Top 1000+ Solved Financial Accounting MCQ Questions Answer
Q. ` 4,500 paid to Madan as salary for the month of December‘12, this was debited to his A/c, this is a/an ……………………… error.
a. Principle ;
b. Omission ;
c. Commission ;
d. Compensating
Q. While checking the accounts of ABC the following discrepancies were noticed, even though the TrialBalance was made to balance by putting the difference to Suspense A/c. (i) Sales day book for the month of June‘12 was found overcast by ` 7,000. (ii) A credit purchase of ` 3,000 was omitted to be recorded in the days book. (iii) ` 4,300. Received from A credited to A A/c ` 3,400. (iv) Purchase of Office Equipment worth ` 5,000 included in trading purchases. From the above details what would have been the difference in Trial Balance which was made to balance by opening Suspense A/c.
a. Debit side short by ` 9,100 ;
b. Credit side short by ` 9,100 ;
c. Debit side more by ` 7,900 ;
d. Credit side more by ` 6,100
Q. Rent outstanding for the month of December‘12 will appear on-
a. Debit side of Cash Book ;
b. Credit side of Cash Book ;
c. Either side ;
d. Nowhere
Q. Goods worth ` 5,000 purchased from A on credit will be recorded on-
a. Debit side of Cash Book ;
b. Credit side of Cash Book ;
c. Nowhere in the Cash Book ;
d. Either (a) or (b)
Q. Which column of Cash Book is never balanced.
a. Discount Column ;
b. Cash ;
c. Bank ;
d. Petty Cash
Q. The total of debit side of discount column of Cash Book is-
a. Balanced with credit side of discount column ;
b. Posted to Discount Allowed A/c;
c. Posted to Discount Received A/c ;
d. Posted to Profit & Loss A/c
Q. Prepaid rent is a –
a. Nominal A/c ;
b. Representative Personal A/c ;
c. Tangible Assets A/c ;
d. None
Q. Which of the following assets is a fictitious asset
a. Goodwill A/c ;
b. Prepaid Rent A/c ;
c. Outstanding Salary A/c ;
d. Preliminary expenses A/c
Q. SBI A/c is a –
a. Nominal A/c ;
b. Artificial Personal A/c ;
c. Representative Personal A/c ;
d. None
Q. The Sales Returns Day Book would include:
a. Goods bought on credit ;
b. Fixed Assets bought that are inappropriate for business ;
c. Stock that customers have returned ;
d. Goods bought on credit that are returned to the original supplier
Q. An Investment in one asset A/c may lead to –
a. Increase in liability A/c ;
b. Decrease in A/c asset ;
c. Each a or b ;
d. Both a/b.
Q. The process of recording business transaction in a book of original entry is known as-
a. Journals ;
b. Balance ;
c. Posting ;
d. None