Top 1000+ Solved Financial Accounting MCQ Questions Answer
Q. Return outwards book is known as
a. Purchase return journal
b. Sales return book
c. Purchase from outsiders
d. Return inwards
Q. Debt notice prepared by the purchase of goods when ____
a. He return the goods
b. He purchases the goods
c. He purchases For credit
d. He purchases for cash
Q. _____ from the source document for sales returns
a. Credit note
b. Debit note
c. Sales note
d. Sales return note
Q. A cashbook which contain only one column is
a. Double column cashbook
b. Three column cashbook
c. Simple cashbook
d. Petty cashbook
Q. Entries come both on the debit side and credit side of cashbook called
a. Dual entries
b. Contra entries
c. Double column entries
d. Cash entries
Q. Three column cashbook contains
a. Cash ,credit ,bank
b. Cash, discount, bank
c. Cash, petty cash, expenses
d. Cash, bank, income
Q. Small payments are entered in
a. Simple cashbook
b. Petty cash book]
c. Double column cashbook
d. Three column cashbook
Q. Imprest system is used in
a. Petty cashbook
b. Simple cashbook
c. Double column cashbook
d. Three column cashbook
Q. An error which violates the fundamentals of book keeping is called
a. Errors of omission
b. Errors of amount in original book
c. Compensating error
d. Error of principle
Q. Which error does not affect the trial balance
a. Errors of omission
b. Errors of amount in original book
c. Compensating error
d. Error of principle
Q. The account to which the difference in the trial balance is temporarily placed , so that the trialbalance is made totally, such an account is called
a. Customers account
b. Suspense account
c. Bank account
d. Capital account
Q. Journal entries passed to correct the errors are called
a. Closing entry
b. Opening entries
c. Adjusting entry
d. Rectifying entry
Q. Errors cancelled by themselves are called
a. Compensating errors
b. Errors of principle
c. Errors of omission
d. Errors of commission
Q. Rs 280 received from Roy is credited to his account as Rs 208,this error is called
a. Compensating errors
b. Errors of principle
c. Errors of omission
d. Errors of commission