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Free download in PDF Financial Accounting Short Questions and Answers for competitive exams. These short objective type questions with answers are very important for Board exams as well as competitive exams. These short solved questions or quizzes are provided by Gkseries.
41
M/s Stationery Mart will debit the purchase of stationery to
[A]
General Expenses A/c
[B]
Stationery A/c
[C]
Purchases A/c
[D]
None
42
Debit the receiver & credit the giver is........ account
[A]
Nominal
[B]
Real
[C]
Personal
[D]
All the above
43
A trader calculated his profit as Rs.150000 on 31/03/2014. It is an
[A]
Event
[B]
Transaction
[C]
Transaction as well as event
[D]
Neither transaction nor event
44
Profit and loss is calculated at the stage of
[A]
Summarising
[B]
Recording
[C]
Posting
[D]
Classifying
45
Sales made to Mahesh for cash should be debited to
[A]
Mahesh Account
[B]
Sales account
[C]
Cash account
[D]
Purchase account
46
A trader has made a sale of Rs.75,500 out of which cash sales amounted to Rs.25,500. He showed trade receivables on 31-3-2014 at Rs.25,500. Which concept is followed by him?
[A]
Accrual
[B]
Going concern
[C]
Cost
[D]
Money measurement
47
If wages are paid for construction of business premises.......A/c is credited and........A/c is debited.
[A]
Cash, Premises
[B]
Wages, Cash
[C]
Premises, Cash
[D]
Cash, Wages
48
Value of goods withdrawn by the proprietor for his personal use should be credited to
[A]
Purchases A/c
[B]
Capital A/c
[C]
Sales A/c
[D]
Drawings A/c
49
Small items like, pencils, pens, files, etc. are written off within a year according to _ concept.
[A]
consistency
[B]
Conservatism
[C]
Realisation
[D]
Materiality
50
Business enterprise is separate from its owner according to......concept.
[A]
Entity concept
[B]
Money measurement concept
[C]
Matching concept
[D]
Dual aspect concept
51
The policy of anticipate no profit and provide for all possible losses arise due to the concept of
[A]
Conservatism
[B]
Consistency
[C]
Disclosure
[D]
Matching
52
According to which concept, the proprietor pays interest on drawings
[A]
Entity concept
[B]
Accrual concept
[C]
Conservatism concept
[D]
Dual Aspect concept
53
If the Market value of closing Inventory is less than its cost price, inventory will he shown at
[A]
Fair Market value
[B]
Both
[C]
Marketable value
[D]
none
54
The Market price of good declined than the cost price. Then the concept that plays a key role is
[A]
Realization
[B]
Materiality
[C]
Going concern concept
[D]
None of these
55
Cash a/c is a.........
[A]
Real a/c
[B]
Nominal
[C]
Personal
[D]
None
56
Capital A/c is a ......A/c.
[A]
Nominal
[B]
Real
[C]
Personal
[D]
None of these
57
Sales –Gross Profit =
[A]
Cost of goods sold
[B]
Net sales
[C]
Gross Sales
[D]
Liabilities
Answer: Cost of goods sold
58
Which of the following is a Real A/c?
[A]
Building A/c
[B]
Shyam A/c
[C]
Rent A/c
[D]
Capital A/c
59
Cash A/c is a ......A/c.
[A]
Real
[B]
Personal
[C]
Nominal
[D]
None
60
As per the Matching concept, Revenue –? = Profit
[A]
Liabilities
[B]
Losses
[C]
Assets
[D]
Expenses
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