Q. Which of the following is not a fixed asset
✅ Correct Answer: (C)
inventory
Financial Accounting MCQs and Notes
Q. Interest on drawings is
✅ Correct Answer: (C)
a gain for the business
Q. Sales are equal to
✅ Correct Answer: (A)
Cost of goods sold plus profit
Q. Out Of The following, Direct Expense Is
✅ Correct Answer: (D)
carriage inward
Q. The proceeds of assets not specifically pledged & nthe surplus of the assets specifically pledged is first available for_________________
✅ Correct Answer: (A)
legal charges, liquidators remuneration & expenses
Q. rights/ Duties of partners are governed by_______________
✅ Correct Answer: (B)
llp agreement
Q. 'Pooling of interest' is a method of_____________________
✅ Correct Answer: (A)
accounting of amalgamtion
Q. The Balance in exchange difference on transaction of export sale is transferred to _________________
✅ Correct Answer: (D)
profit & loss a/c