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




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