Financial Accounting MCQ Questions and Answers Quiz

91. Balance sheet is known as ----------------- statement  

  1. Positional
  2. Expense
  3. Income
  4. Expenditure

92. Trading account show ------------------- incomes and losses

  1. Production
  2. Sales
  3. Manufacturing
  4. Personal

93. It is a system of finding out the profit made by a head office at a branch by preparing an accountcalled--------------------- 

  1. Profit &loss a/c
  2. Trading a/c
  3. Branch a/c
  4. None of these.

94. Abnormal loss account should be transferred to

  1. Profit and loss a/c
  2. Trading a/c
  3. Abnormal a/c
  4. None of these.

95. What is prepared at the end of the period to show the financial position of business

  1. Profit and loss account
  2. Balance sheet
  3. Trial balance
  4. None of these

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

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

97. Bad debt shown in adjustment is known as  

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

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

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

99. 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

100. Patent Rights account is a ------ account

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

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