Top 250+ Solved Fundamentals of Accounting MCQ Questions Answer
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
Q. From the following details ascertain the adjusted bank balance as per Cash Book – overdraft as per Cash Book 1,60,000; cheque received entered twice in the Cash Book 10,000; credit side of bank column cash short by 1,000; bank charges amounting to 400 entered twice:
a. 1,61,000
b. 1,71,000
c. 1,70,000
d. 1,70,600
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
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
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
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
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
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)
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)
Q. Income and Expenditure account shows subscription at 2,50,000. Subscriptions accrued in the beginning of the year and at the end of the year were 25,000 and 37,500 respectively. The amount of subscriptions received appearing in re ceipts and payments account will be
a. 2,37,500
b. 2,75,000
c. 1,87,500
d. 2,62,500
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
Q. Credit purchase of fixed asset is recorded in
a. Journal Proper
b. Purchase book
c. Cash book
d. Petty Cash Book