Top 1000+ Solved Financial Accounting MCQ Questions Answer
Q. Balance left in Consignment A/c shows —
a. Profit or loss on consignment ;
b. Stock lying with the consignee ;
c. Stock lying with the debtors ;
d. Stock awaiting approval
Q. If the consignee is allowed del credere commission, then he bears —
a. All sales promotion expenses ;
b. Loss due to bad debts ;
c. Loss due shortage of goods ;
d. All routine expenses in connection with the goods
Q. As per Partnership Act, which of these rights are available to a partner ——
a. Bonus ;
b. Salary ;
c. Commission ;
d. Equal profit
Q. What does the balance in Memorandum Joint Venture A/c shows—
a. Profit or Loss ;
b. Closing Stock ;
c. Balance due from other Co-venturer
d. Difference in Trial Balance
Q. Which of these is not a part of double entry system
a. Joint Bank A/c ;
b. Memorandum A/c ;
c. Joint Venture A/c ;
d. Joint Venture with other co-venturer A/c
Q. Loss on Joint venture is —
a. Credited to Profit and Loss A/c ;
b. Debited to co-venturers capital A/c;
c. Credited to Capital Fund A/c ;
d. Debited to Suspense A/c
Q. Stock left over taken by a Co- venturer is—
a. Debited to Joint Venture A/c ;
b. Credited to Co-venturer A/c ;
c. Credited to Joint Venture A/c ;
d. Credited to Joint Bank A/c
Q. Joint Venture with…………..(another co-venturer) A/c is a ——
a. Personal A/c ;
b. Nominal A/c ;
c. Real A/c ;
d. Memorandum A/c
Q. Which of these is not a feature of a Joint venture
a. Continuing business ;
b. No firm name ;
c. Partners called co-venturer;
d. Partnership for limited purpose
Q. Which of these accounts are not opened in a joint venture
a. Stock reserve ;
b. Joint bank A/c ;
c. Joint venture A/c ;
d. Co-venturers personal A/c
Q. Profit or loss on joint venture business is shared by the co-venturers ——
a. Equally ;
b. In the ratio of capital contributed ;
c. In the agreed upon ratio ;
d. A per seniority
Q. Professional bodies of which of the following countries is not a founding member of IASC —
a. Australia ;
b. India ;
c. Japan ;
d. USA