Previous Year Solved Question Papers

Previous Year Solved Question Papers

MCQs on Financial Accounting - 24

1. ......................give item-wise information about the goods purchased, sold or returned during a particular period

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


2. Total purchases are posted to the .................at the end of a week or a month.

(a) journal 
(b) general account
(c) purchase account 
(d) none of these



3. Total of the discount column on the receipt side of the cash book is ...................... to Discount A/c.

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



4. Total of the total payment column in the petty cash book is ......................to petty cash account. 

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



5. Journal proper is used for recording only those transactions as cannot be recorded in any of the other ...................... books.

(a) ledger 
(b) journal proper
(c) trial balance 
(d) subsidiary book



6........... give a concise idea about the profitability and financial position of the business.

(a) final accounts 
(b) balance sheet
(c) trial balance 
(d) none of these



7. The expenses and incomes in the business can be classified into ..................... and .............................. .

(a) capital and revenue
(b) reserve and appropriation
(c) Both (a) & (b)
(d) none of these



8. Changing the accounting policy to show the rosy picture of business is called..............................

(a) manipulation 
(b) conservatism
(c) window dressing 
(d) none of these



9. Excess of debit over credit in the trading account means.....................

(a) gross loss 
(b) gross profit
(c) cost of goods sold 
(d) none of these



10. The amount of money owed by a business to outsiders is known as ............

(a) assets 
(b) liabilities
(c) profit 
(d) loss




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