ledger
Profit and loss a/c
Trial balance

8. Recording of financial transactions is done in

Books
Journal
Trial balance
None of these.

9. Which is an account prepared to record all expenses at branch.

Branch account
Expense account
Branch expense a/c
None of these.

10. Which account is prepared wth a view to ascertain the gross profit of branch.

Branch account
Branch adjustment a/c
Branch expense a/c
None of these.

11. Which account is prepared to exercise control over the branch cash.

Branch account
Branch expense account
Branch cash account
None of these.

12. On which condition we made adjustment for closing stock as well as opening stock in the purchaseaccount

By buying credit purchase
By buying
Adjusted purchasesÂ Â
On installment basic

13. Amount of cash or other assets withdrawn by owner for his personal purpose called

Capital
Drawing
Withdrawal of cash
None of these.

14. Interest on capital is credited to----------------------- A /C

Capital a/c
Proprietors a/c
Combine a/c
Interest on capital a/c

15. Rent paid, salary paid which type of expenditure

Capital expenditure
Revenue expenditure
Deferred revenue expenditure
Capital receipt

16. Liability for partly paid investment what is this

Capital expenditure
Revenue expenditure
Deferred revenue expenditure
Contingent liability

17. Amount received during the course of trading operations are called

Capital receipt
Revenue expenditure
Capital expenditure
Revenue receipt

18. Which transaction is one where in items are exchanged for other items.

Cash
Credit
Barter
None of these.

19. What represents the amount invested by owner in to business

Cash
Stock
Capital
None of these.

20. Transit items may either be

Cash and credit transit
Cash in transit & goods in transit
Credit and barter transit
None of these.

21. A shipment of goods by a manufacturer to an agent tobe sold by him on commission basis on the risk and account of the former called -------------------

Consigning
Consignment
Agreement
None of these.

22. Pass entry for consignors expenses

Consignment a/c DrTo CashÂ Â Â Â Â Â
Consignment a/c DrÂ Â To creditÂ Â Â Â Â Â
Cash a/c DrÂ Â To consigneeÂ Â Â Â Â
None of these.

23. The person who send the goods to the agent to be sold by him on commission is calle

Consignor
Consignee
Merchant
None of these

24. The head office prepares a combined balance sheet called -----------------

Consolidated balance sheet
Balance sheet of branch
Head balance sheet
None of these.

25. Any amount spend on increasing the earning capacity of a business is known as

Contigent liabilityÂ Â
Capital expenditure
Revenue expenditure
Capital receipt

26. Expenditure incurred during one year known as

ContigentÂ Â liability
Capital expenditure
Revenue expenditure
Capital receipt

27. What is the expenditure of revenue nature

Contingent liability
Capital expenditure
Revenue expenditure
Deferred revenue expenditure

28. What is to the original form of accounting

Cost accounting
Management accounting
Financial accounting
None of these

29. The amount of royalty payable is an expense to the lessee and is ------------------ in the royaltyaccount

Credited
Debited
Deducted
None of these

30. Who is a person to whom business occurs money

Creditor
Debtor
Proprietor
None of these.

Financial Accounting MCQ Multiple Choice Questions Answers | Quiz for Practice

About Financial Accounting MCQ Questions

Why Practice Financial Accounting Objective Questions?

Who Should Use These MCQs?

Financial Accounting MCQ Questions for Practice

1. AICPA Means

2. Expand AICPA

3. Interest on drawings is charged on

4. Which is the material things or possessions of the business

5. Any irrecoverable portion of sundry debtors is known as

6. Which book is known as total of debit and credit

7. Which one is list of all account balances

8. Recording of financial transactions is done in

9. Which is an account prepared to record all expenses at branch.

10. Which account is prepared wth a view to ascertain the gross profit of branch.

11. Which account is prepared to exercise control over the branch cash.

12. On which condition we made adjustment for closing stock as well as opening stock in the purchaseaccount

13. Amount of cash or other assets withdrawn by owner for his personal purpose called

14. Interest on capital is credited to----------------------- A /C

15. Rent paid, salary paid which type of expenditure

16. Liability for partly paid investment what is this

17. Amount received during the course of trading operations are called

18. Which transaction is one where in items are exchanged for other items.

19. What represents the amount invested by owner in to business

20. Transit items may either be

21. A shipment of goods by a manufacturer to an agent tobe sold by him on commission basis on the risk and account of the former called -------------------

22. Pass entry for consignors expenses

23. The person who send the goods to the agent to be sold by him on commission is calle

24. The head office prepares a combined balance sheet called -----------------

25. Any amount spend on increasing the earning capacity of a business is known as

26. Expenditure incurred during one year known as

27. What is the expenditure of revenue nature

28. What is to the original form of accounting

29. The amount of royalty payable is an expense to the lessee and is ------------------ in the royaltyaccount

30. Who is a person to whom business occurs money

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Financial Accounting MCQ Multiple Choice Questions Answers | Quiz for Practice

About Financial Accounting MCQ Questions

Why Practice Financial Accounting Objective Questions?

Who Should Use These MCQs?

Financial Accounting MCQ Questions for Practice

1. AICPA Means

2. Expand AICPA

3. Interest on drawings is charged on

4. Which is the material things or possessions of the business

5. Any irrecoverable portion of sundry debtors is known as

6. Which book is known as total of debit and credit

7. Which one is list of all account balances

8. Recording of financial transactions is done in

9. Which is an account prepared to record all expenses at branch.

10. Which account is prepared wth a view to ascertain the gross profit of branch.

11. Which account is prepared to exercise control over the branch cash.

12. On which condition we made adjustment for closing stock as well as opening stock in the purchaseaccount

13. Amount of cash or other assets withdrawn by owner for his personal purpose called

14. Interest on capital is credited to----------------------- A /C

15. Rent paid, salary paid which type of expenditure

16. Liability for partly paid investment what is this

17. Amount received during the course of trading operations are called

18. Which transaction is one where in items are exchanged for other items.

19. What represents the amount invested by owner in to business

20. Transit items may either be

21. A shipment of goods by a manufacturer to an agent tobe sold by him on commission basis on the risk and account of the former called -------------------

22. Pass entry for consignors expenses

23. The person who send the goods to the agent to be sold by him on commission is calle

24. The head office prepares a combined balance sheet called -----------------

25. Any amount spend on increasing the earning capacity of a business is known as

26. Expenditure incurred during one year known as

27. What is the expenditure of revenue nature

28. What is to the original form of accounting

29. The amount of royalty payable is an expense to the lessee and is ------------------ in the royaltyaccount

30. Who is a person to whom business occurs money

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