CLASS: B.COM-I SEM SUBJECT: FINANCIAL ACCOUNTING-I
(Multiple Choice type Questions)
Learn Online B COM I Semester FINANCIAL ACCOUNTING I MCQ Question Paper(Old Question Paper).B.Com Question Bank is prepared by B.Com College Student.
1. What is book keeping
a) processing
b) recording
c) analysing
d) interpreting
2. Which one is current assets?
a) land
b) furniture
c) cash
d) investment
3. Bank account is
a) personal
b) real
c) nominal
d) none of these above
4. Accounting rules contain
a) 3
b) 4
c) 5
d) 2
5. Journalise this transaction, purchase return from ram
a) purchase return to ram
b) ram to purchase return
c) purchase to ram
d) both (a)and(b)
7. Which of the following is related to nominal account?
a) bank account
b) commission account
c) furniture account
d) interest received account
8. Goodwill account is related to:
a) nominal account
b) personal account
c) real account
d) tangible account
9. Prepaid insurance is:
a) nominal account
b) personal account
c) real account
d) prepaid account
10. According to the going concern concept, a business entity is assumed to have:
a) a long life
b) a very short life
c) an indefinite life
d) a medium life
11. The gross profit is transferred to…………account.
a) trading
b) profit and loss
c) capital
d) current
12 .Wages paid for installation of machinery should be debited to………))account)
a) machinery
b) wages
c) trading
d) profit and loss
13. All indirect expenses are debited to …………account
a) trading
b) capital
c) profit and loss
d) current
14. A statement showing financial position of the business is called as…………
a) balance sheet
b) trial balance
c) capital
d) trading a/c
15. To find out net profit or net loss of the business…………account is preferred
a) trading
b) capital
c) current
d) profit and loss
16. A………)) is an intangible asset)
a) goodwill
b) stock
c) building
d) cash
17. Trading account is prepared on the basis of…………expenses
a) indirect
b) direct
c) revenue
d) other
18. The interest on drawings is transferred to………side of the profit and loss account
a) debit
b) credit
c) asset
d) liability
19. Final accounts are prepared on the basis of ………and adjustments
a) trial balance
b) capital a/c
c) trading a/c
d) profit and loss a/c
20. ……………is the list of all ledger balance)
a) balance sheet
b) trial balance
c) trading a/c
d) profit and loss a/c
21. Return outward are deducted from…………
a) purchases
b) sales
c) capital
d) debtors
22. The withdrawals of partner from the business for there personal use is called as………
a) capital
b) profit
c) drawings
d) cash
23. Income received in advance is shown on the …………
a) debit
b) credit
c) asset
d) liability
24. Prepaid expenses are shown on the…………side of the balance sheet
a) asset
b) liability
c) debit
d) credit
25. In strait line method of depreciation, the amount of depreciation remain ………every year
a) constant
b) increase
c) fluctuating
d) decreased
26. Balance of depreciation account is transferred to ………………
a) balance sheet
b) trading account
c) manufacturing account
d) profit and loss account
27. Wages paid for installation of machinery debited to …………account
a) profit and loss
b) trading
c) wages
d) machinery
28. Reserves arising from capital receipts are known as …………
a) capital reserves
b) reserve fund
c) secret reserve
d) general reserve
29. A provision is …………
a) an appropriation of profit
b) charge on the profit
c) investment
d) current asset
30. Depreciation arises because of ……
a) wear and tear
b) inflation
c) fall in the value asset
d) profit
31. The amount of depreciation charged on machinery is debited to…………account
a) depreciation
b) machinery
c) provision for depreciation
d) fixed asset
32. The profit on sale of an asset is debited to …………account.
a) profit and loss
b) reserve
c) asset
d) balance sheet
33. The amount of depreciation goes on decreasing in every year under the ……method
a) fixed installment
b) straight line
c) revaluation
d) written down value
34. The amount realized at the end of working life of an asset………
a) residual value
b) market place
c) original cost
d) written down value
35. Under…………system, the amount of depreciation remains constant every year.
a) fixed installment
b) reducing balance
c) insurance policy
d) annuity
36. Under………… system, amount of depreciation changes every year
a) reducing balance
b) fixed installment
c) depreciation fund
d) annuity
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