Financial Accounting MCQ Questions and Answers Quiz

51. The accounts for the dependent branches are maintained only in the books of

  1. Head office
  2. Sub office
  3. Main office
  4. None of these

52. Adjustment given in trial balance is known as

  1. Hidden adjustment
  2. Partly adjustment
  3. Adjustment
  4. Provision for discount on debtors

53. Trading and profit and loss account is known as ----------------------- statement

  1. Income
  2. Expense
  3. Position
  4. Revenue

54. Prepaid expenses is ------------------- to the business

  1. Income
  2. Expense
  3. Asset
  4. Liability

55. The term ------------------ denotes the cost of services and things used for earning revenue

  1. Income
  2. Expense
  3. Loss
  4. None of these.

56. Which Expenditure is incurred to maintain the business or to keep the assets on good working condition

  1. Income
  2. Dividend
  3. Revenue
  4. None of these.

57. Balance sheet show -------------------- and ------------------- of fund

  1. Incomes and losses
  2. Sources and applications
  3. Debit and Credit
  4. Asset and liability

58. The process of transferring items from branch books to the head office books and the preparation ofconsolidated balance sheet is called --------------------- 

  1. Incorporation of branch trial balance
  2. Trial balance
  3. Branch balance sheet
  4. None of these.

59. Branches not keeping full system of accounting called

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

60. In which stage short working  arise

  1. Initial stage of production
  2. Sales
  3. Buying of raw materials
  4. Last stage of production

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