MCQ FINANCIAL ACCOUNTING PART 7

MULTIPLE CHOICE QUESTION FOR CMA INTERMEDIATE GROUP FIRST (MCQ – FINANCIAL ACCOUNTING PART 7)

  • Survey expenses for marine insurance claim must be
    • Added to claim;
    • Added to legal charges;
    • Added to administrative charges;
    • None of the above.
  • A profit on sale of furniture of a club will be taken to
    • Cash Account;
    • Receipts and Payment Account;
    • Income and Expenditure Account;
    • Profit and Loss Account.
  • Realization Account is a:
    • Representative Personal Account;
    • Artificial Personal Account;
    • Real Account;
    • Nominal Account.
  • Bank shows the provision for income tax under the head
    • Contingency Accounts;
    • Other liabilities and provisions;
    • Contingent liabilities;
    • Borrowings.
  • Bank Reconciliation Statement is:
    • Ledger Account
    • Part of cash book
    • A separate statement
    • A subsidiary of Journal
  • Income & Expenditure A/c shows subscriptions $10,000; Subscriptions accrued in the beginning of the year and at the end of the year were $1,000 and $1,500 respectively. The figure of subscription received appear in receipts and payments account will be:
    • (a) $9,500
    • (b) $10,000
    • (c) $10,500
    • (d) $12,000
  • A non-performing asset is:
    • Money at call and short notice.
    • Cash balance with bank
    • An asset that ceases to generate income
    • None of the above
  • Which of the following is not a Qualitative characteristicof Financial Statement?
    • Cost Principle
    • Understandability
    • Relevance
    • Reliability
  • Name the book in which, entries are recorded on the basis of credit notes issued.
    • Sales Book
    • Purchase Book
    • Sales Return Book
    • Purchase Return Book
  • Exception to consistency principle is
    • Cost Principle
    • Going Concern Principle
    • Matching Principle
    • Prudence Principle
  • The balance in consignment account shows
    • Amount receivable from consignee
    • Amount payable to consignee
    • Profit/ loss on consignment
    • Closing stock with consignee
  • Provision for bad debts is
    • Real Account
    • Nominal account
    • Personal account
    • None of the above
  • Due to retrospective effect on revision of salary of employees, the arrears of salary relating to past years, payable in current year is
    • Prior – period item
    • Extra – ordinary item
    • Ordinary item requiring separate disclosure
    • Contingent item
  • Discount given in the Sales – Invoice itself is
    • Cash discount
    • Trade discount
    • Rebate
    • Allowance

YOU CAN FIND MCQ FINANCIAL ACCOUNTING TEST SERIES ON CMAINDIAGROUP.COM – COMING SOON
FOR PREVIOUS MCQ FINANCIAL ACCOUNTING PART 6
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