Top 1000+ Solved Financial Accounting MCQ Questions Answer
Q. The business is treated as distinct and separate from its owners on the basis of the
a. Going concern concept
b. Conservatism concept
c. Matching concept
d. Business entity concept
Q. Due to retrospective effect on revision of salary of employees, the arrears of salaryrelating to past years, payable in current year is
a. Prior - period item
b. Extra - ordinary item
c. Ordinary item requiring separate disclosure
d. Contingent item
Q. Discount given in the Sales - Invoice itself is
a. Cash discount
b. Trade discount
c. Rebate
d. Allowance
Q. Canteen expenses are apportioned among departments in the proportion of
a. Departmental floor space
b. Departmental direct wages
c. Departmental sales
d. Departmental No. of employees
Q. Both cash and credit transactions are recorded, on the basis of
a. Accounting Period Concept
b. Going Concern Concept
c. Business Entity Concept
d. Accrual Concept
Q. Which of the following book is both a journal and a ledger?
a. Cash Book
b. Sales Day Book
c. Bills Receivable Book
d. Journal Proper
Q. Interest received in advance account is a
a. Nominal Account
b. Real Account
c. Artificial Personal Account
d. Representative Personal Account
Q. Shiva draws a bill on Sanat on 25th October, 2018 for 90 days, the maturity date of thebill will be
a. 27th January, 2019
b. 26th January, 2019
c. 25th January, 2019
d. 28th January, 2019
Q. Peeru and Simu entered in the business of buy and sale of food grain for a period ofone year and sharing the profit in the ratio of 3:2, this agreement is a
a. Partnership
b. Consignment
c. Joint-venture
d. Lease
Q. At the end of the year 2017-18, Prepaid Insurance Premium `7,500 appeared in theTrial Balance, it will be shown
a. only in Profit & Loss Account.
b. only in Balance Sheet.
c. both in Profit & Loss Account and in Balance Sheet.
d. not in Both in Profit & Loss Account and in Balance Sheet.
Q. Contingent Liability would appear
a. on the liabilities side of the Balance Sheet.
b. on the assets side of the Balance Sheet.
c. as a note in the Balance Sheet.
d. None of the above
Q. Debtors Ledger Adjustment Account is opened in the
a. Debtors Ledger
b. Creditors Ledger
c. General Ledger
d. Both Creditors Ledger and General Ledger
Q. Generally sacrifice ratio is concerned with the situation of
a. Admission of a new partner
b. Retirement of a partner
c. Dissolution of firm
d. Conversion of firm into company
Q. Which of the following is a resource owned by the business with the purpose of using itfor generating future profits?
a. Loan from Bank
b. Owner's Capital
c. Trade Mark
d. All of the above