Previous Year Solved Question Papers

Previous Year Solved Question Papers

MCQs on Financial Accounting - 20

1. Purchase journal is a job division of

(a) Journal 
(b) Ledger
(c) Balance sheet 
(d) None of these



2. Sale of old furniture will be recorded in

(a) Purchase journal 
(b) Sales journal
(c) Journal proper 
(d) nowhere



3. Cash book is

(a) Principal book 
(b) Subsidiary book
(c) Both (a) and (b), 
(d) None of these



4. Contra entries are related to

(a) Cash 
(b) Bank
(c) Both cash and bank 
(d) None of these



5. Cash discount is recorded in

(a) Journal proper 
(b) Purchase Journal
(c) Sales account 
(d) Cash book



6. Trial balance is

(a) Account 
(b) A statement
(c) Both (a) and (b), 
(d) None of these



7. Trial balance is prepared from

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



8. When a firm maintains a cash book, it need not maintain

(a) Sales journal 
(b) Purchase journal
(c) General journal 
(d) Cash account in the ledger


9. The credit balance of bank account indicates

(a) Balance in bank 
(b) Amount payable by the bank
(c) Amount payable to the bank 
(d) None of these



10. The debit balance in a nominal account shows

(a) Gains 
(b) Expenses
(c) Assets 
(d) None of these




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