Top 1000+ Solved Financial Accounting MCQ Questions Answer
Q. The Income and Expenditure Account is always accompanied with a cash flow statementSol:
a. True
b. False
c. none
d. all
Q. The fees received from life members is not a periodic subscription, hence are to becapitalized
a. True
b. False
c. none
d. all
Q. ) A Receipts and Payments Account is nothing but a summary of all capital receipts andpayments.
a. True
b. False
c. none
d. all
Q. Charitable Organizations promote welfare of the common man, in generalSol:
a. True
b. False
c. none
d. all
Q. Receipts and Payments A/c is a summary of:Sol:
a. All Capital Receipts and Payments
b. All Revenue Receipts and Payments
c. All Revenue and Capital Receipts and Payments
d. None of the above
Q. Out of the following items, which one is shown in the Receipts and Payments Account?Sol:
a. Outstanding Salary
b. Depreciation
c. Life Membership Fees
d. Accrued Subscription
Q. In case specific fund is maintained, the expenses exceeding the amount of the fluids,should be recorded on:
a. Liabilities side of the Balance Sheet
b. Debit side the Income and Expenditure Account
c. Credit side of the Income and Expenditure Account
d. Assets side of the Balance Sheet
Q. All receipts from sale of consumable items are treated as:Sol:
a. Capital Receipts
b. Revenue Receipts
c. Both (a) and (b)
d. None of these
Q. Capital fund is calculated:Sol:
a. Income-Expenditure
b. Assets Liabilities
c. Capital + Liabilities
d. None of these
Q. Subscription received in advance during the current year is:Sol:
a. An income
b. An Asset
c. A liability
d. None of these
Q. Balance of Income and Expenditure Account shows:Sol:
a. Cash in hand
b. Capital fund
c. Net Profit
d. Excess of Income over expenditure or vice versa
Q. Property received as a result of the will of the deceased person is called:Sol:
a. Lagacy
b. Honorarium
c. Donation
d. Subscription
Q. Receipts and Payments Account usually indicates:Sol:
a. Surplus
b. Capital fund
c. Debit Balance
d. Credit Balance