Previous Year Solved Question Papers

Previous Year Solved Question Papers

MCQs on Financial Accounting - 19

1. Cash purchases are entered in the .......................

(a) cash account 
(b) cash book
(c) purchases book 
(d) sales book



2. Supplier’s account will be ....................... when goods are received on credit.

(a) debited 
(b) credited
(c) closed 
(d) none of these



3. Balance of real and personal accounts are ....................... to the next period

(a) carried forward 
(b) brought down
(c) recorded 
(d) none of these



4. Withdrawal of goods by the proprietor are generally recorded in the ............

(a) journal proper 
(b) ledger
(c) general journal 
(d) none of these



5. The main book of account is .......................

(a) journal 
(b) ledger
(c) trial balance 
(d) none of these



6. If there are 15 credit purchases during a given month, then there will be ....................... posting from the purchase book at the end of the month

(a) 15 
(b) 16
(c) 14 
(d) 17



7. Subsidiary journals are all books of ....................... entry.

(a) original 
(b) subsidiary
(c) secondary 
(d) none of these



8. The ledger is a book of ....................... entry .

(a) original 
(b) subsidiary
(c) secondary 
(d) final



9. The ....................... column in a ledger account shown the location of each entry in the journal

(a) JF 
(b) LF
(c) FJ 
(d) FL



10. Purchase account will always have ....................... balance

(a) debit 
(b) credit 
(c) no balance
(d) None of the above




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