Top 250+ Solved Fundamentals of Accounting MCQ Questions Answer

From 46 to 60 of 225

Q. A purchase of 49,500 from Shiva was recorded in Purchases Book as 59,400, the profit would show

a. an increase of 9,900

b. a decrease of 9,900

c. an increase of 59,400

d. neither an increase nor a decrease

  • b. a decrease of 9,900

Q. When credit balance as per pass book is the starting point of a Bank ReconciliationStatement then bank charges are

a. Subtracted

b. Added

c. Either (A) or (B) 6

d. None of the above

  • b. Added

Q. At the time of dishonor of an endorsed bill, which account would be credited by thedrawee?

a. Bills Payable Account

b. Drawer’s Account

c. Bank Account

d. Bills Dishonoured Account

  • b. Drawer’s Account

Q. At the en d of the accounting year bills receivable discounted were 32,000 would beshown

a. on Liabilities side of the Balance Sheet

b. on Assets side of the Balance Sheet

c. by way of a note with Balance Sheet

d. Not appeared anywhere

  • b. on Assets side of the Balance Sheet

Q. Which of the following account(s) is (are) maintained in the joint venture when separate setof books are maintained?

a. Joint Bank a/c

b. Joint Venture a/c

c. Co-venturer a/c

d. All of the above

  • c. Co-venturer a/c

Q. At the time of preparation of financial accounts, balance of Bad Debts Recovered Accountwill be transferred to

a. Debtor’s Personal a/c

b. Profit & Loss a/c

c. Bad Debts a/c

d. Profit & Loss Appropriation a/c

  • d. Profit & Loss Appropriation a/c

Q. In case of not for profit making concern, endowment fund receipt is treated as

a. Capital Receipt

b. Revenue Receipt

c. Either (A) or (B)

d. Neither (A) nor (B)

  • b. Revenue Receipt

Q. Any donation received for a specific purpose should be credited to

a. Income and Expenditure Account

b. Capital Fund

c. Special Fund

d. Either (A) or (B)

  • a. Income and Expenditure Account

Q. Which of the following transaction is not recorded in cash book?

a. Bad debts recovered

b. Prepaid expenses

c. Trade discount allowed

d. Freight paid for acquiring an asset

  • a. Bad debts recovered

Q. Credit purchase of fixed asset is recorded in

a. Journal Proper

b. Purchase book

c. Cash book

d. Petty Cash Book

  • c. Cash book
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