Top 1000+ Solved Financial Accounting MCQ Questions Answer
Q. In a non profit organizations cashbook shows________ in its debit side
a. Assets
b. Liabilities
c. Receipts
d. Payment
Q. Receipts and payment account begins with opening balance of
a. Receipts
b. Payments
c. Creditors
d. Cash
Q. Receipts and payment accounts includes all receipts and payments of
a. Capital nature
b. Revenue nature
c. Cash nature
d. None of these
Q. Receipts and payment accounts records all receipts and payments of
a. Current year
b. Previous year
c. Subsequent year
d. All of these
Q. While preparing the final a accounts of non trading concerns where do you show receipts andpayments of special nature
a. Balance sheet
b. P & L account
c. I & E account
d. R & P account
Q. What does the balance of income and expenditure account shows
a. Cash
b. Debit or credit
c. Profit or loss
d. Surplus or deficit
Q. Donation which is given as per will is known as
a. Special donation
b. Gift
c. Legacy
d. Secret donation
Q. Loss on sale of asset is taken to
a. Receipts and payments account
b. Income and expenditure account
c. Balance sheet
d. Trial balance
Q. Honorarium is taken to
a. Receipts and payment account
b. Income and expenditure account
c. Balance sheet
d. Trial balance
Q. Sales of grass in the case of a sports club is
a. A capital receipts
b. A revenue receipts
c. An asset
d. A liability
Q. Life membership fees received by a club is treated as
a. Revenue receipts
b. Capital receipts
c. Assets
d. Special receipts
Q. The system of keeping incomplete record is termed as
a. Double entry system
b. Original entry system
c. Single entry system
d. journal entry system