This quiz works best with JavaScript enabled. Home > Accounting > Financial Accounting > Financial Accounting – Quiz 32 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Financial Accounting Quiz 32 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. IFRS was created in what year? A) 2001. B) 2002. C) 1913. D) 1969. Show Answer Correct Answer: A) 2001. 2. Expenses which cannot be apportioned to department must be shown in the ..... A) Balance Sheet. B) Trading a/c. C) Profit and Loss a/c. D) Profit and loss appropriation a/c. Show Answer Correct Answer: C) Profit and Loss a/c. 3. Cash book is an example of A) General journal. B) Special book. C) None of these. D) None of above. Show Answer Correct Answer: B) Special book. 4. Ministry of Corporate Affairs enforced the LLP Act, with effect from ..... A) 1st April, 2009. B) 31st March, 2008. C) 31st March, 2009. D) 1st April, 2008. Show Answer Correct Answer: C) 31st March, 2009. 5. The source document for an electronic funds transfer is a memorandum. A) True. B) False. Show Answer Correct Answer: A) True. 6. ..... is a financial statement which summarizes the transactions related to the shareholder's equity over an accounting period. A) Income Statement. B) Cash Flow Statement. C) Balance Sheet. D) Statement of Changes in Equity. Show Answer Correct Answer: D) Statement of Changes in Equity. 7. Return outward means A) Sales return. B) Purchase return. C) Actual sales. D) Actual purchases. Show Answer Correct Answer: B) Purchase return. 8. In preparing accounting standards, it really depends on..... A) Market mechanisms and professions. B) Government. C) Market mechanisms, professions, and government. D) Profession and government. Show Answer Correct Answer: C) Market mechanisms, professions, and government. 9. TK/0 A) Rp54.000.000, 00. B) Rp58.500.000, 00. C) 000, 000, 000. D) 500, 000, 000. Show Answer Correct Answer: A) Rp54.000.000, 00. 10. Why is there a tendency for Sugar mills to concentrate in the southern and western states of India? A) Higher sucrose content and yield greater quantity. B) Cooler climate. C) Cooperative are more successful in these reason. D) All of these. Show Answer Correct Answer: D) All of these. 11. An amount owed by the customer. A) Trade Payable. B) Loan from Bank. C) Trade Receivable. D) Owner's Equity. Show Answer Correct Answer: C) Trade Receivable. 12. Financial statements can be generated for different organizational levels including one or more company codes and business areas. A) True. B) False. Show Answer Correct Answer: A) True. 13. Income and Expenditure Account is prepared by adopting accrual principle of Accounting. A) True. B) False. Show Answer Correct Answer: A) True. 14. Accruing Unpaid Expenses What would be the impact on revenue? A) Revenue would decrease. B) Revenue would increase. C) Revenue would remain constant. D) All of the above. Show Answer Correct Answer: C) Revenue would remain constant. 15. How do you read 5/10, n/30 term ..... A) 10 percent discount if paid in 30 days. B) 5 percent discount if paid in 10 days. C) 5 percent discount if paid in 30 days. D) Get a discount if paid in 30 days. Show Answer Correct Answer: B) 5 percent discount if paid in 10 days. 16. Calculate the total assets? Current Assets-$ 100.00Fixed Assets-$ 200Current Liabilities-$ 300Capital-$ 100 A) 300. B) 400. C) 500. D) 200. Show Answer Correct Answer: A) 300. 17. Explain the significance of the accounting equation in double-entry accounting. A) It only applies to small businesses. B) It has no significance in double-entry accounting. C) It ensures that the balance sheet always balances and helps in maintaining the accuracy of financial records. D) It is only used for tax purposes. Show Answer Correct Answer: C) It ensures that the balance sheet always balances and helps in maintaining the accuracy of financial records. 18. FOB destination point means..... A) Buyer pays freight cost. B) Seller pays buyer. C) Seller gets discount. D) Seller pays fright cost. Show Answer Correct Answer: D) Seller pays fright cost. 19. The process of Writing Financial Transaction according to their nature is known as ..... ? A) Journalising. B) Ledger Posting. C) Trial Balance. D) Financial Statement Preparation. Show Answer Correct Answer: B) Ledger Posting. 20. Which of the following questions will be asked by the owner when using the company's accounting information? A) Should I invest in this business?. B) Is there enough money to pay suppliers?. C) How is my share of profits?. D) How much tax will this business be able to contribute to the national account?. Show Answer Correct Answer: B) Is there enough money to pay suppliers?. ← PreviousNext →Related QuizzesAccounting QuizzesFinancial Accounting Quiz 1Financial Accounting Quiz 2Financial Accounting Quiz 3Financial Accounting Quiz 4Financial Accounting Quiz 5Financial Accounting Quiz 6Financial Accounting Quiz 7Financial Accounting Quiz 8Financial Accounting Quiz 9 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books