This quiz works best with JavaScript enabled. Home > Accounting > Financial Accounting > Financial Accounting – Quiz 46 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Financial Accounting Quiz 46 (20 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Where there is no agreement, the partners are to share their profit A) Equally. B) 2:3. C) 5%. D) 50% each. Show Answer Correct Answer: A) Equally. 2. Money that is given to states to cover expenses like roads, education, and healthcare is A) Appropriations. B) Grants-in-aid. C) Discretionary spending. D) Mandatory spending. Show Answer Correct Answer: B) Grants-in-aid. 3. In case of transfer from Creditors Ledger to Debtors Ledger, the Debtors Ledger Adjustment Account should be debited. A) True. B) False. Show Answer Correct Answer: B) False. 4. In preparing a bank reconciliation, outstanding checks are A) Added to the balance per bank. B) Deducted from the balance per books. C) Added to the balance per books. D) Deducted from the balance per bank. Show Answer Correct Answer: D) Deducted from the balance per bank. 5. The financial report that presents fixed assets at the end of the period is..... A) Income statement. B) Capital change report. C) Neraca. D) Retained earnings report. Show Answer Correct Answer: C) Neraca. 6. Proof of Credit Purchase Return Transaction A) Nota Kontan. B) Credit Notes. C) It should be noted. D) Receipt. Show Answer Correct Answer: C) It should be noted. 7. The Receipts and Payments Account is a summary of: A) Debit and Credit balance of Ledger Accounts. B) Cash Receipts and Payments. C) Expenses and Incomes. D) Assets and Liabilities. Show Answer Correct Answer: B) Cash Receipts and Payments. 8. The following is the extract of Statement of Financial Position as at 31/12/20:Non Current AssetMotor vehicle RM 56, 000Machinery RM 25, 300 Motor vehicle are revalued at RM 35, 200 while machinery at RM23, 000. What is the correct changes for machinery? A) Increase RM 20, 800. B) Decrease RM 20, 800. C) Increase RM 2, 300. D) Decrease RM 2, 300. Show Answer Correct Answer: D) Decrease RM 2, 300. 9. Average Clause is a clause contained in a fire insurance policy. A) True. B) False. Show Answer Correct Answer: A) True. 10. Converting Assets to Expenses What would be the impact on net income A) Net income would increase. B) Net income would remain unchanged. C) Net income would decrease. D) None of the above. Show Answer Correct Answer: C) Net income would decrease. 11. Year of the latest Companies Act A) 1956. B) 2013. C) 2019. D) 2020. Show Answer Correct Answer: B) 2013. 12. The State Bank of India allocated how much amount towards the fight against Covid-19? A) Rs. 70 Cr. B) Rs. 92 Cr. C) Rs. 71 Cr. D) Rs. 60 Cr. Show Answer Correct Answer: C) Rs. 71 Cr. 13. A GAIN ON THE INITIAL RECOGNITION OF A NEWLY BORN BIOLOGICAL ASSET IS RECOGNIZED IN A) OTHER COMPREHENSIVE INCOME. B) PROFIT OR LOSS. C) RETAINED EARNINGS. D) SHARE PREMIUM. Show Answer Correct Answer: B) PROFIT OR LOSS. 14. Pre-Income tax is also known as ..... A) EBIT. B) EBT. C) EBITDA. D) EAT. Show Answer Correct Answer: B) EBT. 15. In the books of hire vendor the depreciation is charged A) True. B) False. Show Answer Correct Answer: B) False. 16. What is liability when asset is N4000, and capital is N2000? A) N6000. B) N1000. C) N20000. D) N2000. Show Answer Correct Answer: D) N2000. 17. What is the account number associated with the debt to the state A) 50. B) 42. C) 43. D) 44. Show Answer Correct Answer: C) 43. 18. In the purchase of a business, a buyer has paid more than the of the value of the net assets of the business. The excess payment is referred to as A) Bonus. B) Goodwill. C) Net profit. D) Premium. Show Answer Correct Answer: B) Goodwill. 19. Which of the following is not reported on the income statement? A) Revenues earned by a business. B) Expenses incurred by a business. C) Withdrawals. D) Net income. E) All of these answers are correct. Show Answer Correct Answer: C) Withdrawals. 20. ADJUSTING ENTRIES NORMALLY INVOLVED A) REAL ACCOUNTS ONLY. B) NOMINAL ACCOUNTS ONLY. C) REAL AND NOMINAL ACCOUNTS. D) LIABILITY ACCOUNTS ONLY. Show Answer Correct Answer: C) REAL AND NOMINAL ACCOUNTS. ← 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