Top 1000+ Solved Financial Accounting MCQ Questions Answer
Q. In single entry system only accounts are opened:
a. Personal A/c
b. Real A/c
c. Nominal A/c
d. Real & Nominal A/c
Q. Single entry system cannot be a maintained by:
a. Joint stock company
b. Partnership A/c
c. Sole-tradership A/c
d. All of these
Q. Single entry system of book – keeping is generally followed by:
a. Small business
b. Non – trading
c. Large business
d. None
Q. A Statement of assets and liabilities prepared under the single entry system is called:
a. Balance sheet
b. Financial statement
c. Cash statement
d. Statement of affairs
Q. Net worth of an organization means the excess of its total assets over total:
a. Expenses
b. Incomes
c. Liabilities
d. Both (a) and (b)
Q. Which one of is most likely to have the lowest rate of stock turn:
a. Jeweler
b. Green grocer
c. Super market
d. News agent
Q. If the rate of G.P on sale is 20% and cost of goods, sold is Rs. 100,000, then amount of G.P willbe equal to:
a. Rs. 20,000
b. Rs.25,000
c. Rs.35,000
d. Rs.15,000
Q. Bad -debts written off always affect the:
a. Debtors A/c
b. Creditor A/c
c. Cash A/c
d. None of these
Q. Company has ……………
a. Separate Legal Entity
b. Perpetual Existence
c. Limited Liability
d. All of the Above
Q. Shareholders are :
a. Customers of the Company
b. Owners of the Company
c. Creditors of the Company
d. None of these
Q. Who are the real owners of a company?
a. Government
b. Board of Directors
c. Equity shareholders
d. Debentureholders
Q. A Company is created by :
a. Special act of the Parliament
b. Companies Act
c. Investors
d. Members
Q. Equity shares cannot be issued for the purpose of:
a. Cash Receipts
b. Purchase of assets
c. Redemption of debentures
d. Distribution of dividend
Q. The shares on which there is no any pre-fixed rate of dividend is decided, but the rate ofdividend is fluctuating every year according to the availability of profits, such share are called :
a. Equity Share
b. Non-cumulative preference share
c. Non-convertible preference share
d. Non-guaranteed preference share