Financial Accounting MCQS with Answers
How many types of inventories are in cost of goods sold statement?
3
2
4
1
A————— is an account in which those transaction are entered which cannot be placed to their accounts
Suspense account
Debtor account
Nominal account
Personal account
The primary object of non-profit organizations is
Work for the welfare of society
A and B but not C
Not to earn profit
Buy/sell goods
In job order costing system, each job is assigned a job cost
Center
Sheet
Unit
Driver
In payroll include the remunerations of
None of the above
Both a & b
Direct labour
Indirect labour
Under perpetual inventory system stock taking is under taken at the
Regular bases
None of above
Start of the accounting year
End of the accounting
Outstanding expenses are also known as
Accrued expenses
Un-earned income
None
Prepared expenses
Good received note is prepared by
Purchase department
Receiving department
All of the above
Sales department
Offsetting expenses against revenue is the concept of:
Realization
Dual aspect
Matching
Conventions
A property which is received by virtue of a will of a person after his death is known as
Legacy
Subscription
Gift
Donation
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