Final Accounts MCQs
MCQs 1 To 10
1. Trading account is prepared to find out?
2. Opening stock is?
3. Which one of the following assets could be described as a current asset?
4. Retained Earnings is classified as which type of account?
5. All of the following are stockholders’ equity accounts except?
6. Wages is an example of?
7. Profit is the difference between?
8. Tangible assets used in the business that are of a relatively fixed or permanent nature are called?
9. Profit and loss account would not include?
10. Current liabilities are those obligations which are to be satisfied within?
>> Read Final Accounts
MCQs 11 To 20
11. Goodwill would be reported in the ______________ section of a classified balance sheet?
12. Which of the following is recorded under long term liabilities section of the balance sheet?
13. Revenue generated other than principle activities of the business are called?
14. When opening stock given in trial balance, then it will effect?
15. Which of the following liabilities are not related to the operating cycle?
16. Which of the following would not be classified a long-term liability?
17. All of the following are property, plant, and equipment except?
18. The Freight-in account?
19. Net sale is sales less?
20. Summers, Inc. uses the allowance method to account for bad debts. The entry to record the write-off of a customer’s account balance decreases?
>>> Practice Financial Statement Problems and Solutions.
Mukharji, A., & Hanif, M. (2003). Financial Accounting (Vol. 1). New Delhi: Tata McGraw-Hill Publishing Co.
Narayanswami, R. (2008). Financial Accounting: A Managerial Perspective. (3rd, Ed.) New Delhi: Prentice Hall of India.
Ramchandran, N., & Kakani, R. K. (2007). Financial Accounting for Management. (2nd, Ed.) New Delhi: Tata McGraw Hill.