Top 1000+ Solved Financial Accounting MCQ Questions Answer
Q. Packing of goods for protecting the goods is debited in the
a. Balance sheet
b. Profit and loss account
c. Trading account
d. Trial balance
Q. The balance of profit and loss account is called
a. Net profit /loss
b. Gross profit/ loss
c. Working profit / loss
d. Petty profit / loss
Q. Carriage out expenses are come under
a. Administrative expenses
b. Financial expenses
c. Manufacturing expenses
d. Distribution expenses
Q. The final accounts , when adjustment entry is passed ,it affects the minimum ________
a. One account
b. Two account
c. Three account
d. Entire account
Q. The closing stock will appear in trial balance at the
a. Debit side
b. Asset side
c. Credit side
d. None of these
Q. Outstanding salary is shown on
a. Balance sheet
b. Trading account
c. Suspense account
d. Outstanding account
Q. If closing stock appear on the trial balance it must have been ____
a. Added to the purchase
b. Added to the opening stock
c. Deducted from the purchases
d. Deducted from opening stock
Q. Discount on purchase will be
a. Debited to profit and loss account
b. Credited to profit and loss account
c. Deducted from purchases
d. Added to purchases
Q. Resources which are invested in permanent asset are called
a. Investment
b. Working capital
c. Block capital
d. Intangible capital
Q. Sales is equal to
a. Net income + expenses + cost of goods sold
b. Gross profit + net income + expenses
c. Gross profit + cost of goods sold + direct expenses
d. Net income + direct expenses
Q. The premium paid on the life policy of the proprietor is debited to
a. Profit and loss account
b. Trading account
c. Premium account
d. Drawing account
Q. Expenses which have become due during the accounting period for which the final accounts havebeen prepared but have not yet been paid is called
a. Accrued
b. Outstanding
c. Arrears
d. Non over dues
Q. Income tax paid for the proprietor from the business is
a. Debited in the income account
b. Debited in the trading account
c. Deducted from capital
d. Deducted from profit