Q. Which of the following is not a contingent liability?
✅ Correct Answer: (B)
Debts included on debtors which are doubtful in nature
Financial Accounting MCQs and Notes
Q. Which of the following is the example of contingencies?
✅ Correct Answer: (D)
All of (a), (b) and (c) above.
Q. Purchases made on credit not recorded at all would affect
✅ Correct Answer: (C)
Purchases account and supplier's account
Q. Opening entries are generally passed through-
✅ Correct Answer: (A)
General Journal ;
Q. Which of the following voucher is used to record transactions that do not affect bank & cash?
✅ Correct Answer: (A)
Journal Voucher ;
Q. Interest Account will have-
✅ Correct Answer: (C)
Debit or Credit balance ;
Q. Endowment fund receipt is traded as-
✅ Correct Answer: (A)
Casual Receipt ;
Q. When the benefits of revenue expenditure is available for a period of two or three years, the expenditure is known as-
✅ Correct Answer: (B)
Deferred Revenue Expenditure ;