This quiz works best with JavaScript enabled. Home > Finance > Accounting > Financial Accounting > Financial Accounting – Quiz 63 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Financial Accounting Quiz 63 (30 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. The fixed asset account of a dependent branch is maintained by A) Branch. B) Head office. C) Both head and branch office. D) Departmental store. Show Answer Correct Answer: B) Head office. 2. Types of business are A) Sole. B) Partnership. C) Joint stock company. D) All of the above. Show Answer Correct Answer: D) All of the above. 3. Which of the following is represented in FRSC? A) Financial Executives Institute of the Philippines. B) Financial Executives Institute of the Philippines. C) Association of CPAs in Commerce and Industry. D) Association of CPAs in Education. Show Answer Correct Answer: A) Financial Executives Institute of the Philippines. 4. Identify the type of expenditure. Legal charges on acquiring new building for office A) Revenue. B) Capital. Show Answer Correct Answer: B) Capital. 5. As per this concept, every business transaction has a dual effect. A) Dual Aspect. B) Periodicity Concept. C) Historical Cost Concept. D) Materiality Concept. Show Answer Correct Answer: A) Dual Aspect. 6. Amount paid for Bills payable given to ram. It will be debited A) Bills payable account. B) Ram's account. C) Cash account. D) None of these. Show Answer Correct Answer: A) Bills payable account. 7. Which of the following is a "write it once" bookkeeping system? A) Double-entry. B) Single-entry. C) Pegboard. D) Journal. Show Answer Correct Answer: C) Pegboard. 8. If information is to be presented faithfully, the economic reality must be accounted for and not just the strict legal form. Which concept explains this? A) Going concern. B) Materiality. C) Prudence. D) Substance over form. Show Answer Correct Answer: D) Substance over form. 9. Double entry system was given by A) Maxwell. B) Lucas Pacioli. C) Batliboi. D) Pickles. Show Answer Correct Answer: B) Lucas Pacioli. 10. It is known that the income that must still be received by customers until the end of the period is Rp. 5, 000, 000.00 A) The income account is debited and the receivables account is credited Rp. 5, 000, 000.00. B) The expense account is debited and the receivables account is credited Rp. 5, 000, 000.00. C) The receivables account is debited and the revenue account is credited Rp. 5, 000, 000.00. D) The cash account is debited and the expense account is credited Rp. 5, 000, 000.00. E) The expense account is debited and the cash account is credited Rp. 5, 000, 000.00. Show Answer Correct Answer: C) The receivables account is debited and the revenue account is credited Rp. 5, 000, 000.00. 11. IF THE REPORTING ENTITY COMPRISES OF TWO OR MORE ENTITIES WITHOUT A PARENT-SUBSIDIARY RELATIONSHIP, THE FINANCIAL STATEMENTS ARE REFERRED TO: A) CONSOLIDATED FINANCIAL STATEMENTS. B) UNCOSOLIDATED FINANCIAL STATEMENTS. C) CONDENSED FINANCIAL STATEMENTS. D) COMBINED FINANCIAL STATEMENTS. Show Answer Correct Answer: D) COMBINED FINANCIAL STATEMENTS. 12. Modern Accounting was born in? A) England. B) Scotland. C) France. D) USA. Show Answer Correct Answer: A) England. 13. Outstanding wages A/c is ..... A/c A) Personal. B) Real. C) Nominal. D) None. Show Answer Correct Answer: A) Personal. 14. Reasons why relevant accounting standards are important..... A) Present information about the state's financial condition in a consistent, clear and comparable manner. B) Present information about the company's financial position, achievements and activities in a consistent, clear, reliable and comparable manner. Show Answer Correct Answer: B) Present information about the company's financial position, achievements and activities in a consistent, clear, reliable and comparable manner. 15. Mrs. Thongdee took 12, 000 baht in cash, 20, 000 baht in bank deposits, 5, 000 baht in furniture, 4, 000 baht in trade creditors, and 8, 000 baht in loans to invest. I would like to know how much total assets she has. A) 12, 000 baht. B) 32, 000 baht. C) 41, 000 baht. D) 37, 000 baht. Show Answer Correct Answer: D) 37, 000 baht. 16. Individuals who have started a business on their own. A) Sole Trader. B) Employee. C) Director. D) Business Partner. Show Answer Correct Answer: A) Sole Trader. 17. The following are not characteristics of Tangible Fixed Assets:..... A) Used for company operational activities. B) Have a lifespan of more than one accounting period. C) Intended for resale. D) Relatively permanent. E) Have a physical form. Show Answer Correct Answer: C) Intended for resale. 18. Conventions or rules developed by human from experience to fulfill the essential and useful need and proposes in establishing reliable financial and operating information control for Business Entities. A) Statement is true. B) Statement is false. C) Cant say anything. D) None of above. Show Answer Correct Answer: A) Statement is true. 19. The royalty is more than minimum rent is known as A) Dead Rent. B) Recoupment. C) Surplus. D) Shortworkings. Show Answer Correct Answer: C) Surplus. 20. Minimum rent is also called dead rent or fixed rent. A) True. B) False. Show Answer Correct Answer: A) True. 21. The portion of authorized capital which is issued to the public is called ..... A) Registered Capital. B) Nominal Capital. C) Issued Capital. D) Authorized Capital. Show Answer Correct Answer: C) Issued Capital. 22. In the case of consignment sales, revenue is to be recognised on sale of goods to a third party. A) True. B) False. Show Answer Correct Answer: A) True. 23. The total cash and credit sales during a period is called A) Carriage Inward. B) Sales. C) Cost of goods sold. D) Turnover. Show Answer Correct Answer: B) Sales. 24. Revenue Receipts and Payments Appear in A) Trading Account. B) Profit and Loss Account. C) Both Trading and profit and Loss Account. D) None. Show Answer Correct Answer: C) Both Trading and profit and Loss Account. 25. Business areas are external departments of an enterprise that are used to define areas of responsibility or to meet the internal requirements of a division. A) False. B) True. Show Answer Correct Answer: A) False. 26. What is the corporation tax payable for the year? A) £7, 750. B) £4, 500. C) £5, 000. D) £6, 370. Show Answer Correct Answer: D) £6, 370. 27. The Finance Minister Nirmala Sitharaman has launched which app? A) Pay Commission Mobile App. B) Budget App. C) Union Budget Mobile App. D) National Budget App. Show Answer Correct Answer: C) Union Budget Mobile App. 28. What method of accounting will generally be used when one company purchases between 20% to 50% of the outstanding stock of another company? A) Either the fair value method or the equity method may be used, depending upon the relationship between the companies. B) Only the equity method may be used. C) Only the fair value method may be used. D) Neither the fair value method nor the equity method may be used, regardless of the level of ownership. Show Answer Correct Answer: A) Either the fair value method or the equity method may be used, depending upon the relationship between the companies. 29. Accounting involves which of the following activities? A) Recording transactions and summarizing financial data. B) Conducting market research and advertising. C) Managing human resources and personnel. D) Manufacturing products and providing services. Show Answer Correct Answer: A) Recording transactions and summarizing financial data. 30. The Capital of the Company is called ..... A) Preference Capital. B) Debenture Capital. C) Others. D) Share Capital. Show Answer Correct Answer: D) Share Capital. ← PreviousNext →Related QuizzesAccounting QuizzesFinance QuizzesFinancial Accounting Quiz 1Financial Accounting Quiz 2Financial Accounting Quiz 3Financial Accounting Quiz 4Financial Accounting Quiz 5Financial Accounting Quiz 6Financial Accounting Quiz 7Financial Accounting Quiz 8 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books