Top 1000+ Solved Financial Accounting MCQ Questions Answer
Q. Legacies should be treated asSol:
a. A Liability
b. A Revenue Receipt
c. An Income
d. None of these
Q. The excess of assets over liabilities in non-trading concerns is termed as:Sol:
a. Capital Fund
b. Capital
c. Profit
d. Net profit
Q. For a non-trading concern, honorarium paid is:Sol:
a. An Income
b. An Assets
c. An Expense
d. None of these
Q. Entrance fees, unless otherwise stated, is treated as:Sol:
a. A Capital Receipt
b. A Revenue Income
c. A liability
d. None of these
Q. Income and Expenditure Account records transactions of:Sol:
a. Capital nature only
b. Revenue nature only
c. (a) and (b) both
d. None of these
Q. Life membership fee received by a club is:Sol:
a. Revenue Receipt
b. Capital Receipt
c. (a) and (b)
d. None of these
Q. All receipts of capital nature are shown in :Sol:
a. Income and Expenditure A/c
b. Balance Sheet
c. P. & L. A/c
d. None of these
Q. All items of revenue in nature are shown in:Sol:
a. Income and Expenditure A/c
b. Balance Sheet
c. (a) and (b) both
d. None of these
Q. Which of the following is not a not-for-profit organisation ?Sol:
a. College
b. Sports Club
c. Tata Automobiles
d. Hospital
Q. Subscriptions received in advance by a club are shown on……………..of the BalanceSheetSol:
a. Assets Side
b. Liability Side
c. Credit Side
d. Debit Side
Q. Which of the following is not an income ?Sol:
a. Subscription
b. Donation
c. Sale of ticket
d. Endowment Fund
Q. Subscription received by an organisation is:Sol:
a. Capital Receipt
b. Revenue Receipt
c. Both (a) and (b)
d. None of the above
Q. Not-for-profit organisations are based on…………………………theory.Sol:
a. Fund
b. Surplus
c. Profit
d. Expenses