Top 250+ Solved Fundamentals of Accounting MCQ Questions Answer

From 211 to 225 of 225

Q. Land & building is a …………………………………

a. Fixed asset

b. Current asset

c. Fictitious asset

d. Intangible asset

  • a. Fixed asset

Q. Which of the following account will have credit balance?

a. Bank over draft

b. Carriage inwards

c. Prepaid expenses

d. Bills receivable

  • a. Bank over draft

Q. Three column cash book records …………………………

a. Only cash transactions

b. All transactions

c. Cash bank and discount transactions

d. Cash purchase and cash sales transactions

  • c. Cash bank and discount transactions

Q. Trial balance is prepared according to :

a. Total method

b. Balance method

c. Total and balance method

d. All the three

  • b. Balance method

Q. A person who owes money to the business is a …………………………

a. Debtor

b. Creditor

c. Investor

d. Supplier

  • a. Debtor

Q. A ……………………….. is person to whom business owes money.

a. Debtor

b. Creditor

c. Investor

d. Propriator

  • b. Creditor

Q. ………………………….denote goods brought for sale.

a. Sale

b. Expense

c. Purchase

d. Revenue

  • c. Purchase

Q. Assets acquired for long use in the business are called ………………….

a. Fixed assets

b. Current assets

c. Fictitious asset

d. Liquid asset

  • a. Fixed assets

Q. …………….. is an example of wasting asset

a. Cash

b. Company man

c. Mines

d. Loan

  • c. Mines

Q. Assets acquired for short term use in the business are called……………..

a. Fixed assets

b. Current assets

c. Fictitious assets

d. Liquid assets

  • b. Current assets

Q. ………………….. is the major source of revenue of any business.

a. Investment

b. Advances

c. Loan

d. Sales

  • d. Sales

Q. ……………….. refers the amount invested by the owner into business.

a. Loan

b. Advance

c. Capital

d. Prepaid expences

  • c. Capital

Q. Aseets having definite shape and physical existensce are called……….

a. Tangible asset

b. Intangible asset

c. Wasting asset

d. Fictitious asset

  • a. Tangible asset

Q. Assets which get exhausted to the extent of extraction are called ……….

a. Tangible asset

b. Intangible asset

c. Wasting asset

d. Fictitious asset

  • c. Wasting asset

Q. ……………. are liabilities which become due and payable within a short period.

a. Fixed liabilities

b. Long term liabilities

c. Current liabilities

d. Contingent liabilities

  • c. Current liabilities
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