Top 1000+ Solved Financial Accounting MCQ Questions Answer
Q. Closing stock given in the trial balance will be taken to
a. P&L account only
b. Income and expenditure account only
c. Trading account only
d. Balance sheet only
Q. Sale of grass in the case of a sports club is
a. An assets
b. Revenue receipt
c. Capital receipt
d. Income
Q. In income & Expenditure accounts, we record
a. Items of capital nature alone
b. Items of revenue nature alone
c. Both
d. Items of expenditure
Q. Fixed assets purchased on hire purchased on hire purchase terms are recorded at
a. Net realization value
b. Cash value
c. Hire purchase price
d. Cost price
Q. Treatment of capital expenditure as revenue expenditure is
a. Errors of principle
b. Compensating errors
c. Errors of commission
d. Errors of omission
Q. In non – profit organizations excess of assets over liabilities is called
a. Capital block
b. General fund
c. Shareholders fund
d. Capital
Q. Gross assets – liabilities will be equal to
a. Net assets
b. Total assets
c. Capital
d. Net liabilities
Q. Purchase ledger contains the accounts of
a. Debtors
b. Creditors
c. Total purchase
d. All the above