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Financial Accounting - part 1
1
of
25
💡
Hints:
3
Q1. The profit or less on revaluation of assets and liabilities is transferred to the capital account of
A. The old partners
B. The new partner
C. All the partners
D. The sacrificing ratio
Q2. On May 1, 2012, your checking account beginning balance was $200. On May 2, you deposited $562.62. Then, you wrote a check for $126.74 to pay for groceries on May 3. On May8, you made an online payment for $186.91 and received $0.02 in interest from your bank. What is your ending balance
A. $200.02
B. $449.63
C. $352.79
D. $448.99
Q3. What is the difference between total utility and marginal utility?
A. Total utility is the dollar value of all consumption; marginal utility is the dollar value of one more unit of consumption
B. Total utility is consumers’ satisfaction of the last unit of consumption; marginal utility is consumers’ satisfaction from all consumption.
C. Total utility is the value to sellers of all production; marginal utility is the value to sellers of one more unit of production
D. Total utility is consumers’ satisfaction with all consumption; marginal utility is consumers’ satisfaction from one more unit of consumption.
Q4. F shows
×
A. Total Cash you want to keep
B. Total cash putting into bank
C. Total Checks putting into bank
D. Total of checks and cash putting into bank
Q5. Accounting starts
A. Where Accountancy ends.
B. Where book keeping ends.
C. Where financial statements ends.
D. Where analysis of financial state ment ends.
Q6. Creditors and banks are the example of users of accounting and there known as ___ users.
A. Internal
B. External
C. None of the above
D. Both
Q7. Fill in the blank
×
A. Worker
B. Labour
C. Inventory
D. Cost
Q8. Accounting voucher is prepared from
A. Source voucher
B. Journal entry
C. Ledger
D. All of these
Q9. Nominal accounts
A. Debit the expenses and losses credit income and gains
B. Credit the expenses and losses debit income and gain
C. All expenses and income on credit side
D. All of above
Q10. Budgeting includes only the financial aspects of the plan and not any non financial aspects such as the number of physical units manufactured
A. True
B. False
Q11. Shareholders receive from the company :
A. Interest
B. Commission
C. Profit
D. Dividend
Q12. Financial position of a business is ascertained on the basis of
A. Journal
B. Trial balance
C. Balance sheet
D. Ledger
Q13. Sold goods on credit effects on
A. Goods only
B. Debtors only
C. Goods and Debtors
D. Cash and Debtors
Q14. Due to which Concept qualitative transactions are not recorded in the books?
A. Business Entity Concept
B. Money Measurement Concept
C. Historical Cost Concept
D. Dual Aspect Concept
Q15. What are economic activities?
A. rules in a game
B. a sport
C. how a government is run
D. ways in which people make a living
Q16. The value of the asset cannot be brought down to zero ___ method
A. Original cost method
B. Diminishing Balance method
C. Annuity method
Q17. Luca Pacioli is referred to as "The Father of Accounting and Bookkeeping". What is his nationality?
A. Italian
B. French
C. Polish
D. Danish
Q18. A firm has assets RS. .1, 00, 000 and the external liabilities of RS. .60, 000 its capital would be
A. RS. .1, 60, 000
B. RS. .60, 000
C. RS. .1, 00, 000
D. RS. .40, 000
Q19. Example of Intangible asset
A. Debtors
B. Plant and Machinery
C. Goodwill
D. None of these
Q20. Cash is a current asset.
A. True
B. False
C. Don’t Know
Q21. Residual value of the asset means:
A. The price paid on the purchase of asset
B. The amount realised on the sale of asset
C. The net amount expected to realise on final disposal of assets
D. Reduced value of the asset every year
Q22. What factor could have caused the g demand to decrease?
×
A. incomes increased
B. expectation that prices will increase
C. a decrease in the price of a substi tute
D. increase in market size
Q23. Which of the following show cases strength of a business?
A. improved company reputation
B. skilled and knowledgeable staff
C. entry of competitors
D. Costly set-up
Q24. The overall purpose of accounting is to
A. maintain accurate reports.
B. compile the business’s expenses.
C. keep track of sales.
D. control the finances of the business.
Q25. Integrity means
A. trying to palease the client
B. listening to the clients viewpoint
C. preparing accounts to the clients specifications
D. preparing accounts to show a ’true and fair wiew’
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