Financial Accounting MCQS with Answers
The ————- includes a control account entitled general ledger that shows is equity of the general office in the factory.
General ledger
Head office ledger
Factory ledger
None of these
The bills which are drawn and accepted against the sale and purchase of goods on credits are called
Bill of exchange
Foreign bills
Trade bills
In-land bills
Which ratio tells how many times in a year stock is used up and replaced?
None of these
Cost ratio
Gross profit ratio
Net profit ratio
Profit will be lower where prices are rising under
All of the above
Weighted average method
LIFO method
FIFO method
Spoiled goods cannot be
Sold without repairing
None of above
Repair and sold as damaged goods
Both A and B
Debentures are
Prepaid expenses
Fixed liabilities
Capital
Fixed assets
Rebate is the ——— in the amount of bill paid
Expense
Concession
Premium
Increase
The price at which assets will be sold at the end of its useful life is known as:
All of the above
Written down value
Residual value
Scrap value
Which one is not a classification according to the accounting period?
Revenue expenditure
Product cost
Administrative cost
Capital expenditure
Treble column cash book has three columns of:
None
Cash, bank and discount
Income, expense and bank
Cash, bank and profit or loss
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