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FINANCIAL ACCOUNTING QUESTION PAPER
1. Accounting principles are generally based on :
1. Subjectivity 2. Convenience in recording
3. Practicability 4. All of the above
2. Generally the Accounting is :
1. Accountancy 2. Business language
3. Business 4. None of these
3. Which is the responsibility of Accounting ?
1. Classification 2. Summarizing
3. Recording 4. All of the above
4. The system of recording transactions based on dual concept is called ?
1. Double accounting system 2. Single entry system
3. Double entry system 4. None of these
5. Accounting is a ?
1. Science 2. Art
3. Both 1 & 2 4. None of these
6. According to money measurement concept the following will be recorded in the books of accounts :
1. Value of the building 2. Quality control in the business
3. Health of the Employees of the company 4. All of the above
7. According to the – concept the proprietor is treated as a creditor to the extent of his capital :
1. Cost 2. Money measurement
3. Entity 4. Dual Aspect
8. Cost concept envisages the recording of the following in the books of Accounts ?
1. Knowledge and will acquired by business executive
2. Change effected because of some political events
3. An asset an its cost
4. None of these
9. Purpose of Accounting is to provide financial information to :
1. Board of directors 2. Tax Authorities
3. Investors 4. Share holders
5. All of the above
10. According to the money measurement concept, the following will be recorded in the books of accounts ?
1. Extra profits made due introduction of a budgetary control system
2. Quality control in the business
3. Commission payable to a salesman
4. All of the above
11. Bank Account is a :
1. Nominal Account 2. Real Account
3. Personal Account 4. None of these
12. According to going concern concept a business is viewed as having :
1. A limited life 2. An indefinite life
3. A very long life 4. None of these
13. The convention of conservatism will have the effect of :
1. Overstatement of assets 2. Understatement of liabilities
3. understatement of assets
4. Understatement of provisions for bad and doubtful debts
14. Stock-in-trade does not include :
1. Raw material 2. Items held as fixed assets
3. Finished goods 4. Goods in the process of manufacture
15. The term fixed assets include :
1. Stock of finished goods 2. Bank balance
3. Goodwill 4. Loose tools
16. The term current assets does not include :
1. stock-in-trade 2. Cash
3. debtors 4. Building
17. Current liabilities do not include :
1. Unclaimed dividend 2. Creditors
3. Capital 4. Bank overdraft
18. Heavy initial advertisement expense on introducing a new product in the market should be classified as :
1. Capital expenditure 2. Deferred revenue expenditure
3. Revenue expenditure 4. None of these
19. A chartered Accountant who renders accounting new product in the market should be classified as :
1. Government Accountant 2. Private Accountant
3. Public Accountant 4. Internal Accountant
20. Market value of investments is shown as a foot note to balance sheet according to:
1. consistency concept 2. Disclosures concept
3. materiality concept 4. Going concern concepts
21. Secret reserves may result by :
1. overvaluation of stock 2. Creating general reserve
3. providing excessive depreciation 4. Under valuation of liabilities
22. A reserve is a charge against ?
1. Trading Account 2. Profit and loss appropriation account
3. Profit and loss account 4. None of these
23. What sort of reserve is a provision ?
1. General reserve 2. Capital reserve
3. Specific reserve 4. None of these
24. According to the money measurement concept which of the following will be recorded in the books of account ?
1. Quality control in the business 2. Commission payable to salesman
3. Extra profit made owing to a new system 4. All of the above
ANSWERS
1.3 2.1 3.3 4.3 5.3 6.1 7.3 8.3 9.5 10.3 11.3 12.2
13.2 14.2 15.3 16.4 17.4 18.2 19.3 20.2 21.3 22.2 23.3 24.2
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