Financial Accounting MCQS with Answers
What is accounting period?
It is a time for which business prepares its balance sheet
None
It is a time for which business prepares its financial statements
It is time for which business prepares its profit and loss statement
During period of rising material prices, ———– method results in profit inflation
FIFO
Weighted average
LIFO
All of the above
Trading account shows ———– result.
Loss
Gross
Net
Profit
Cash or goods taken away by owner for personal use from business are known as:
Capital
Expense
Drawings
Revenue
How many types of bank accounts are there?
4
5
3
6
The cost flow must watch the
Inflow
Outflow
Output
Workflow
Which one is not include in factory overhead?
Salary of accountant
Power hear & light
Indirect labour cost
Depreciation of plant
How many branches are there in accounting?
4
1
3
2
Which one is not a functional classification?
Mixed cost
Manufacturing cost
Finance cost
Marketing cost
A credit purchases are:
If goods purchased and payment made at the same time
If goods sold and payment not receive at the same time
If goods purchased and payment not made at the same time
If goods sold and payment receive at the same time
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