Top 1000+ Solved Financial Accounting MCQ Questions Answer
Q. Preference shareholders are…………
a. Debtors of the company
b. Creditors of the company
c. Owners of the company
d. None of these
Q. The shares firstly offered to the existing shareholders are called as ………….
a. Right shares
b. Bonus shares
c. Ordinary shares
d. None of these
Q. Receipts and Payments account is
a. Nominal Account
b. Real Account
c. Personal Account
d. None of the above
Q. Income and Expenditure account is
a. Nominal Account
b. Real Account
c. Personal Account
d. None of the above
Q. Income and expenditure Account shows a balance of:
a. Capital Account
b. Cash in hand
c. Net Profit
d. Excess of revenue over expenditure or vice versa.
Q. A heavy balance in the Receipts and Payments Account means
a. Heavy Surplus
b. Heavy profit
c. Heavy Cash
d. All of the above
Q. A heavy balance in the Income and Expenditure Account means
a. Heavy Surplus
b. Heavy profit
c. Heavy Cash
d. All of the above
Q. The main source of income for non trading organization is
a. Subscriptions
b. Donations
c. Entrance fee
d. Interest on Deposit
Q. Opening balance of Receipts and Payments accounts in the credit side shows
a. Bank balance at the beginning of the year
b. Bank overdraft at the beginning of the year
c. Capital at the beginning of the year
d. Cash in hand at the beginning of the year
Q. Goods sent on consignment should be debited by consignor to:
a. Consignment A/c
b. Goods Sent on Consignment A/c
c. Consignee’s A/c
d. Consignor’s A/c
Q. In the books of consignor the balance of the consignment stock account would be shown:
a. As an asset in the balance sheet.
b. As a liability in the Balance Sheet
c. On the credit side of the Trading A/c
d. On the debit side of Consignment A/c
Q. Account Sales is submitted by:
a. Consignor
b. Consignee
c. Principal to his agent
d. Debtor to creditor
Q. Joint Venture is of the nature of:
a. Personal Account
b. Real Account
c. Nominal Account
d. Capital Account
Q. Which of the following is not a feature of a Joint venture?
a. Continuing business
b. No firm name
c. Partners called co-venturer
d. Partnership for limited purpose