Top 1000+ Solved Financial Accounting MCQ Questions Answer
Q. Revenue Account is also called ………….
a. Shareholders’ Account
b. Policyholders’ Account
c. Creditors’ Account
d. None of these
Q. Valuation balance sheet is prepared by ……………business.
a. Fire Insurance
b. Marine Insurance
c. Life Insurance
d. All of these
Q. The commission earned by insurance companies from others for giving them business underreinsurance is called …………………
a. Commission on reinsurance accepted
b. Agents’ commission
c. Commission on reinsurance ceded
d. None of these
Q. The commission given by insurance companies to others for receiving business underreinsurance is called …………………
a. Commission on reinsurance accepted
b. Agents’ commission
c. Commission on reinsurance ceded
d. None of these
Q. The principle of subrogation is applicable to……………
a. Fire Insurance
b. Marine Insurance
c. Burglary Insurance
d. All of these
Q. Opening capital is ascertained by preparing:
a. Cash book
b. Creditors A/c
c. Debtors A/c
d. Opening statement of affairs.
Q. A Single entry system it:
a. Complete and scientific system
b. Incomplete and unscientific
c. Incomplete and scientific
d. Complete and unscientific
Q. In Single entry system, it is not possible to prepare:
a. Receipts and payments A/c
b. Trial balance
c. Balance sheet
d. Account sales
Q. A Single entry system is usually adopted by:
a. Company
b. Partnership
c. Government
d. None of above
Q. Single Entry system is must suited where:
a. Cash transactions are many
b. Credit transactions are many.
c. Cash & credit transactions are more
d. None of the above
Q. Capital can be obtained by preparing:
a. Cash book
b. Statement of affairs
c. Debtors A/c
d. Creditors A/c
Q. Credit sale can be obtained by preparing:
a. Cash book
b. Statement of affairs
c. Debtors A/c
d. Creditors A/c
Q. Credit Purchase can be calculated by preparing:
a. Cash book
b. Statement of affairs
c. Debtors A/c
d. Creditors A/c
Q. In single entry system profit is calculated as follows:
a. Opening Capital + Drawing + Fresh Capital- Ending capital
b. Capital at the end – Drawing – Fresh capital - Opening capital
c. Capital at the end + Drawing – Fresh capital -Opening capital
d. None of the above