Top 250+ Solved Financial Accounting 2 MCQ Questions Answer
Q. All the transactions measurable in the terms of money are recorded in accounts is accordingto
a. business entity concept
b. going concern concept
c. money measurement concept
d. accounting period concept
Q. Dividing the expenditure into capital and revenue is according to
a. business entity concept
b. going concern concept
c. money measurement concept
d. accounting period concept
Q. While putting the value or price of an entity in financial records the lowest price is recordednot the current price or current market value. This is known as
a. business entity concept
b. conservatism
c. cost concept
d. money measurement concept
Q. Co-operative societies is an example of
a. personal account
b. real account
c. nominal account
d. representative personal account
Q. Outstanding salary account is a
a. natural personal account
b. artificial personal account
c. representative personal account
d. real account
Q. Interest earned is a
a. personal account
b. real account
c. nominal account
d. representative personal account
Q. Commission paid is a
a. personal account
b. real account
c. nominal account
d. representative personal account
Q. Trading account is a
a. personal account
b. real account
c. nominal account
d. representative personal account
Q. Profit and loss account is a
a. personal account
b. real account
c. nominal account
d. representative personal account
Q. All revenue incomes are credited to
a. manufacturing account
b. trading account
c. profit and loss account
d. balance sheet
Q. In profit and loss account, if credit is more than the debit, the difference is
a. net profit
b. net loss
c. gross profit
d. gross loss
Q. The process of recording financial data upto trial balance is
a. book keeping
b. classifying
c. summarising
d. analyzing
Q. In income measurement & recognisation of assets & liabilities which of the followingconcepts goes together?
a. periodicity, accural, matching
b. cost, accural, matching
c. going concern, cost, realization
d. going concern, periodicity, reliability
Q. Interpretation means
a. explanation of meaning and significance of the data in financial statements.
b. concerned with preparation and presentation of classified data
c. systematic analysis of recorded data
d. methodical classification of data given in financial statements.
Q. Which of the following is wrong?
a. all real and personal accounts are transferred to balance sheet
b. nominal accounts are transferred to p & l account
c. each account is opened separately in ledger
d. rent is a personal account, outstanding rent is nominal account