Financial Accounting MCQs
Financial Accounting MCQs
Q21] If wages are paid for construction of business premises ______ A/c is credited and _____ A/c is debited.
a) Wages, Cash
b) Premises, Cash
c) Cash, Wages
d) Cash, Premises
Q22] Human resources will not appear in the balance sheet according to ______ concept.
a) Accrual
b) Going concern
c) Money measurement concept
d) None
Q23] Provision for discount on debtors is calculated on the amount of debtors.
a) Before deducting provision for doubtful debts.
b)After deducting provision for doubtful debts.
c) Before deducting actual debts and provision for doubtful debts.
d) After adding actual bad and doubtful debts.
Q24] Which of the following is not a Real Account?
a) Cash A/c
b) Investments A/c
c) Out standing rent A/c
d) Purchases A/c
Q25] Value of goods withdrawn by the proprietor for his personal use should be credited to ____
a) Capital A/c
b) Sales A/c
c) Drawings A/c
d) Purchases A/c
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Q26] Which of the following is incorrect?
a) Good will intangible asset b) Sundry debtors -current asset
c) Loose tools tangible fixed asset
d) Outstanding expenses -current asset.
Q27] M/s Stationery Mart will debit the purchase of stationery to _______
a) Purchases A/c
b) General Expenses A/c
c) Stationery A/c
d) None
Q28] Small items like, pencils, pens, files, etc. are written off within a year according to _ concept.
a) Materiality
b) consistency
c) Conservatism
d) Realisation
Q29] Business enterprise is separate from its owner according to _____ concept.
a) Money measurement concept
b) Matching concept
c) Entity concept
d) Dual aspect concept
Q30] The policy of anticipate no profit and provide for all possible losses arise due to the concept of _____
a) Consistency
b) Disclosure
c) Conservatism
d) Matching
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