Financial Accounting MCQ Questions and Answers Quiz

91. Interest is charged on drawings made by the proprietor it is gain to the ---------------- 

  1. Proprietor
  2. Employee
  3. Other
  4. Business

92. Bad debt shown in adjustment is known as  

  1. Provision for bad debt
  2. Bad debt
  3. Further bad debt
  4. Net bad debt

93. What is the major source of revenue of any business  

  1. Purchase
  2. Sale
  3. Dividend
  4. None of these.

94. If the goods are drawn by the proprietor for personal use, the amount should deduct from -------------------- and add to the  

  1. Purchase and drawings
  2. Sales and capital
  3. Drawings and cash in hand
  4. Cash in hand and stock

95. Patent Rights account is a ------ account

  1. Real
  2. Personal
  3. Nominal
  4. Fictitious

96. What is an example of fixed asset

  1. Receivables
  2. Stock
  3. Land and Building
  4. None of these.

97. Debit aspect is known as ------------------and Credit aspect is known as ----------------------------.

  1. Receiving and giving
  2. Liability and asset
  3. Expense and Gains
  4. Income and Expenses

98. Which one of these are not the function of account

  1. Recording
  2. Classifying
  3. Summerising
  4. Statement

99. Which one of these not shown on profit & loss a/c

  1. Rent
  2. Bad debt
  3. Wages
  4. Salaries

100. The amount set apart from profit for future is known as

  1. Reserve
  2. Capital a/c
  3. Depreciation a/c
  4. Cash in hand
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