Top 1000+ Solved Financial Accounting MCQ Questions Answer
Q. Account sales is submitted by;
a. Consignor
b. Consignee
c. Principal to his agent
d. Debtor to creditor
Q. Del – credere commission is calculated on:
a. Credit sales
b. Cash sales
c. Total sale
d. Both (a) and (b)
Q. Joint Bank Account is
a. not like a cash book
b. opened specifically for the venture
c. operated by one of the ventures
d. None of the above
Q. When goods are purchased for the Joint Venture, the amount is debited to
a. Purchases Account
b. Venturer’s Capital Account
c. Joint Venture Account
d. None of the Above
Q. When a separate set of books is kept for the joint Venture, the commonly accounts maintained are
a. Joint Bank Account
b. Co-Venturers’ Account
c. Joint Venture Account
d. All of the Above
Q. Joint bank account is opened
a. when no separate books for the venture are maintained
b. when separate books for the venture are maintained
c. under no circumstances
d. None of the above
Q. In case of memorandum method when there are three co-venturers, each co-venturer opensin its books for the venture
a. One account
b. Two accounts
c. Three accounts.
d. None of the above
Q. In accounting consignment, signifies
a. Goods forwarded from one place to another
b. Goods forwarded by a person to another.
c. Goods despatched by its owner to its agent
d. Goods despatched by its owner to his agent for the purpose of sale.
Q. Goods sent on consignment should be debited by consignor to:
a. Consignment account
b. Goods sent on consignment account
c. Consignors account
d. None of the above
Q. In the books of consignee the expenses incurred by him on consignment are debite
a. To consignment account
b. To cash account
c. To consignor’s account
d. None of the above
Q. In the books of consignee the sale of goods is credited to:
a. Consignor’s account
b. Sales account
c. Consignee’s account
d. Goods sent on consignment account
Q. The system of keeping accounts generally adopted by small size branches are:
a. Debtors system
b. Stock & Debtors system
c. Wholesale branch system
d. Final account system
Q. Goods are supplied by the head office to dependent branches are at:
a. Cost price
b. Invoice price
c. Market price
d. Cost or invoice price
Q. Under debtors system which account is prepared by head office to calculate profit or loss ofeach branch:
a. capital account
b. debtors account
c. branch account
d. branch adjustment account