Financial Accounting Multiple Choice Questions and Answers

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

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

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

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

103. 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

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

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

105. 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

106. Return  of goods to supplier which are defective called

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

107. Which of the following are not current asset  

1. Salary paid in advance
2. Inventory
3. Preliminary expense
4. Temporary investment

108. Branches are opened to increase

1. Sales
2. Purchases
3. Both sales and purchase
4. None of these

109. Who denotes goods bought for sale

1. Sales  
2. Purchases
3. Expenses
4. None of these.

110. Excess of minimum rent over actual royalty is termed as

1. Short working
2. Royalty suspense
3. Deadrent
4.  Fixed Rent