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Financial Accounting


Welcome to FINANCIAL ACCOUNTING MCQS.

DATE : November 27, 2022

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I am ____ Student. (e.g. CA CPT , CS Foundation, 12th or Not etc.)
1. 
A change in accounting policy is justified
2. 
Interest on capital will be paid to the partners if provided for in the agreement but only
from _____.
3. 
Which of the following errors are not revealed by the Trial Balance:
4. 
The determination of expenses for an accounting period is based on the principle of
5. 
Under Double Entry Book-Keeping System, every business transaction affects
6. 
The portion of the acquisition cost of the asset, yet to be allocated to P/L A/c is known as
7. 
The balance of the petty cash is treated as ____.
8. 
Ascertain cost of goods sold, If sales are Rs. 50,000 and the rate of gross profit on cost of goods sold is 25%.
9. 
Basic Object of preparation of a trial balance -
10. 
Cheques of Rs. 2500 issued but not presented within the period.
Choose Appropriate option from below, When preparing a Bank Reconciliation Statement and it starts with Debit balance as per Cash Book.
11. 
On 13th July 2017 Maahi draws a bill on Viraat for Rs 5,000 for 30 days.  Ascertain due date of the bill.
12. 
Calculate Yearly depreciation under Straight Line Method.

Original cost Of Assets Rs. 5,00,000,   Salvage value Rs. 20,000,     Useful Life  6 years.
13. 
Find out the value of closing stock If Average Stock is Rs 36,000 and Closing stock is Rs 7,000 more than opening stock.
14. 
As on 31st March 2016, Closing balance of Sundry Debtor was Rs. 5,30,000 in Balance Sheet of Mehta and Sons. During financial year 2016-17, total sales amounting Rs. 3,98,000 and Payment received from sundry debtor amounting Rs. 4,75,000.

Ascertain Closing Balance of Sundry Debtor as on 31st March 2017.

 

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