Business Studies/Financial Accounting MCQ Part ��� 2 Sample Test,Sample questions

Question:
 In statement of affairs assets are shown on the __________.

1.right hand side.

2.left hand side.

3.right hand side top.

4. right hand side bottom.


Question:
 In statement of affairs liabilities are shown on the __________.

1.right hand side.

2.left hand side.

3.right hand side top.

4. right hand side bottom.


Question:
 Under single entry system in net worth method  opening capital is subtracted from _________.

1.opening capital.

2.closing capital.

3. additional capital.

4.drawings.


Question:
A branch set up merely for booking orders which are executed by head office is ____.

1. dependent branch.

2.independent branch.

3. local branch .

4.foreign branch.


Question:
A statement of affairs is just like a _________.

1.balance sheet.

2.profit and loss account.

3. cash account.

4.trading account.


Question:
All branch expenses such as rent  salary  are paid by the head office in case of _____.

1.independent branch.

2.local branch .

3.local branch .

4. dependent branch.


Question:
All personal  real and nominal accounts are opened in ________.

1.single entry system.

2.double entry system.

3.accrual system.

4.mercantile system.


Question:
Balance sheet cannot be prepared ________.

1.in single entry system.

2. in double entry system.

3. with the help of cash book.

4.with the help of bank account.


Question:
Branch which does not maintain its own set of books is ______________.

1.dependent branch.

2.independent branch.

3.foreign branch.

4.local branch .


Question:
Branches not keeping full system of accounting are ________.

1.independent branch.

2. dependent branch.

3.local branch .

4.foreign branch.


Question:
Dependent branch make _______.

1. only cash sales.

2.only credit sales.

3.cash and credit sales.

4. installment sales.


Question:
Difference between net worth at the beginning of the year and at the end of the year represents
_________.

1.capital balance.

2.cash balance.

3.pass book balance.

4.profit or loss.


Question:
Expenses which cannot be apportioned to department must be shown in the _____.

1.balance sheet.

2.trading account.

3.P & L account.

4.P & L Appropriation account.


Question:
Honorarium is a kind of remuneration paid to a person who is not the employee of a non-profit
organization. Which of the following statements is true about the honorarium payment?

1.�Its a revenue expenditure

2.�Its a Capital expenditure

3. It is not recorded in the books of accounts

4.None of the above


Question:
In departmental accounts expenses like director fees  interest is transferred to ______.

1.balance sheet.

2.trading account.

3.general P & L account.

4.P & L Appropriation account.


Question:
In pure single entry which account is recorded?

1.Personal.

2.Real.

3.Nominal.

4.Asset.


Question:
In single entry system  net worth method is also called ________.

1.double entry system .

2.mercantile system.

3.statement of affairs method.

4.accrual system.


Question:
Indirect expenses is also called____________.

1.prime cost.

2.common expenses.

3.direct expenses.

4.management expenses.


Question:
Only personal account and cash account are opened in ________.

1.single entry system.

2.double entry system.

3.accrual system.

4.mercantile system.


Question:
Opening capital can be found by preparing ________.

1.cash book.

2.bank account.

3.statement of affairs.

4. statement of bank pass book.


Question:
Subscription received but not yet earned is considered as an ____________.

1.Asset

2.Liability

3.Income

4.Expenditure


Question:
The business policies and the administration of a branch are wholly controlled by the head office the type of branch is __________.

1.dependent branch.

2.independent branch.

3.foreign branch.

4.local branch .


Question:
The departmental accounting enables a business firm to maximize _________.

1.profit.

2.losses.

3.cash.

4.assets .


Question:
The difference between goods sent by head office and received by the branch is known as
___________.

1.goods in transit.

2. goods in godown.

3.goods in production.

4.goods in warehouse.


Question:
Total creditors account is prepared to find out ___________.

1. credit sales.

2.cash sales.

3.credit purchases.

4.cash purchases.


Question:
Trial balance can be prepared in _________.

1.single entry system.

2.double entry system.

3.accrual system.

4.mercantile system.


Question:
under branch account  debtors system cash sales is shown in the _____________.

1.debit

2.credit

3.asset

4.none


Question:
Under branch accounts debtors system  bad debts  discount allowed to debtors is ________.

1.shown in debit side.

2.shown in credit side.

3. shown in asset side .

4.not shown.


Question:
Under branch accounts debtors system  closing balance of assets are recorded in ________.

1.credit side.

2.debit side.

3.first credit and debit side.

4.first debit and credit side.


Question:
Under branch accounts debtors system  closing balance of liabilities are recorded in _________.

1.first credit and debit side.

2.first debit and credit side.

3.credit side.

4.debit side.


Question:
Under branch accounts debtors system  credit sales is _______.

1.shown in debit side.

2.shown in credit side.

3. shown in asset side .

4.not shown.


Question:
Under branch accounts debtors system  goods sent to branch account is recorded in _________.

1.debit side.

2.credit side.

3.asset side .

4. liabilities side.


Question:
Under branch accounts debtors system  goods sent to branch account is recorded in _________.

1.debit side.

2.credit side.

3.asset side .

4. liabilities side.


Question:
Under branch accounts debtors system  loading on goods sent to branch adjusted in ________.

1.debit side.

2.credit side.

3.asset side .

4. liabilities side.


Question:
Under branch accounts debtors system  opening balance of assets are recorded in ____.

1.credit side.

2.debit side.

3.first credit and debit side.

4.first debit and credit side.


Question:
Under branch accounts debtors system  opening balance of liabilities are recorded in ___________.

1.first credit and debit side.

2.first debit and credit side.

3.credit side.

4.debit side.


Question:
Under branch accounts debtors system  the depreciation of an asset is _______.

1.show in debtors account.

2.shown in debit side of branch account.

3.not shown in branch account .

4. shown in credit side of branch account.


Question:
Under single entry system  closing capital can be found by preparing a statement of affairs ____________.

1.at the end of the year.

2.at the beginning of the year.

3.at the end of every month.

4. at the end of every quarter.


Question:
Under single entry system  opening capital can be found by preparing a statement of affairs ____________.

1.at the end of the year.

2.at the beginning of the year.

3.at the end of every month.

4. at the end of every quarter.


Question:
Under single entry system in conversion method  a total debtors account is prepared to find out __________.

1. credit sales.

2.cash sales.

3.credit purchases.

4.cash purchases.


Question:
Under single entry system in conversion method  a total debtors account is prepared to find out ___________.

1. credit sales.

2.cash sales.

3.credit purchases.

4.cash purchases.


Question:
Under single entry system in net worth method  additional capital is deducted with __________.

1.opening capital.

2.closing capital.

3. additional capital.

4.drawings.


Question:
Under single entry system in net worth method  drawings is added with _______.

1.opening capital.

2.closing capital.

3. additional capital.

4.drawings.


Question:
Under stock and debtors system of branch account  branch adjustment account is opened when goods
sent to branch is at ________.

1.cost price.

2. invoice price.

3.market price.

4.normal price.


Question:
Under stock and debtors system of branch account  the account prepared to record all the transactions
relating to branch debtors is recorded in ________.

1. branch expenses account.

2.branch adjustment account.

3.branch debtors account.

4. branch creditors account.


Question:
Under stock and debtors system the head office opens _________.

1.branch adjustment account.

2.branch debtors account.

3.. branch creditors account .

4.branch cash account.


Question:
When goods are transferred from one department to other  the department transferring the goods should be credited and department receiving the goods should be _________.

1.debited.

2.credited.

3.added.

4.subtracted


Question:
When goods are transferred from one department to other  the department transferring the goods should be ___________.

1.debited.

2.credited.

3.added.

4.subtracted


Question:
When goods are transferred from one department to other department  they are called __________.

1. inter-departmental transfers.

2.outer-departmental transfers.

3.not a transfer.

4.regular transfer.


Question:
Which of the following is the accounting equation for a non-profit organization?

1. Asset = Capital + Liabilities

2.Capital + Liabilities = Assets

3. Accumulated fund + Liabilities = Assets

4.Liabilities = Asset + Accumulated fund


Question:
Which of the following is to be recorded in an income and expenditure account?

1.Purchase of a fixed asset

2.Capital expenditure incurred on a fixed asset

3. Profit on the sale of a fixed asset

4.Sale of a fixed asset


More MCQS

  1. Business Studies-[Class 11-MCQ ]-Chapter 1- Nature and Purpose of Business
  2. Business Studies-[Class 11-MCQS ]-Chapter 2 Forms of Business Organisation
  3. Business Studies-[Class 11-MCQS ]-Chapter 3 Private, Public and Global Enterprises
  4. Business Studies-[Class 11-MCQS ]-Chapter 4 Business Services
  5. Business Studies-[Class 11-MCQS ]-Chapter 5 Emerging Modes of Business
  6. Business Studies-[Class 11-MCQS ]-Chapter 6 Social Responsibilities of Business
  7. Business Studies-[Class 11-MCQS ]-Chapter 7 Formation of a Company
  8. Business Studies-[Class 11-MCQS ]-Chapter 8 Sources of Business Finance
  9. Business Studies-[Class 11-MCQS ]-Chapter 9 Small Business
  10. Business Studies-[Class 11-MCQS ]-Chapter 10 Internal Trade
  11. Business Studies-[Class 11-MCQS ]-Chapter 11 International Business
  12. Business Studies-[Class 11-MCQS ]-Chapter 12 International Business
  13. Business Studies-[Class 12-MCQS ]-Chapter 1 Nature and Significance of Management
  14. Business Studies-[Class 12-MCQS ]-Chapter 2 Principles of Management
  15. Business Studies-[Class 12-MCQS ]-Chapter 3 Business Environment
  16. Business Studies-[Class 12-MCQS ]-Chapter 4 Planning
  17. Business Studies-[Class 12-MCQS ]-Chapter 5 Organising
  18. Business Studies-[Class 12-MCQS ]-Chapter 6 Staffing
  19. Business Studies-[Class 12-MCQS ]-Chapter 7 Directing
  20. Business Studies-[Class 12-MCQS ]-Chapter 9 Financial Management
  21. Business Studies-[Class 12-MCQS ]-Chapter 10 Financial Market
  22. Business Studies-[Class 12-MCQS ]-Chapter 11 Marketing
  23. Business Studies-[Class 12-MCQS ]-Chapter 12 Consumer Protection
  24. Financial Accounting MCQ Part – 2
  25. Financial Accounting MCQ Part – 3
  26. Business Economics MCQ Part 2
  27. Business Economics MCQ Questions and Answers Part – 3
  28. Corporate Finance MCQ Set 1
  29. Corporate Finance MCQ Set 2
  30. Direct Tax MCQ Set 2
  31. Business Information Systems MCQ Set 1
  32. Business Information Systems MCQ set 2
  33. Business Information Systems MCQ set 3
  34. Business Law MCQ Set 1
  35. Business Law MCQ Set 2
  36. Business Law Set 3
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