Financial Accounting MCQ Test

Net profit is calculated in which of the following account?

• Profit and loss account

• Balance sheet

• Trial balance

• Trading account

Suppliers personal a/c are seen in the

• Sales Ledger

• Nominal ledger

• Purchases Ledger

• General Ledger

If a trial balance totals do not agree, the difference must be entered in

• The Profit and Loss Account

• A Nominal Account

• The Capital Account

• A Suspense Account

Left side of an account is the _______ side.

• Credit

• Debit

• Positive

• Negative

A Machine is purchased for Rs.1,00,000. The residual value at the end of its expected useful life of 4 years is estimated at Rs.40,000. The amount of depreciation for the first year ending on 31st March 2014 if this machine is purchased on 1st April 2013 is Rs.___________

• 15000

• 10000

• 8000

• 9000

While journal is a ______ record of transactions, Ledger is an _______ record of Transaction.

• Account Wise, Date Wise

• Rough, Fair

• Date Wise, Account Wise

• None of the Above

In ledger there are _________ columns.

• 4

• 6

• 8

• 10

________ method is also known as Reducing Balance Methods.

• WDV

• SLM

• Sinking Fund

• Redemption Fund

The depreciated value after two year of an assets costing Rs.10,000 depreciated at 10% on Straight line method is Rs.______ and on reducing balance method is Rs._________

• Rs.8100 and Rs.8000

• Rs. 9000 and Rs. 8000

• Rs. 8000 and Rs. 8100

• Rs. 9000 and Rs. 9500

Real A/c debit balance indicates __________

• Expenses

• Income

• Assets

• Loss