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Financial Accounting - part 1
1
of
25
💡
Hints:
3
Q1. F shows
×
A. Total Cash you want to keep
B. Total cash putting into bank
C. Total Checks putting into bank
D. Total of checks and cash putting into bank
Q2. Example of Intangible asset
A. Debtors
B. Plant and Machinery
C. Goodwill
D. None of these
Q3. Sold goods on credit effects on
A. Goods only
B. Debtors only
C. Goods and Debtors
D. Cash and Debtors
Q4. Shareholders receive from the company :
A. Interest
B. Commission
C. Profit
D. Dividend
Q5. Financial position of a business is ascertained on the basis of
A. Journal
B. Trial balance
C. Balance sheet
D. Ledger
Q6. Which of the following show cases strength of a business?
A. improved company reputation
B. skilled and knowledgeable staff
C. entry of competitors
D. Costly set-up
Q7. Budgeting includes only the financial aspects of the plan and not any non financial aspects such as the number of physical units manufactured
A. True
B. False
Q8. Accounting voucher is prepared from
A. Source voucher
B. Journal entry
C. Ledger
D. All of these
Q9. Cash is a current asset.
A. True
B. False
C. Don’t Know
Q10. The profit or less on revaluation of assets and liabilities is transferred to the capital account of
A. The old partners
B. The new partner
C. All the partners
D. The sacrificing ratio
Q11. Accounting starts
A. Where Accountancy ends.
B. Where book keeping ends.
C. Where financial statements ends.
D. Where analysis of financial state ment ends.
Q12. What factor could have caused the g demand to decrease?
×
A. incomes increased
B. expectation that prices will increase
C. a decrease in the price of a substi tute
D. increase in market size
Q13. What are economic activities?
A. rules in a game
B. a sport
C. how a government is run
D. ways in which people make a living
Q14. Integrity means
A. trying to palease the client
B. listening to the clients viewpoint
C. preparing accounts to the clients specifications
D. preparing accounts to show a ’true and fair wiew’
Q15. A firm has assets RS. .1, 00, 000 and the external liabilities of RS. .60, 000 its capital would be
A. RS. .1, 60, 000
B. RS. .60, 000
C. RS. .1, 00, 000
D. RS. .40, 000
Q16. Fill in the blank
×
A. Worker
B. Labour
C. Inventory
D. Cost
Q17. Nominal accounts
A. Debit the expenses and losses credit income and gains
B. Credit the expenses and losses debit income and gain
C. All expenses and income on credit side
D. All of above
Q18. On May 1, 2012, your checking account beginning balance was $200. On May 2, you deposited $562.62. Then, you wrote a check for $126.74 to pay for groceries on May 3. On May8, you made an online payment for $186.91 and received $0.02 in interest from your bank. What is your ending balance
A. $200.02
B. $449.63
C. $352.79
D. $448.99
Q19. Creditors and banks are the example of users of accounting and there known as ___ users.
A. Internal
B. External
C. None of the above
D. Both
Q20. The value of the asset cannot be brought down to zero ___ method
A. Original cost method
B. Diminishing Balance method
C. Annuity method
Q21. What is the difference between total utility and marginal utility?
A. Total utility is the dollar value of all consumption; marginal utility is the dollar value of one more unit of consumption
B. Total utility is consumers’ satisfaction of the last unit of consumption; marginal utility is consumers’ satisfaction from all consumption.
C. Total utility is the value to sellers of all production; marginal utility is the value to sellers of one more unit of production
D. Total utility is consumers’ satisfaction with all consumption; marginal utility is consumers’ satisfaction from one more unit of consumption.
Q22. Due to which Concept qualitative transactions are not recorded in the books?
A. Business Entity Concept
B. Money Measurement Concept
C. Historical Cost Concept
D. Dual Aspect Concept
Q23. Residual value of the asset means:
A. The price paid on the purchase of asset
B. The amount realised on the sale of asset
C. The net amount expected to realise on final disposal of assets
D. Reduced value of the asset every year
Q24. The overall purpose of accounting is to
A. maintain accurate reports.
B. compile the business’s expenses.
C. keep track of sales.
D. control the finances of the business.
Q25. Luca Pacioli is referred to as "The Father of Accounting and Bookkeeping". What is his nationality?
A. Italian
B. French
C. Polish
D. Danish
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