Financial Accounting MCQs
Financial Accounting MCQs
Q31] According to which concept, the proprietor pays interest on drawings
a) Accrual concept
b) Conservatism concept
c) Entity concept
d) Dual Aspect concept
Q32] Cost concept basically recognises ____
a) Fair Market value
b) Historical cost
c) Realisable value
d) Replacement cost
Q33]If the Market value of closing Inventory is less than its cost price, inventory will he shown at ____
a) Marketable value
b) Fair Market value
c) Both
d) none
Q34] The Market price of good declined than the cost price. Then the concept that plays a key role is ____
a) Materiality
b) Going concern concept
c) Realization
d) Consistency
Q35] Fixed assets are double the current assets and half the capital. The current assets are Rs.3,00,000 andinvestments are Rs.4,00,000. Then the current liabilities recorded in balance sheet will be
a) 2,00,000
b) 1,00,000
c) 3,00,000
d) 4,00,000
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36]. The nature of financial accounting is:
a) Historical
b) Forward looking
c) Analytical
d) Social
Q37] Which of the following factor is not considered while selecting accounting policies?
a) Prudence
b) Substance over form
c) Accountancy
d) Materiality
Q38] Debit the receiver & credit the giver is _____ account
a) Personal
b) Real
c) Nominal
d) All the above
Q39] Cash a/c is a ______
a) Real a/c
b) Nominal
c) Personal
d) None
Q40] As per accrual concept, which of the followings is not true
a) revenue –expenditure = profit
b) revenue –profit = expenditure
c) sales + gross profit = revenue
d) revenue = profit + expenditure
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