Financial Accounting MCQs

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Financial Accounting MCQs

Praveen Singh • 26.47K Points
Instructor II

Q 1. Which of these is not a Business expense-

(A) Fire Insurance of other building ;

(B) LIC Premium of proprietor ;

(D) Commission on sales

Ram Sharma • 188.01K Points
Coach

Q 2. When a person purchasing goods on credit he becomes a………….. in the books of the seller-

(A) Debtor ;

(B) Creditor ;

(D) Offender

Priyanka Tomar • 25.20K Points
Instructor II

Q 3. The entry for creating a Provision for bad debts is

(A) Debit Provision for Bad Debts A/c and credit Debtors A/c

(B) Debit Debtors A/c and credit Provision for Bad Debts A/c

(D) Debit Profit and Loss A/c and credit Provision for Bad Debts A/c.

Priyanka Tomar • 25.20K Points
Instructor II

Q 4. Bad debts recovered account will be transferred to

(A) Debtor‘s Account

(B) Profit and Loss Account

(D) Either (b )or (c) above

Gopal Sharma • 27.68K Points
Instructor II

Q 5. —————— is also known as Appraisal system of depreciation

(A) Inventory system ;

(B) Survey system ;

(D) Insurance

Gopal Sharma • 27.68K Points
Instructor II

Q 6. Schedule XIV of the Companies Act specifies —————— as minimum rate of depreciation (WDV) on ship fishing vessels

(A) 27% ;

(B) 33% ;

(D) 15%

Mohini Yadav • 26.78K Points
Instructor II

Q 7. Which of the following is not depreciated

(A) Building ;

(B) Land ;

(D) Office equipment

Ram Sharma • 188.01K Points
Coach

Q 8. Depreciation is a process of —

(A) Valuation of fixed assets ;

(B) Allocation of cost over the useful life of assets

(D) Avoidance of tax

Ranjeet • 24.26K Points
Instructor III

Q 9. Which of the following is an external cause of depreciation

(A) Routine repair and maintenance ;

(B) Misuse ;

(D) Wear and tear

Vinay • 18.10K Points
Tutor I

Q 10. Depreciation is calculated on the

(A) Cost price of asset ;

(B) Market price ;

(D) Cost or market values whichever is less

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Financial Accounting MCQs

Q 1. Which of these is not a Business expense-

Q 2. When a person purchasing goods on credit he becomes a………….. in the books of the seller-

Q 3. The entry for creating a Provision for bad debts is

Q 4. Bad debts recovered account will be transferred to

Q 5. —————— is also known as Appraisal system of depreciation

Q 6. Schedule XIV of the Companies Act specifies —————— as minimum rate of depreciation (WDV) on ship fishing vessels

Q 7. Which of the following is not depreciated

Q 8. Depreciation is a process of —

Q 9. Which of the following is an external cause of depreciation

Q 10. Depreciation is calculated on the

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