Hello friends in this post we are going to discuss about FINANCIAL ACCOUNTANCY Multiple choice questions | FINANCIAL ACCOUNTANCY MCQ | FINANCIAL ACCOUNTANCY Objective type questions | FINANCIAL ACCOUNTANCY MCQ with answers
1.—————-is also called as Sales ledger.
a. Personal ledger b. impersonal ledger c. Debtors ledger d. Creditors ledger
Ans: c
2. General ledger also known as __
a) Impersonal Ledger b) purchase ledger c) sold ledger d) bought ledger
Show Answer
Ans: a
3.——–is also called as Purchase ledger
a) personal ledger b) Nominal ledger c) Debtors ledger d) Creditors ledger
Ans: d
4.Bought ledger account is opened in—————
A. Creditors ledger B. Debtors ledger C. General ledger D. Sales ledger
Ans: c
5.General ledger adjustment a/c are opened in __
A. Debtors ledger B. Creditors ledger C. Debtors and Creditors ledger D. Bills receivable ledger
Ans: c
6.In departmental accounts expenses like director fees, interest is transferred to _
A. Balance Sheet B. Trading account C. General P & L account D. P & L Appropriation account
Ans: c
7.Under stock and debtor’s system of branch account, branch adjustment account is opened when goods sent to branch is at __
A. Cost price B. Invoice price C. Market price D. Normal price
Ans: B
8.Royalty is a _ to lessee
A. Income B. Expenses C. Both income and expenses D. None of the above
Ans: B
9. Excess of Minimum rent over royalties is called
A. short workings B. dead rent C. royalties D. none of the above
Ans: A
10. Only personal account and cash account are opened in
A. Single entry system B. Double entry system C. Accrual system D. Mercantile system
Ans: A
11.All the royalties and short workings irrecoverable should be transferred to
A. Trading account B. Balance sheet C. Profit & Loss Account d. None of the above
Ans: C
12. Royalty account is in the nature of
A. Real account B. Nominal account C. Personal account D. Revenue account
Ans: B
13. Irrecoverable short workings are transfer to
A. Trading account B. P&L account C. Balance sheet D. P&L Appropriation account
Ans: B
14. When royalty is paid, in the books of lessee, it is debited to
A. Royalty account B. P&L account C. Land lord account D. Lessee account
Ans: C
15. When short workings are to be recovered the account to be debited is
A. Land lord account B. Short workings account C. P&L account D. Lessee account
Ans: A
16. Short working means
A. Excess of minimum rent over royalty B. Excess of royalty over minimum rent C. Surplus of royalty D. Actual minimum rent
Ans: A
17. Royalty are connected with the following type of business
A. Manufacturing industry B. Mining industry C. Construction business D. Trading business
Ans: B
18. Royalty is the agreement between the following persons
A. Seller and buyer B. Banker and customer C. Trustee and beneficiary D. Land lord and tenant
Ans: d
19. Dead rent is also called
A. Outstanding rent B. Minimum rent C. Prepaid rent D. Future rent
Ans: B
20. The right of lessee to recoup short working is related to
a. First three years b. Subsequent two years c. Terms and agreements d. No specify terms
Ans: C
21. Royalty payable is debited to _____by lessee.
A. Royalty account B. Land lord account C. P&L account D. Trading account
Ans: A
22. In case the right to require short workings has expired, the balance in the short workings account is transfer to
A. Land lord account B. P&L account C. Royalty account D. Trading account
Ans: B
23. In case of sub-lease royalty earned by the lessor is credited to
A. Sub-lessee account B. P&L account C. Royalty receivable account D. Sub-lessor account
Ans: C