Top 1000+ Solved Financial Accounting MCQ Questions Answer
Q. Which of the following is not a main column of sales or return journal?
a. Goods sent on approval column ;
b. Goods returned column
c. Goods approved column ;
d. Purchase column
Q. Which of the following accounting treatments is/are true in respect of accrued commission appearingon the debit side of a Trial Balance?
a. It is shown on the debit side of the Profit and Loss Account
b. It is shown on the credit side of the Profit and Loss Account
c. It is shown on the liabilities side of the Balance Sheet
d. It is shown on the assets side of the Balance Sheet
Q. If a bill is endorsed to a third party, the accounting entry in the books of the endorser, at the time ofendorsement involves
a. Credit Endorsee‘s Account
b. Debit Endorsee‘s Account
c. Debit Bills Receivable Account
d. Credit Bills Payable Account
Q. ————— is the date on which a bill falls due for payment
a. Settlement Date ;
b. Maturity Date ;
c. Payment Date ;
d. Due Date
Q. Joint Venture is a partnership —
a. With no firm name ;
b. For indefinite period ;
c. Formed for 5 years ;
d. All the three
Q. Depreciation amount of a fixed asset represents —
a. Historical cost less residual value ;
b. Historical cost ;
c. Historical cost less cost of disposal;
d. Book Value less scrap value
Q. When benefit of a revenue expense extend beyond an accounting year, it is called
a. Revenue Expenditure ;
b. Capital expenditure ;
c. Deferred Revenue Expenditure;
d. Recurring profit
Q. The convention that states that the accounting practice should be followed consistently over the years
a. Consistency ;
b. Conservation ;
c. Materiality ;
d. Disclosure
Q. Which of the following is a non-monetary asset?
a. Account Receivable ;
b. Account Payable ;
c. Demand Bank Deposits ;
d. Patents and Trademarks
Q. The maximum amount beyond which a company is not allowed to raise funds, by issue of share is
a. Issued Capital ;
b. Reserve Capital ;
c. Subscribed Capital ;
d. Authorised Capital
Q. Accounts dealing with transaction relating to persons or an organization is called
a. Personal Account ;
b. Nominal Account ;
c. Real Account ;
d. Representative Personal Account
Q. An account is said to have a debit balance if —
a. The amount of the debits exceeds the amount of the credits
b. There are more entries on the debit side than on the credit side
c. Its normal balance is debit without regard to the amounts or number of entries on the debit side ;
d. The last entry of the accounting period was posted on the debit side
Q. Residual value is the —
a. value of the asset when it is purchased
b. value of the asset at the end of its useful life
c. cost of the asset ;
d. allocation of the cost