MCQs on Financial Accounting - 10

1. If the gross profit is Rs. 11,000, administrative expenses are Rs. 3,000 and miscellaneous income is Rs. 700, the net profit will be ..................

(a) 8700 
(b) 11000
(c) 8300 
(d) 11300



2. The capital of a firm whose assets are Rs. 53,000 and liabilities are Rs.19,000 is Rs. ..........

(a) 40000 
(b) 42000
(c) 44000 
(d) 43000 



3. The assets are Rs. 48,000 and liabilities are Rs, 18,000. The total of the liability side of the balance sheet will be...........

(a) 48000 
(b) 44000
(c) 45000 
(d) 46000



4. Amount of ............ is deducted from the value of respective assets in the balance sheet.

(a) depreciation 
(b) gross value
(c) net value 
(d) none of these



5. .............include cash and assets that can be normally converted into cash during the operating cycle of the business.

(a) Current liability 
(b) current assets
(c) contingent assets 
(d) none of these


6. Net profit / loss is transferred to the .............account.

(a) assets 
(b) liability
(c) revenue 
(d) capital



7. Assets are usually listed on a balance sheet under two main groups namely ........... and ..........

(a) fixed and current 
(b) current and fixed
(c) tangible and intangible 
(d) none of these



8. All ............. expenses are recorded in the Trading A/c.

(a) direct 
(b) indirect 
(c) cost
(d) none of these



9. ............. expenses are shown in the P/L A/c.

(a) direct 
(b) indirect 
(c) cost
(d) none of these


10. Accrued income is a/an ............ 

(a) liability 
(b) assets
(c) revenue 
(d) none of these



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