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MCQs on Financial Accounting - 14

1. Creditors account is a

(a) Personal account 
(b) Real account
(c) Nominal account 
(d) None of the above.


2. Which of the following accounts is not a real account

(a) Building account 
(b) Bank account
(c) Closing stock account 
(d) Goodwill account.


3. Which of the following is a real account?

(a) Drawings account 
(b) Outstanding rent account
(c) Bank account 
(d) Closing stock account.



4.Which of the following is a nominal account?

(a) Drawings account 
(b) Outstanding interest account
(c) Salary account 
(d) Machinery account.



5. Sale of goods to Rani for cash shall be debited to

(a) Rani account 
(b) Cash account
(c) Sales account 
(d) None of these


6. Cash account normally has

(a) Debit balance or credit balance 
(b) Credit balance
(c) Debit balance 
(d) None of these



7. Entries in the journal are made with the help of

(a) Cash book 
(b) Ledger
(c) Memorandum book 
(d) None of these



8. Account to be debited by the proprietor of business for purchasing furniture for his private use for cash from Furniture House will be

(a) Purchase account 
(b) Furniture account
(c) Drawing account 
(d) Furniture House account



9. Ledger is a set of

(a) Balance 
(b) Accounts
(c) Rules 
(d) None of these


10. Purchase book records

(a) All purchases of goods 
(b) All cash purchases of goods
(c) All credit purchases of goods 
(d) None of these




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