Financial Accounting Multiple Choice Questions and Answers

31. What is to the original form of accounting

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

32. 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

33. Who is a person to whom business occurs money  

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

34. Assets acquired for long term use in business called

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

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

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

36. Branches keeping full system of accounting is called

1. Dependent  branches
2. Independent branches
3. Simple branches
4. None of these.

37. The head office prepares branch account to find out ------------------- earned by branch

1. Dividend
2. Revenue
3. Capital
4. Profit

38. Payment of monthly rent to land lord is 

1. Economic event
2. Non economic event
3. Substantial event
4. None of these.

39. What is short working?   

1. Excess of minimum rent over actual royalty
2. Below of minimum rent
3. Equal to minimum rent
4. Above to royalty

40. What is the another term of minimum rent

1. Fixed and copy right
2. Dead rent and fixed rent
3. Patent and copy right
4. Fixed and dead rent