Top 1000+ Solved Financial Accounting MCQ Questions Answer
Q. Which of these accounts are not opened in a joint venture:
a. Stock reserve
b. Joint bank A/c
c. Joint venture A/c
d. Co-venturers personal A/c
Q. Profit or loss on joint venture business is shared by the co-venturers:
a. Equally
b. In the ratio of capital contributed
c. In the agreed upon ratio
d. A per seniority
Q. In accounting consignment means
a. Goods forwarded from one place to another.
b. Goods forwarded by a person to another.
c. Goods sent by its owner to his agent.
d. Goods sent by its owner to his agent for the purpose by sale.
Q. In the books of consignor, the expenses incurred by consignee should be debited to
a. Consignee A/c
b. Consignment A/c
c. Expenses A/c
d. Consignor’s A/c
Q. In the books of consignor, the balance in the goods sent on consignment account is shown
a. On the asset side to balance sheet
b. On the liability side of balance sheet
c. On the credit side of trading A/c
d. On the credit side of consignment A/c
Q. Joint venture account is a
a. Personal account
b. Real account
c. Nominal account
d. None of the above
Q. In case of Memorandum Method, when there are three co-ventures, each co-venturer opens in his books for the venture
a. One account
b. Two accounts
c. Three accounts
d. None
Q. P and Q are partners sharing profit and loss in the proportion 2:1 in the Joint Venture. P keeps accounts of joint venture. Q gave Rs. 5,000 to P for joint venture business. P prepared accounts and showed profit of Rs. 2,250. P settled Q’s account. In the books of Q, Rs. _______ profit is credited.
a. Rs. 2,250
b. Rs. 750
c. Rs. 1,500
d. Rs. 5,750
Q. When a complete set of books are maintained for the joint venture and in case where an amount is spent on account of expenses or for purchasing goods for the venture, the entry would be
a. Joint Venture A/c Dr To Joint Bank A/C
b. Joint Bank A/c Dr To Joint Venture A/c
c. Joint Venture A/c Dr To Venturer’s A/c
d. Venturer’s A/c Dr To Joint Venture A/c
Q. Consignee becomes a debtor of the consignor when
a. The goods are despatched
b. The goods are received
c. The goods are sold
d. All of the above
Q. Del credere commission is given when the consignee
a. Sells all the goods on credit
b. Gets no ordinary commission
c. Bears the loss of bad debts
d. None of the above
Q. No journal entry is required to be passed when there is
a. Normal loss
b. Abnormal loss
c. Loss of bad debts
d. All of the above
Q. Consignee account is in the nature of
a. Personal account
b. Real account
c. Nominal account
d. None of the above
Q. Joint venture account is in the nature of
a. Real account
b. Personal account
c. Nominal account
d. None of the above