Financial Accounting MCQ Questions and Answers Quiz

61. Assets having definite shape and physical existence are called

  1. Intangible asset
  2. Current asset
  3. Fictions asset
  4. Tangible asset

62. Transaction between branches are called------------- 

  1. Inter- branch transactions
  2. Branch transaction
  3. Internal transaction
  4. None of these.

63. What is the journal entry of interest on capital  

  1. Interest on capital a/c  Dr  To capital a/c
  2. Drawings a/c Dr To interest on drawings
  3. Profit &loss a/c Dr To discount Debtors
  4. Capital a/c Dr To Interest on capital.

64. Which is the statement sent by the consignee to the consignor regarding the sale of goods consigned.

  1. Invoice
  2. Bill
  3. Account sales
  4. None of these.

65. The price of goods sent by head office to branch at a price higher than cost price called

  1. Invoice price
  2. Actual price
  3. Unloaded price
  4. None of these.

66. Which is one which has been sent by one party but not received by the other before theclosing books of accounts.

  1. Item of transaction
  2. Transit item
  3. Credit transaction
  4. None of these.

67. Principal books of accounting is known as

  1. Journal
  2. Profit and loss
  3. Ledger
  4. Balance sheet

68. What is an example of wasting asset

  1. Land
  2. Fixed asset
  3. Stock
  4. Mines

69. Who is the person take property on the lease agreement

  1. Lessor
  2. Lessee
  3. Payee
  4. None of these

70. Who is the person tends the ownership right of property

  1. Lessor
  2. Lessee
  3. Payer
  4. None of these

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