Top 1000+ Solved Financial Accounting MCQ Questions Answer
Q. Which account is prepared to find out the amount of closing stock
a. head office account
b. branch account
c. memorandum stock account
d. none of these
Q. In foreign branch fixed asset shall be converted at
a. opening rate
b. average rate
c. rate of the date of purchase
d. none of these
Q. By what rate the balance of head office account is converted in foreign branch
a. opening rate
b. closing rate
c. average rate
d. none of these
Q. Following records are made in single entry system , give correct answer
a. only in cashbook
b. in ledger, posting of personal accounts only
c. records in cashbook and posting of only personal accounts in ledger
d. none of these
Q. Meaning of single entry system of book keeping is
a. only one entry for each transaction
b. incomplete double entry system
c. both entries only in accounts
d. none of these
Q. Single entry system of book keeping system
a. is best system
b. is scientific system
c. is incomplete system
d. is most popular system
Q. The liabilities and assets respectively are rs 87000 and rs 92000.amount of difference will be
a. creditors
b. debentures
c. capital
d. none of these
Q. To find out the opening and closing capitals statement of affairs are prepared
a. one
b. two
c. three
d. four
Q. In which book the transactions are recorded originally
a. cashbook
b. balance sheet
c. journal
d. subsidiary book
Q. Floating asset is known as
a. fixed asset
b. current assets
c. non current assets
d. long term asset
Q. As per the cost of concept an asset is recorded at its
a. market cost
b. actual cost
c. normal cost
d. purchase cost
Q. The business will continue to operate for an indefinitely long period in the future, unless there isa good evidence to the contrary this assumption is related to
a. cost concept
b. dual aspect concept
c. matching concept
d. none of these
Q. Which book the work classification is done
a. trial balance
b. ledger
c. balance sheet
d. Journal