Financial Accounting MCQs | Financial Accounting Short Questions and Answers

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Questions
41 M/s Stationery Mart will debit the purchase of stationery to
A General Expenses A/c
B Stationery A/c
C Purchases A/c
D None

Answer: Purchases A/c
42 Debit the receiver & credit the giver is........ account
A Nominal
B Real
C Personal
D All the above

Answer: Personal
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43 A trader calculated his profit as Rs.150000 on 31/03/2014. It is an
A Event
B Transaction
C Transaction as well as event
D Neither transaction nor event

Answer: Event
44 Profit and loss is calculated at the stage of
A Summarising
B Recording
C Posting
D Classifying

Answer: Summarising
45 Sales made to Mahesh for cash should be debited to
A Mahesh Account
B Sales account
C Cash account
D Purchase account

Answer: Cash account
46 A trader has made a sale of Rs.75,500 out of which cash sales amounted to Rs.25,500. He showed trade receivables on 31-3-2014 at Rs.25,500. Which concept is followed by him?
A Accrual
B Going concern
C Cost
D Money measurement

Answer: Accrual
47 If wages are paid for construction of business premises.......A/c is credited and........A/c is debited.
A Cash, Premises
B Wages, Cash
C Premises, Cash
D Cash, Wages

Answer: Cash, Premises
48 Value of goods withdrawn by the proprietor for his personal use should be credited to
A Purchases A/c
B Capital A/c
C Sales A/c
D Drawings A/c

Answer: Purchases A/c
49 Small items like, pencils, pens, files, etc. are written off within a year according to _ concept.
A consistency
B Conservatism
C Realisation
D Materiality

Answer: Materiality
50 Business enterprise is separate from its owner according to......concept.
A Entity concept
B Money measurement concept
C Matching concept
D Dual aspect concept

Answer: Entity concept
51 The policy of anticipate no profit and provide for all possible losses arise due to the concept of
A Conservatism
B Consistency
C Disclosure
D Matching

Answer: Conservatism
52 According to which concept, the proprietor pays interest on drawings
A Entity concept
B Accrual concept
C Conservatism concept
D Dual Aspect concept

Answer: Entity concept
53 If the Market value of closing Inventory is less than its cost price, inventory will he shown at
A Fair Market value
B Both
C Marketable value
D none

Answer: Marketable value
54 The Market price of good declined than the cost price. Then the concept that plays a key role is
A Realization
B Materiality
C Going concern concept
D None of these

Answer: Realization
55 Cash a/c is a.........
A Real a/c
B Nominal
C Personal
D None

Answer: Real a/c
56 Capital A/c is a ......A/c.
A Nominal
B Real
C Personal
D None of these

Answer: Personal
57 Sales –Gross Profit =
A Cost of goods sold
B Net sales
C Gross Sales
D Liabilities

Answer: Cost of goods sold
58 Which of the following is a Real A/c?
A Building A/c
B Shyam A/c
C Rent A/c
D Capital A/c

Answer: Building A/c
59 Cash A/c is a ......A/c.
A Real
B Personal
C Nominal
D None

Answer: Real
60 As per the Matching concept, Revenue –? = Profit
A Liabilities
B Losses
C Assets
D Expenses

Answer: Expenses

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