Financial Accounting MCQ Questions and Answers Quiz

31. The person who send the goods to the agent to be sold by him on commission is calle

  1. Consignor
  2. Consignee
  3. Merchant
  4. None of these

32. The head office prepares a combined balance sheet called ----------------- 

  1. Consolidated balance sheet
  2. Balance sheet of branch
  3. Head balance sheet
  4. None of these.

33. Any amount spend on increasing the earning capacity of a business is known as  

  1. Contigent liability  
  2. Capital expenditure
  3. Revenue expenditure
  4. Capital receipt

34. Expenditure incurred during one year known as  

  1. Contigent  liability
  2. Capital expenditure
  3. Revenue expenditure
  4. Capital receipt

35. What is the expenditure of revenue nature

  1. Contingent liability
  2. Capital expenditure
  3. Revenue expenditure
  4. Deferred revenue expenditure

36. What is to the original form of accounting

  1. Cost accounting
  2. Management accounting
  3. Financial accounting
  4. None of these

37. The amount of royalty payable is an expense to the lessee and is ------------------ in the royaltyaccount

  1. Credited
  2. Debited
  3. Deducted
  4. None of these

38. Who is a person to whom business occurs money  

  1. Creditor
  2. Debtor
  3. Proprietor
  4. None of these.

39. Assets acquired for long term use in business called

  1. Current asset
  2. Fixed asset
  3. Wasting asset
  4. None of these.

40. A person who owes money to the business is a

  1. Debtor
  2. Creditor
  3. Investor
  4. None of these
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