MCQs on Financial Accounting - 3

1. Where no document of title of goods are enclosed to the bill, it is called

(a) Clean bill
(b) Demand bill
(c) Trade bill
(d) Accommodation bill

2. Cheque is payable on

(a) Usance
(b) Demand
(c) After sight
(d) fixed future date

3.When the bill is dishonoured, the account debited in the book of drawee

(a) Acceptor's account
(b) Creditor's account
(c) Bills payable account
(d) None of the above

4. A bank on whom a cheque is drawn by the customer is

(a) Collecting bank
(b) Issuing bank
(c) Accepting bank
(d) Paying bank

5. The book in which all accounts are maintained is known as

(a) Ledger
(b) Cash book
(c) Journal
(d) Purchase book

6. Under double account system, profit is disclosed in

(a) Net revenue account
(b) Capital account
(c) Revenue account
(d) Receipts and expenditure on capital account

7. Profit or loss on voyage account is transferred to

(a) Profit and loss account of shipping company
(b) Balance sheet
(c) Trail balance
(d) None of these

8. Bad debts written off previously, if recovered subsequently

(a) Credited to profit and loss account
(b) Debited to profit and loss account
(c) Credited to bad debts recovered account
(d) Credited to debtors account

9. The balance of suspense account will shown in

(a) Profit and loss account debit side
(b) Balance sheet
(c) Trial balance
(d) Income and expenditure account

10. Which of the following errors will not affect the trial balance

(a) Wrong balancing of an account
(b) Wrong totaling of an account
(c) Writing an amount in wrong account but on the correct side
(d) None o the above

More MCQs on Financial Accounting


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