Final Accounts MCQs

MCQs 1 To 10

 

1. Trading account is prepared to find out?

Correct! Wrong!

2. Opening stock is?

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3. Which one of the following assets could be described as a current asset?

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4. Retained Earnings is classified as which type of account?

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5. All of the following are stockholders’ equity accounts except?

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6. Wages is an example of?

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7. Profit is the difference between?

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8. Tangible assets used in the business that are of a relatively fixed or permanent nature are called?

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9. Profit and loss account would not include?

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10. Current liabilities are those obligations which are to be satisfied within?

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>> Read Final Accounts

 

MCQs 11 To 20

 

11. Goodwill would be reported in the ______________ section of a classified balance sheet?

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12. Which of the following is recorded under long term liabilities section of the balance sheet?

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13. Revenue generated other than principle activities of the business are called?

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14. When opening stock given in trial balance, then it will effect?

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15. Which of the following liabilities are not related to the operating cycle?

Correct! Wrong!

16. Which of the following would not be classified a long-term liability?

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17. All of the following are property, plant, and equipment except?

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18. The Freight-in account?

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19. Net sale is sales less?

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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?

Correct! Wrong!

 

>>> Practice Financial Statement Problems and Solutions.

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References

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.

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