MCQs on Financial Accounting - 6

1. Accounting is a substitute of —————.

(a) recording 
(b) book-keeping
(c) memory 
(d) none of these



2. The objective of financial accounting is to ascertain ———— for a particular period.

(a) profit 
(b) loss
(c) transactions
(d) profit or loss  



3. Accounting is a language of —————.

(a) business 
(b) commerce
(c) economics 
(d) none of these



4. Outstanding expenditure is a ———— account.

(a) nominal 
(b) personal
(c) real 
(d) liability


5. Under ————— basis both cash and accrual basis are taken into account.

(a) single entry 
(b) mixed
(c) combined 
(d) cash


6. Debit the receiver and credit the giver is the rule for ————..

(a) nominal 
(b) personal
(c) real 
(d) liability


7. ———— states that assets equal liabilities plus capital.

(a) accounting equation 
(b) financial equation
(c) statements 
(d) none of these



8. Accounting Standard 2 deals with valuation of ————.

(a) fixed assets 
(b) inventory
(c) cash flow statement 
(d) none of these


9. Accounting Standard 10 deals with accounting for ————.

(a) fixed assets 
(b) inventory
(c) cash flow statement 
(d) none of these



10. ————deals with accounting for investments.

(a) AS 11 
(b) AS 12
(c) AS 13 
(d) AS 14




More MCQs on Financial Accounting
Share:

0 comments:

Post a Comment

Smart Vidya

Latest Post

Solved Question Paper of Recruitment Test (Combined CBRT) conducted by UPSC for the Posts of Labour Enforcement Officers (Central) held on 25.11.2017

 1. Consider the following Commissions / Committees: 1. First National Commission on Labour 2. Labour Investigation Committee 3. Roy...

Followers

No. of Page Views

Contact Form

Name

Email *

Message *

Blog Archive

Search This Blog

Follow by Email