Top 1000+ Solved Financial Accounting MCQ Questions Answer
Q. Donation received for a special purpose:
a. Should be credited to Income and Expenditure Account
b. Should be credited to separate account and shown in the Balance Sheet
c. Should be shown on the assets side of the Balance Sheet
d. Should not be recorded at all
Q. The amount of Entrance Fees received regularly by a Not-for Profit Organisation is shown inwhich of the following:
a. Liability side of Balance Sheet
b. Assets side of Balance Sheet
c. Debit side of Income and Expenditure Account
d. Credit side of Income and Expenditure Account
Q. Out of the following items, which one is shown in the Receipts and Payments Account:
a. Outstanding Salary
b. Depreciation
c. Life Membership Fees
d. Accrued Subscription
Q. Receipts and Payments Account is a:
a. Personal Account
b. Real Account
c. Nominal Account
d. All of the above
Q. Donations received for a special purpose will be taken to the
a. Income and Expenditure A/c
b. Assets side of the B/S
c. Liabilities side of the B/S
d. None of the above
Q. Non-trading concern prepare
a. Receipts and Payments A/c
b. Balance Sheet
c. Income and Expenditure A/c
d. All of the above
Q. Receipts and Payments Account of non-trading concerns is a
a. Nominal Account
b. Real Account
c. Personal Account
d. All of the above
Q. Income and Expenditure Account is prepared in non-trading concerns in lieu of
a. Manufacturing Account
b. Profit and Loss Account
c. Trading Account
d. Cash Book
Q. General donations of relatively large amount is recorded on the
a. Income side of Income and Expenditure Account
b. Liabilities side of Balance Sheet
c. Receipts side of Receipts and Payments Account
d. both b. and c.
Q. Match List I (Financial Statements and Accounts) with List II (special matters associated with statements and accounts) and select the correct answer using the codes given below the lists:List I List IIi) Receipts and Payments Account I. Revenueii) Income and Expenditure Account II. Cashiii) Club subscription received in III. LiabilityAdvance AccountCodes:(i) (ii) (iii)
a. II I III
b. I II III
c. III I II
d. II III I
Q. From the following information provided, the income from subscription to be shown in the Income and Expenditure A/C for the year ending 31/12/2015 can be calculated at Rs. ______(i) Subscription received during 2015 : for 2014 – Rs.5,000 for 2015 – Rs.30,000 for 2016 – Rs.6,000(ii) Subscription received in advance as at 31/12/2014 – Rs.6,000(iii) Subscription outstanding as at 31/12/2014 – Rs.6,000(iv) Subscription outstanding as at 31/12/2015 – Rs.4,000
a. Rs.40,000
b. Rs.28,000
c. Rs.51,000
d. Rs.41,000
Q. (i) Salaries as per Income and Expenditure Account Rs.1,500(ii) Salaries paid in advance in previous year Rs.700(iii) Salary outstanding at the end of current year Rs.300(iv) Salary outstanding at the end of previous year Rs.800From the above information given, the amount of salaries to be shown in Receipts and Payment Account can be valued at
a. Rs.1,500
b. Rs.1,300
c. Rs.1,900
d. Rs.2,700
Q. The Income and expenditure account begins with
a. Debit balance
b. Credit balance
c. No balance
d. Balance from the previous year
Q. The receipts and Payments account records receipts and payment of
a. Revenue nature only
b. Capital nature only
c. Revenue as well as capital nature
d. None of the above
Q. A profit on the sale of furniture of a club will be taken to:
a. Cash account
b. Receipts and payment account
c. Income and expenditure account
d. Balance sheet