Financial Accounting MCQ Questions and Answers Quiz

111. Capital investments for the branches are made by

  1. State office
  2. Central office
  3. Head office
  4. None of these.

112. Trading account is

  1. Statement
  2. Positional a/c
  3. Capital a/c
  4. Account

113. Branches are units physically segregated from the main office called

  1. Sub registrar office
  2. Head office
  3. Central Govt.
  4. None of these.

114. In which principal transaction and events are recorded in the books of account and presented in thefinancial statement in accordance with their substance and not legality.

  1. Substance over legal form
  2. Time line principal
  3. Materiality principal
  4. Consistency principal

115. Assets having no physical existence but are represented by rights in certain things are called---------------- 

  1. Tangible asset
  2. Intangible asset
  3. Contingent asset
  4. None of these

116. Why use prepare  trial balance

  1. To check arithmetical accuracy of a/c
  2. To know the financial position
  3. To know the gross profit
  4. To know the capital of the firm

117. For what use are preparing profit and  loss a/c

  1. To find out net profit or net loss
  2. To find out gross profit or gross loss
  3. To know closing stock
  4. To determine the sales

118. In which method trial balance is prepared with the balance of ledger account

  1. Total amount Method
  2. Balance Method
  3. Grouping
  4. Marshalling

119. Capital receipts will not affect ------------------- and ------------------a/c

  1. Trading  & profit & loss a/c
  2. Trading account  
  3. Profit and loss a/c and balance sheet
  4. Trading a/c and trial balance

120. Adjustment given in the ---------------------- is known as hidden adjustment

  1. Trial balance
  2. Profit & loss a/c
  3. Trading
  4. Ledger

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