Q. Payment received from Debtor
✅ Correct Answer: (C)
Results in no change in the Total Assets
Financial Accounting MCQs and Notes
Q. Which of the following is an example of Personal Account?
✅ Correct Answer: (D)
Creditor
Q. Which of the following concepts assumes that a business will last indefinitely?
✅ Correct Answer: (B)
Going Concern
Q. Ledger contains various ___________ in it
✅ Correct Answer: (C)
Accounts ;
Q. In the creditors control account, all of the below exist except:
✅ Correct Answer: (C)
Cash purchases ;
Q. Which of the following is an example of Capital Expenditure?
✅ Correct Answer: (D)
Customs duty on Import of Machinery
Q. The expenses and incomes pertaining to full trading period are taken to the Profit and Loss Account of a business, irrespective of their payment or receipt. This is in recognition of
✅ Correct Answer: (C)
Accrual Concept
Q. Which of the following statements is true?
✅ Correct Answer: (C)
Provision for bad and doubtful debts is created in recognition of conservatism concept
Q. Which of the following is NOT a revenue expenditure?
✅ Correct Answer: (A)
Petrol consumed in motor vehicles ;
Q. Fixed Assets and Current Assets are categorized as per concept of
✅ Correct Answer: (B)
Going Concern