Top 1000+ Solved Financial Accounting MCQ Questions Answer
Q. Allowance made for prompt payment is called
a. Cash allowance
b. Cash discount
c. Trade discount
d. Discount
Q. Total sales book indicates
a. Total credit sales
b. Total cash sales
c. Total sales
d. All the above
Q. Total sales made during a year is found out from the
a. Sales book
b. Sales account
c. Total sales book
d. All the above
Q. Debit note is prepared in connection with
a. Sales return
b. Purchase return
c. Sales
d. Purchase
Q. Goods sold on credit will be entered in the
a. Sales account
b. Sales book
c. Customers account
d. Creditors account
Q. Cash purchase of fixed asset is entered in the
a. Purchase book
b. General ledger
c. Cashbook
d. Purchase account
Q. Normally value of closing stock ________ in the trial balance
a. Appears
b. Does not appear
c. May or may not appear
d. Sometime appear
Q. Cost of goods sold plus selling expenses equals
a. Cost of production
b. Gross profit
c. Sales
d. Cost of sales
Q. In sole trader balance sheet asset are arranged in the order of
a. Liquidity
b. Permanence
c. Transferability
d. All the above
Q. ________ is an expenditure which does not bring any benefit to the concern
a. Revenue expenditure
b. Capital expenditure
c. Deferred revenue expenditure
d. Loss