Financial Accounting Multiple choice Questions Answers

Hello Friends in this article we are going to discuss about Financial Accounting mcq with answers pdf, Financial Accounting Multiple choice Questions Answers PDF.

21.Which book that is maintained on a daily basis for recording all the financial entries of the day.

  1. Daily
  2. Assignment
  3. Journal
  4. Notebook

Ans – 3
Explain : Journal is a book that is maintained on a daily basis for recording all the financial entries of the day.

22.Journal entries are passed according to rules of

  1. Credit
  2. Debit
  3. Both 1 and 2
  4. None of these

Ans – 3
Explain : Journal entries are passed according to rules of debit and credit of double entry system.

23.In Journal which represents the date of transaction?

  1. Column 4
  2. Column 1
  3. Column 3
  4. Column 6

Ans – 2
Explain : In Journal Column 1 represents the date of transaction.

24.In Journal which of the following represents the name of account to be debited

  1. Column 2: Line 1
  2. Column 2: Line 2
  3. Column 2: Line 3
  4. Column 2: Line 4

Ans – 1
Explain : In Journal Column 2: Line 1 represents the name of account to be debited.

25. In Journal which of the following represents the name of account to be credited?

  1. Column 2: Line 1
  2. Column 2: Line 2
  3. Column 2: Line 3
  4. Column 2: Line 4

Ans – 2
Explain : In Journal Column 2: Line 2 represents the name of account to be credited.

26.In Journal which of the following represents Amount(s) to be debited?

  1. Column 4
  2. Column 1
  3. Column 3
  4. Column 5

Ans – 1
Explain : In Journal Column 4 represents Amount(s) to be debited.

27.In Journal which of the following represents Amount(s) to be credited?

  1. Column 4
  2. Column 1
  3. Column 3
  4. Column 5

Ans – 4
Explain : In Journal Column 5 represents Amount(s) to be credited.

28.Transferring journal entries into a ledger account is called,

  1. Migration
  2. Posting
  3. Valuation
  4. None of these

Ans – 2
Explain : Transferring journal entries into a ledger account is called ‘posting’.

29.Debit balance of personal account represents,

  1. Amount Payable
  2. Amount Receivable
  3. Valuation
  4. Posting

Ans – 2
Explain : Debit balance of personal account represents, Amount Receivable

30.Credit balance of personal accounts signifies,

  1. Amount Payable
  2. Amount Receivable
  3. Valuation
  4. Posting

Ans – 1
Explain : redit balance of personal accounts signifies, Amount Payable


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