Top 1000+ Solved Financial Accounting MCQ Questions Answer
Q. Asset which reduce is value, on use, but are not replaced is called
a. Contingent assets
b. Fictitious assets
c. Intangible assets
d. Wasting assets
Q. Prepaid expenses are ______ account
a. Nominal
b. Personal
c. Personal account without name
d. Real
Q. Transactions of a general nature which occur frequently are first recorded in the
a. General ledger
b. Special journal
c. Cashbook
d. Subsidiary book
Q. Income and expenditure account is the ______ account of a non trading concern
a. Balance sheet
b. P & L account
c. Ledger
d. General
Q. Receipts and payment account contains
a. Only receipts and payment of current year
b. All receipts and payments
c. Income and expenditure
d. All the above
Q. Balance of receipts and payments account represents
a. Cash in hand or at bank
b. Surplus
c. Deficit
d. Reserve
Q. Any profit on sale of a cricket bat of a club will be taken to ________
a. Income and expenditure( credits side)
b. Income and expenditure debit side
c. Balance sheet assets side
d. Balance sheet liability side
Q. Educational institutions are
a. Profit organizations
b. Non profit organizations
c. Wealth organization
d. Social organization
Q. Non profit organizations trial balance shows
a. Debit
b. Credit
c. Equal balance
d. Suspense account
Q. Receipts and payment accounts, I & E account and balance sheet are the financial statement of
a. Company
b. Partnership firm
c. Sole trader concern
d. Nonprofit organization
Q. Purchase of assets are entered in nonprofit organization’s book is called
a. Stock register
b. Purchase register
c. Asset register
d. Cash register