Financial Accounting Multiple Choice Questions and Answers

41. 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

42. Assets which have no real value but are shown in books of account for technical reasons are called

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

43. Assets which are held for a short period called

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

44. Recouping of short working arise in

1. Future
2. Present
3. Past
4. None of these

45. Which concept facilitates recording of business events on a uniform basis.

1. Going concern
2. Accounting entity
3. Money measurement
4. None of these.

46. Which principal have separate entity

1. Going concern concept
2. Money measurement concept
3. Accounting period concept
4. Accounting entity concept

47. Things which are purchased by business for resale called

1. Goods
2. Closing stock
3. Lease housing
4. None of these.

48. What represents goods sent by head office to the branch or by the branch to the head office but not received by other

1. Goods in transit
2. Cash in transit
3. Barter transit
4. None of these

49. Managers commission is calculated on

1. Gross profit
2. Notional profit
3. Net profit
4. Sales

50. The amount of reserve deducted from the

1. Gross profit
2. Managers commission
3. Net profit
4. None of these