Top 1000+ Solved Financial Accounting MCQ Questions Answer
Q. The trial balance of the accounts of incomplete records shows
a. debit balance
b. credit balance
c. equal balance
d. none of these
Q. Opening statement of affairs is prepared to find out
a. opening capital
b. opening profit
c. opening assets
d. opening liability
Q. In capital comparison method gross profit=
a. excess of opening capital over closing capital
b. excess of closing capital over opening capital
c. excess of sales over purchase
d. excess of income over expenditure
Q. Incomplete records are maintained usually by a
a. company
b. government
c. sole trader
d. partnership firm
Q. Creditors account is prepared to ascertain
a. cash purchases
b. cash sales
c. credit sales
d. credit purchases
Q. To find out credit sales which account should be prepared
a. debtors account
b. creditors account
c. sales account
d. purchases account
Q. Cash paid to creditors + closing creditors – opening creditors =
a. total purchase
b. cash purchase
c. credit purchases
d. total debtors
Q. Bills receivable as endorsed is debited to
a. creditors account
b. bills receivable account
c. debtors account
d. bills payable account
Q. Bills payable honored during the year will be debited to ______
a. cash account
b. bills payable
c. bills receivable
d. creditors
Q. Cash paid to creditors can be calculated from
a. debtors account
b. creditors account
c. bills receivable account
d. bills payable account
Q. Bills payable dishonored during g the year will be credited to
a. bills payable
b. creditors
c. bills receivable
d. debtors
Q. Rent and rates are apportioned to different departments on the basis of
a. floor area occupied
b. no of workers
c. sales of each dept
d. value of the assets kept
Q. The turn over ratio is used for the allocation of
a. income tax
b. bad debts
c. depreciation
d. staff welfare expenses
Q. Provision for unrealized profit with respect to stock when transfers are affected at transfer price isto be charged to
a. dept trading account
b. dept profit and loss account
c. either a or b
d. general profit and loss account
Q. Branch account under debtors system is a _______ account
a. real
b. nominal
c. personal
d. representative personal