Financial Accounting MCQS with Answers
Cost goods sold is Rs. 1650, gross profit ratio is 17.5% then sales is
2000
1800
1900
2200
What are accrued expenses?
The expenses that have been incurred during current year and paid till the end of current year
The expenses that have been incurred year and paid in the current year
The expenses that have been incurred during current year and not paid till the end of current year
The expenses that have been incurred year and not paid till the end of current year
What is amortization?
Decrease in the value of intangible assets
Increase in the value of intangible assets
Decrease in the value of fixed assets
Increase in the value of fixed assets
The objective of financial accounting is to ascertain:
True results of loss
True results of profit or loss
None
True results of profit
Statement of a affairs is a sort of ———–
Statement of changes in equity
Balance sheet
Profit and loss statement
Nominal account
The primary objective of cost accounting is to
All of above
Avoid cost
Calculate profit
Control cost
Accounting is the
Science
Art
Both
None
Loss which arises due to ———– is known as abnormal loss
Breakage of goods
Shrinkage
Leakage
Fire
Accounts which are related with properties are known as
Property accounts
A and C are correct Accounting principles:
Real accounts
Nominal accounts
From the following statements which one is not true about over applied F.o.H
Add in gross profit if required
Less from entire production if required
Less from cost of goods sold at normal
Less from Net profit.
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