Home » MCQs » Financial Accounting Multiple Choice Questions#28

1) 

Which of the following is/are the example/s of Intangible Asset?


A)  Copy rightsWRONG ANSWER

B)  Good willWRONG ANSWER

C)  Patent rightsWRONG ANSWER

D)  All of the given optionsRIGHT ANSWER!!!


2) 

Assets are divided in which of the following categories in balance sheet.


A)  Current assets, Long term assets and capital assetsWRONG ANSWER

B)  Current assets, Long term assets and fixed assetsWRONG ANSWER

C)  Current assets, Quick assets and business debtsWRONG ANSWER

D)  Current assets, Fixed assets and deferred costRIGHT ANSWER!!!


3) 

What will be debited, if a business purchases a Vehicle on cash?


A)  Vehicle account
RIGHT ANSWER!!!

B)  Cash accountWRONG ANSWER

C)  Business accountWRONG ANSWER

D)  Bank accountWRONG ANSWER


4) 

Franchise rights, goodwill and patents are the examples of:


A)  Liquid assetsWRONG ANSWER

B)  Tangible assetsWRONG ANSWER

C)  Intangible assetsRIGHT ANSWER!!!

D)  Current assetsWRONG ANSWER


5) 

What should be credited, if rent paid in cash?


A)  Landlords accountWRONG ANSWER

B)  Rent accountWRONG ANSWER

C)  Cash accountRIGHT ANSWER!!!

D)  Accounts receivable accountWRONG ANSWER


6) 

Which of the following item is found in a Journal entry? (1) Date of each transaction (2) Rupee amount of each debit and credit (3) Explanation of each transaction


A)  1 onlyWRONG ANSWER

B)  1 & 2 onlyWRONG ANSWER

C)  2 & 3 onlyWRONG ANSWER

D)  1, 2 & 3RIGHT ANSWER!!!


7) 

Which one of the following will result in increase in revenues?


A)  Purchased fixed assetWRONG ANSWER

B)  Received discountRIGHT ANSWER!!!

C)  Payment to creditorsWRONG ANSWER

D)  Return of goods, sold on creditWRONG ANSWER


8) 

Amount generated from sales in a business is called:


A)  IncomeRIGHT ANSWER!!!

B)  Net IncomeWRONG ANSWER

C)  Gross ProfitWRONG ANSWER

D)  Operating profitWRONG ANSWER


9) 

Which of the following is a FIRST product of accounting cycle?


A)  General JournalWRONG ANSWER

B)  VoucherRIGHT ANSWER!!!

C)  Financial StatementsWRONG ANSWER

D)  JournalWRONG ANSWER


10) 

The expenses which are NOT paid out of Gross Profit is classified as:


A)  Direct ExpensesRIGHT ANSWER!!!

B)  General ExpensesWRONG ANSWER

C)  Financial ExpensesWRONG ANSWER

D)  Selling ExpensesWRONG ANSWER



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