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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.
37. Subscription received but not yet earned is considered as an
- [A] Asset.
- [B] Liability.
- [C] Income
- [D] none of the above.
Answer: Option [B]
38. Total creditors account is prepared to find out _______.
- [A] opening balance of debtors .
- [B] closing balance of debtors.
- [C] opening balance of creditors.
- [D] closing balance of creditors.
Answer: Option [D]
39. A bills receivable account is prepared to ascertain bills _______
- [A] accepted.
- [B] received.
- [C] drawn.
- [D] endorsed.
Answer: Option [B]
40. Bills receivable dishonored will be posted to _______ side of debtors account.
- [A] debit.
- [B] credit.
- [C] outside.
- [D] inside.
Answer: Option [A]
41. Bills payable dishonoured will be posted in which side of bills payable account?
- [A] Debit.
- [B] Credit.
- [C] Outside.
- [D] none of the above.
Answer: Option [C]
42. Opening balance of creditors will be posted in which side of creditors account?
- [A] Debit.
- [B] Credit.
- [C] Outside.
- [D] Inside.
Answer: Option [D]
43. Cash account opening balance will appear in _______.
- [A] debit.
- [B] credit.
- [C] outside.
- [D] inside.
Answer: Option [A]
44. Bills payable account opening balance will appear in ____________.
- [A] debit.
- [B] credit.
- [C] outside.
- [D] inside.
Answer: Option [D]
45. Bills receivable account opening balance will appear in _________.
- [A] debit.
- [B] credit.
- [C] outside.
- [D] none of the above.
Answer: Option [A]
46. Under which system, ownership is transferred on payment of final installment?
- [A] Installment system.
- [B] Credit system
- [C] Hire purchase system.
- [D] Cash system.
Answer: Option [C]
47. Under hire purchase system the buyer is called _________.
- [A] buyer.
- [B] hirer.
- [C] hire vendor.
- [D] none of the above.
Answer: Option [B]
48. Under hire purchase system the relationship of hirer and hire vendor is _________.
- [A] buyer and seller.
- [B] bailor and bailee.
- [C] pawner and pawnee.
- [D] none of the above.
Answer: Option [B]
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