Top 1000+ Solved Financial Accounting MCQ Questions Answer

a. 80,000 ;

b. 1,00,000 ;

c. 81,000 ;

d. 1,20,000

a. Cost Price ;

b. Market Price ;

c. Realizable Price ;

d. Least of cost or net realizable value

a. Closing Stock ;

b. Work in Progress ;

c. Stock in Transit ;

d. Suspense A/c

a. Bank overdraft ;

b. Bank deposit ;

c. FD with Bank ;

d. Cash embezzlement

a. 2,500

b. 2,750

c. 1,417

d. 2,000

a. Increase by ` 5,000 ;

b. Decrease by ` 5,000 ;

c. Increase by ` 10,000 ;

d. not be affected at all

a. Total Liabilities ;

b. Net worth ;

c. Shareholders Fund ;

d. Gross Block

a. Fire insurance premium of office building ;

b. LIC premium on the life of proprietor ;

c. Interest on capital ;

d. Repair of office furniture

a. Joint Venture A/c ;

b. Joint Bank A/c ;

c. Memorandum Joint Venture A/c ;

d. Other Co- venture A/c

a. To provide financial information to the users of the financial statements

b. To portray gloomy picture of the business in order to evade tax liabilities

c. To keep a systematic record of business transactions

d. To depict a true and fair view of the financial position of the business

a. Who draw a bill of exchange ;

b. Who presents the bill of exchange for payment ;

c. Who accepts the bill of exchange ;

d. Who holds the bill of exchange till maturity

a. Science ;

b. Art ;

c. Subject matter of sociology ;

d. Subject matter of philosophy

a. Check true and fair view of Balance Sheet ;

b. To check arithmetic accuracy of A/cs ;

c. To ensure legal compliance ;

d. To ensure compliance to IFRS

a. Profit before Income Tax ;

b. Profit before Interest and Tax ;

c. Profit before Internal Transfers ;

d. Profit by Income Tax

a. Investment Fluctuation Reserve ;

b. Foreign Exchange Fluctuation Fund ;

c. General Reserve ;

d. Capital Reserve