Tag: Financial Accounting Mcqs

(A) Bank Account is a Personal Account
(B) Stock of stationery Account is a Nominal Account
(C) Returns Inward Account is a Personal Account
(D) Outstanding rent Account is a Nominal Account

(A) t has two identical sides—left hand side, the debit side and right hand side, the credit side
(B) t verifies the arithmetic accuracy of posting of entries from the Journal to the Ledger
(C) The difference between the total of two sides of cash book shows cash in hand
(D) It always shows debit balance. It can never show credit balance

(A) Current Liability
(B) Contingent Liability
(C) Unsecured Loan
(D) Provision

(A) Closing inventory
(B) Fixed Deposits in a bank
(C) Patents
(D) Prepaid expenses

(A) Goodwill A/c
(B) Capital Reserve A/c
(C) Donor‘s A/c
(D) General Reserve A/c

(A) The percentage of Total Assets held in cash
(B) Investments made in the business by the owner
(C) The profitability of the business
(D) The amount of dividends paid to Stock holders

(A) Cheque deposited but not credited by the bank
(B) Cheques omitted to be deposited into bank
(C) Any amount directly collected by bank on behalf of customer but not recorded in cash book
(D) Debit side of cash book was overcast

(A) Purchases Book
(B) Ledger
(C) Cash Book
(D) Journal Proper