Skip to main content

MCQs on Financial Accounting

MCQs on Financial Accounting 

1. Liability- side of the balance-sheet comprises:

(a) Capital and reserve
(b) Long-term liabilities
(c) Current liabilities
(d) All of the above

 


2. Balance Sheet of a firm indicates which of the following?

(a) Profit or Loss over a period.
(b) Financial position of the unit over a period.
(c) Financial position of the unit as on a particular date.
(d) Position of assets and liabilities over a period of time.




3. Economic life of an enterprise is split into the periodic interval as per ------- concept

(a) Matching
(b) Money measurement
(c) Periodicity
(d) Accrual



4. Provision is provided for doubtful debts is based on the principle of 

(a) Going concern
(b) Objectivity
(c) Materiality
(d) Conservation


5. Prepaid salary has

(a) Debit balance
(b) Negative balance
(c) Credit balance
(d) None of the above


6. X draws a bill on Y. X endorsed the bill to Z. Who is the Payee

(a) X
(b) Y
(c) Z
(d) None of the above


7. A promissory note does not require

(a) Noting
(b) Discontinuing
(c) Acceptance
(d) Charging


8. When money is withdrawn from the bank, the bank will ------- the account of customer 

(a) Credit
(b) Debit and Credit
(c) Debit
(d) None of the above



9. An entry with more than one debit or credit is known as 

(a) Compound entry
(b) Singly entry
(c) Multiple entry
(d) Double entry


10. Loss leads to

(a) reduction in income
(b) Reduction in capital
(c) Reduction in profit
(d) Increase in capital

Labels:

Comments

Post a Comment

Popular posts from this blog

MCQs on Olympics

1. When ancient Olympic games first held? (a)      776 BC (b)     780 BC (c)      790 BC (d)     800 BC     Click Here for Answer    Answer - (a)     2.        Who is the founder of ancient Olympic Games? (a) Zues   (b) Coroebus   (c) Apollo   (d) Hercales     Click Here for Answer    Answer - (d)     3.  Where were the first Olympic games held? (a)  Athens   (b)  Antwerp   (c) Olympia (d)  Barcelona       Click Here for Answer    Answer - (c)     4.    Who was the founder of the Modern Olympics? (a) Phidias   (b) Alexander   (c) Pierre de Coubertin (d) L. Aemilius Cato       Click Here for Answer    Answer - (c)     5.        The A...
47 comments
Read more

NET MCQs) with Answers on “Sociological Foundations of Education” for Education Students –

 Multiple Choice Questions (MCQs) with Answers on “Sociological Foundations of Education” for Education Students – 1. Application of principles of sociology to education is known as (a) Sociology of education. (b) Educational sociology. (c) Social foundations of education. (d) Social science of education. 2. Schools are social institutions because they (a) Preserve and instill in future generations the knowledge, ideas, and customs of our culture. (b) Suggest ways and means of social progress. (c) Suggest solutions to social problems. (d) Are established by the s 3.”Educational Sociology is the study of the interaction of the individual and his cultural environment.” This was stated by (a) Brown. (b) Carter, (c) Ottoway. (d) Skinner. 4. Who said that “Educational sociology is the study of those phases of sociology that are of significance for educative processes, specially the study of those that point to valuable   programmers of learning an...
3 comments
Read more

MCQS ON EDUCATION FOR NET

MCQs on Indian Religions & Philosophy -1 1. According to Samkhya philosophy, the sequence of creation is as under: (A) Purusa, Prakrati, Ahankar, Mahat (B) Prakrati, Purusa, Ahankar, Mahat (C) Prakrati, Purusa, Mahat, Ahankar (D) Purusa, Prakrati, Mahat, Ahankar     Click Here for Answer    Answer - (D)     2. Match the following: List – I                                  List – II (Buddhist Concept)        (Meaning/Example) a. AryaSatya               1. Namrupa b. DwadashNidan       2. Samadhi c. AshtangaMarg        3. SamyakaVyayam d. Nirvana                   4. Controlling of breath                                 ...
Post a Comment
Read more