Top 1000+ Solved Financial Accounting MCQ Questions Answer

a. Drawings

b. Bad debts

c. Accrued expenses

d. Reserve for discount on Sundry Creditors

a. Profit and Loss Account

b. Balance Sheet

c. Funds Flow Statement

d. Trial Balance

a. Credited to the Profit & Loss Account

b. Debited to the Profit & Loss Account

c. Shown on the liabilities side of the Balance Sheet

d. Shown on the assets side of the Balance Sheet

a. Stock ;

b. Vehicle ;

c. Fixed deposit in bank ;

d. Both (a) and (c) above

a. Sundry Debtors ;

b. Stock ;

c. Prepaid insurance ;

d. All of (a), (b) and (c) above

a. On the assets side under current assets

b. On the assets side under loans and advances

c. On the liabilities side under current liabilities

d. On the liabilities side under provisions

a. Balance Sheet discloses financial position of the business

b. A person who owes to the business is called Debtor

c. Decrease in the value of the asset could decrease the value of a liability

d. Assets are to be shown in the Balance Sheet at the realizable value

a. The balance of the goods account shows the value of stock in hand;

b. Balancing of all accounts must be done at the end of each day;

c. Assets which are to remain in business for continuous use and not meant for conversion into cash are fixed assets ;

d. Balance Sheet discloses income position of the business

a. Results of operations for a particular period

b. Financial position during a particular period

c. Profit earning capacity for a particular period

d. Financial position as on a particular date

a. Only (i) above

b. Only (iii) above

c. Both (i)and (iii) above

d. (i), (iii), (iv) and (v) above

a. Trade mark

b. Franchise

c. Accounts Receivable

d. Secret Profit

a. Prepaid expenses

b. Trademark

c. Discount on issue of shares

d. Outstanding Salaries

a. Business entity concept

b. Money measurement concept

c. Going concern concept

d. Matching concept

a. Debts included in Sundry Debtors which are doubtful in nature

b. Uncalled liability on partly paid shares

c. Claims against the company not acknowledged as debts

d. Arrears of fixed cumulative dividend

a. Both (i) and (iv) above

b. Both (ii) and (iii) above

c. (i),(ii) and (iii) above

d. (ii),(iii),(iv) and (v) above