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Financial Accounting MCQS For Exam
Financial Accounting MCQS For Exam
approach
to pass
(ACCOUNTING-I)
119. The book in which business transactions are recorded on daily basis is called:
a) Journal b) Ledger
c) Account d) Summary
120. The entry system in which cash account and personal accounts are maintained is called:
a) Double entry system b) Single entry system
c) Accounting d) None of these
121 Universally accepted customs, rules or traditions:
a) Accounting principles b) Accounting conventions
c) Accounting traditions d) Accounting rules
122. The amount allowed by the creditor to the debtor for making payment before due date:
a) Trade discount b) Cash discount
c) Payment discount d) Purchase discount
123. The unsold merchandise of business at the end of a day is called:
a) Closing stock b) Opening stock
c) Opening merchandise d) Stock to be carried forward
124. Anything valuable possessed by a business is called:
a) Property b) Resources
c) Asset d) Capital asset
125. Cash sale to Mr. A will be credited to:
a) Mr. A’s account b) Cash account
c) Sales account d) Good’s account
126. While balancing an account, the difference of two sides is recorded in:
a) Debit side b) Credit side
c) Larger side d) Smaller side
127. Excess of credit side over debit side is called:
a) Profit b) Income
c) Surplus & Deficit d) Credit balance
128. An order drawn by a bank on one of its branches to pay a specified sum of money to the
person named in is called:
a) Cheque b) Moner order
c) Hundi d) Bank draft
129. When a drawee signs his name across the face of the bill along with the word “accepted”
is called:
a) Acceptance b) Signing of bill
c) Approval d) None of these
130. The paper containing evidence of payment is called:
a) Debit voucher b) Debit note
c) Credit note d) Credit voucher
131. The term imprest system is used in relation to:
a) Purchase book c) Sales book
c) Cash book d) Petty cash book
132. Bank reconciliation statement is:
a) A memorandum statement b) A ledger account
c) A part of cash book d) None of these