Financial Accounting Multiple Choice Questions and Answers

91. 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

92. Patent Rights account is a ------ account

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

93. What is an example of fixed asset

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

94. 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

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

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

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

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

97. 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

98. The right may be enjoyed throughout the period of lease agreement is called

1. Restricted
2. Unrestricted
3. Dead rent
4. Fixed rent

99. What is the two type of recouping of short working  

1. Restricted and unrestricted
2. Sales and output
3. Dead rent and fixed rent
4. None of these

100. Return  of goods to supplier which are defective called

1. Return outwards/purchases returns
2. Sales return
3. Outstanding return
4. None of these.