Top 250+ Solved Financial Accounting 2 MCQ Questions Answer
Q. Which of the following provide frame work and accounting policies so that the financialstatements of different enterprises become comparable.
a. business standards
b. accounting standards
c. market standards
d. none
Q. Which of the following factor is not considered while selecting accounting policies?
a. prudence
b. substance over form
c. accountancy
d. materiality
Q. Debit the receiver & credit the giver is _____ account
a. personal
b. real
c. nominal
d. all the above
Q. As per accrual concept, which of the followings is not true
a. revenue – expenditure = profit
b. revenue – profit = expenditure
c. sales + gross profit = revenue
d. revenue = profit + expenditure
Q. Mr. X sold goods to Mr. Y ask Mr. X to keep the goods with him for some time
a. symbolic delivery
b. actual delivery
c. constructive delivery
d. none of these
Q. If nothing is written about the accounting assumption to be followed it is presumed that
a. they have been followed
b. they have not been followed
c. they are followed to some extent
d. none of these
Q. The principle “Debit the receiver and credit the giver” is related to_____
a. personal a/c
b. real a/c
c. nominal a/c
d. none
Q. Valuation of stock in accounting follows the principle of cost price or ____ whichever islower.
a. market price
b. average price
c. net realizable value
d. none of these.
Q. Which of the following is not a nominal Account?
a. outstanding salaries account
b. salaries account
c. interest paid
d. commission received
Q. For every debit there will be an equal credit according to
a. matching concept
b. cost concept
c. money measurement concept
d. dual aspect concept
Q. Historical cost concept requires the valuation of an asset at
a. original cost
b. replacement value
c. net realizable value
d. market value