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Financial Accounting - Questions & Answers for Competitive Exams | GkSeries

Questions
37. Subscription received but not yet earned is considered as an
  • [A] Asset.
  • [B] Liability.
  • [C] Income
  • [D] none of the above.

Answer: Option [B]

38. Total creditors account is prepared to find out _______.
  • [A] opening balance of debtors .
  • [B] closing balance of debtors.
  • [C] opening balance of creditors.
  • [D] closing balance of creditors.

Answer: Option [D]

39. A bills receivable account is prepared to ascertain bills _______
  • [A] accepted.
  • [B] received.
  • [C] drawn.
  • [D] endorsed.

Answer: Option [B]

40. Bills receivable dishonored will be posted to _______ side of debtors account.
  • [A] debit.
  • [B] credit.
  • [C] outside.
  • [D] inside.

Answer: Option [A]

41. Bills payable dishonoured will be posted in which side of bills payable account?
  • [A] Debit.
  • [B] Credit.
  • [C] Outside.
  • [D] none of the above.

Answer: Option [C]

42. Opening balance of creditors will be posted in which side of creditors account?
  • [A] Debit.
  • [B] Credit.
  • [C] Outside.
  • [D] Inside.

Answer: Option [D]

43. Cash account opening balance will appear in _______.
  • [A] debit.
  • [B] credit.
  • [C] outside.
  • [D] inside.

Answer: Option [A]

44. Bills payable account opening balance will appear in ____________.
  • [A] debit.
  • [B] credit.
  • [C] outside.
  • [D] inside.

Answer: Option [D]

45. Bills receivable account opening balance will appear in _________.
  • [A] debit.
  • [B] credit.
  • [C] outside.
  • [D] none of the above.

Answer: Option [A]

46. Under which system, ownership is transferred on payment of final installment?
  • [A] Installment system.
  • [B] Credit system
  • [C] Hire purchase system.
  • [D] Cash system.

Answer: Option [C]

47. Under hire purchase system the buyer is called _________.
  • [A] buyer.
  • [B] hirer.
  • [C] hire vendor.
  • [D] none of the above.

Answer: Option [B]

48. Under hire purchase system the relationship of hirer and hire vendor is _________.
  • [A] buyer and seller.
  • [B] bailor and bailee.
  • [C] pawner and pawnee.
  • [D] none of the above.

Answer: Option [B]

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