Top 1000+ Solved Financial Accounting MCQ Questions Answer
Q. In question no. 361 above find the total profit on consignment if the consignee expenses amounted to ` 8,000
a. 30,000 ;
b. 28,000 ;
c. 25,000 ;
d. 38,000
Q. From the following details ascertain the adjusted Bank balance as per Cash Book — Overdraft as per Cash Book ` 80,000; Cheque received entered twice in the Cash Book ` 5,000; Credit side of bank column cast short by ` 500; Bank charges amounting to ` 200 entered twice; Cheque issued but dishonoured ` 2,000
a. 80,500 ;
b. 85,500 ;
c. 85,000 ;
d. 85,300
Q. From the following details calculate the net profit for the year ending 31.03.2013 Opening Stock ` 1,50,000; Purchase ` 2,50,000; Manufacturing Expenses ` 80,000; Selling Expenses ` 20,000; Administration Expenses ` 10,000; Financial Charges ` 5,000; Slaes ` 5,55,000 which includes damaged goods sold for ` 5,000 against the cost price of ` 12,000. Gross profit margin on normal sales is 20% on the sales
a. 65,000 ;
b. 68,000 ;
c. 70,000 ;
d. 77,000
Q. Based on the facts given in question no. 366 above find the total commission payable to theConsignee
a. 2,000 ;
b. 3,000 ;
c. 1,000 ;
d. 1,500
Q. Based on the facts given in question no. 366 find the value of abnormal loss
a. 15,000 ;
b. 16,500 ;
c. 15,500 ;
d. 15,750
Q. Research and Development Cost A/c appearing in Balance Sheet is a —
a. Real A/c ;
b. Intangible Asset A/c ;
c. Tangible Asset A/c ;
d. Personal A/c
Q. A trade purchase of ` 5,500 from Y was passed through Sales Day Book as ` 550, what rectification entry would be passed if the mistake is detected before preparation of Trading and Profit & Loss A/c
a. Sales A/c ….Dr. ` 550, Purchase A/c ….Dr. ` 5,500, Y‘s A/c Cr. ` 6,050
b. Profit and Loss Adjustment A/c ….Dr. ` 6,050, Y‘s A/c Cr. ` 6,050
c. Sales A/c ….Dr. ` 550, Purchase A/c ….Dr. ` 5,500, Suspense A/c Cr. ` 6,050
d. None
Q. Huge expenditure incurred at the time of launching of a new product in market is a/an —
a. Revenue Expenditure ;
b. Capital Expenditure ;
c. Loss ;
d. Deferred Revenue Expenditure
Q. The Primary objective of providing depreciation is:
a. To calculate true profit ;
b. To show the asset on market value ;
c. To reduce tax Burdon ;
d. To provide funds for replacement
Q. Find the closing stock from the following details.Opening Stock ` 80,000, Purchases ` 1,40,000, Wages ` 60,000, Sales ` 3,20,000, GP on sales 25%
a. 60,000 ;
b. 40,000 ;
c. 45,000 ;
d. 30,000
Q. Sinking Fund is created for which of these purposes
a. To repay or redeem a long term fixed liability ;
b. To replace a wasting asset ;
c. To replace a depreciable asset ;
d. All the three
Q. Tick the correct statement
a. Petty cash is an expense ;
b. Balance Sheet is also known as a positional statement ;
c. Revaluation A/c is Real A/c ;
d. Depreciation is a process of valuation
Q. A B C are three partners sharing profit and loss in the ration of 2:2:1, B recently obtained MBA degree from Oxford University, accordingly the partner decided to give him a guaranteed profit of ` 60,000. Find the share of profit of B if the firm made a net profit of ` 1,25,000 during 2012-13
a. 60,000 ;
b. 50,000 ;
c. 25,000 ;
d. 40,000