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Free Download as PDF of Financial Accounting Questions with Answers as per exam pattern, to help you in day to day learning. We provide all important questions and answers for all Exam.
13. The departmental accounting enables a business firm to maximize _________.
- [A] profit.
- [B] losses.
- [C] cash.
- [D] assets.
Answer: Option [A]
14. The business policies and the administration of a branch are wholly controlled by the head office
the type of branch is __________.
- [A] independent branch.
- [B] dependent branch.
- [C] local branch.
- [D] none of the above.
Answer: Option [B]
15. Branches not keeping full system of accounting are ________.
- [A] independent branch.
- [B] dependent branch.
- [C] local branch
- [D] foreign branch.
Answer: Option [B]
16. Under branch accounts debtors system, the depreciation of an asset is _______.
- [A] show in debtors account.
- [B] shown in debit side of branch account.
- [C] not shown in branch account .
- [D] shown in credit side of branch account.
Answer: Option [C]
17. Under branch accounts debtors system, closing balance of assets are recorded in ________.
- [A] credit side.
- [B] debit side.
- [C] first credit and debit side.
- [D] first debit and credit side.
Answer: Option [A]
18. Under branch accounts debtors system, closing balance of liabilities are recorded in _________.
- [A] first credit and debit side.
- [B] first debit and credit side.
- [C] credit side.
- [D] debit side.
Answer: Option [D]
19. Under branch accounts debtors system, loading on goods sent to branch adjusted in ________.
- [A] debit side.
- [B] credit side.
- [C] asset side .
- [D] liabilities side.
Answer: Option [B]
20. The difference between goods sent by head office and received by the branch is known as
- [A] goods in transit.
- [B] goods in godown.
- [C] goods in production.
- [D] none of the above.
Answer: Option [A]
21. All personal, real and nominal accounts are opened in ________.
- [A] single entry system.
- [B] double entry system.
- [C] accrual system.
- [D] none of the above.
Answer: Option [B]
22. Which of the following is the accounting equation for a non-profit organization?
- [A] Asset = Capital + Liabilities.
- [B] Capital + Liabilities = Assets.
- [C] Accumulated fund + Liabilities = Assets.
- [D] Liabilities = Asset + Accumulated fund.
Answer: Option [C]
23. Difference between net worth at the beginning of the year and at the end of the year represents
- [A] capital balance.
- [B] cash balance.
- [C] pass book balance.
- [D] profit or loss.
Answer: Option [D]
24. A statement of affairs is just like a _________.
- [A] balance sheet.
- [B] profit and loss account.
- [C] cash account.
- [D] none of the above.
Answer: Option [A]
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