Financial Accounting MCQ Questions and Answers Quiz

121. 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

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

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

123. The lessee may be permitted to recoup short working for a few years only is called

  1. Unrestricted
  2. Restricted
  3. Minimum rent
  4. None of these

124. Which principal is known as basic principal of accounting

  1. verifiable  objective principal
  2. matching principal
  3. Dual aspect principal
  4. Materiality principal

125. Which one of these not shown in trading account

  1. Wages
  2. Octroi
  3. Closing stock
  4. Carriage outward

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