Financial%20Accounting%20MCQ%20%20Part%20%E2%80%93%201 | General%20knowledge(GK) - Online Exam Test Papers | General%20knowledge(GK) - MCQs[multiple choice questions and answers ] | General%20knowledge(GK) - Mock Test Papers | General%20knowledge(GK) - Practice Papers | General%20knowledge(GK)

Question:

 If debit side of receipt and payment account exceeds credit it represents __________

1.Cash at bank

2.Bank overdraft

3.Deficit balance

4.Surplus balance

Posted Date:-2022-01-03 14:11:30

Question:

 Lighting expenses should be divided among the different departments on the basis of _________

1.light points

2.HP of machine

3.sales ratio

4.floor are

Posted Date:-2022-01-03 14:11:30

Question:

 Loss of usefulness occasioned by improved production methods is known as_______

1.physical deterioration

2.obsolescence

3.disuse

4.inadequacy

Posted Date:-2022-01-03 14:11:30

Question:

 Power expenses should be divided among the different departments on the basis of _____

1.light points

2.HP of machine

3.sales ratio

4.floor are

Posted Date:-2022-01-03 14:11:30

Question:

 The balance in the asset account will not be reduced to zero under this method _____

1.straight line method

2.written down value metho

3.annuity metho

4.depreciation fund metho

Posted Date:-2022-01-03 14:11:30

Question:

 The permanent continuing and gradual shrinkage in the book value of a fixed asset is called _______

1.depreciation

2.appreciation

3.reduction

4.computation

Posted Date:-2022-01-03 14:11:30

Question:

 Under depreciation fund method depreciation is charged to ______

1.profit and loss account

2.trading account

3. balance sheet

4.p & l appropriation account

Posted Date:-2022-01-03 14:11:30

Question:

An advance receipt of subscription from a member of the non-profit organization is considered as an __________

1.Expense

2.Liability

3.Equity

4.Asset

Posted Date:-2022-01-03 14:11:30

Question:

Carriage inward expenses should be divided among the different departments on the basis of ___________

1.light points

2.purchase value

3.sales ratio

4.floor are

Posted Date:-2022-01-03 14:11:30

Question:

Deficit balance can be shown in balance sheet as

1.Liability

2.Assets

3.Owner s equity

4.None of above

Posted Date:-2022-01-03 14:11:30

Question:

Depreciation applies to________

1.current assets

2.wasting assets

3.intangible assets

4.fixed assets

Posted Date:-2022-01-03 14:11:30

Question:

Depreciation arises because of_____

1.fall in the market value of an asset

2.physical wear and tear

3.fall in the value of money

4.rise in the value of money

Posted Date:-2022-01-03 14:11:30

Question:

Depreciation fund is also called ______

1.reserve fun

2.compensation fun

3.workers fun

4.sinking fun

Posted Date:-2022-01-03 14:11:30

Question:

Depreciation is a process of _________

1.valuation

2.reductionallocation

3.allocation

4.appreciation

Posted Date:-2022-01-03 14:11:30

Question:

Depreciation is charged on the_________

1.market value

2.Depreciable value

3.purchase value

4.sale value

Posted Date:-2022-01-03 14:11:30

Question:

Depreciation is charged on_________

1.continuous basis

2.temporary basis

3.daily basis

4.monthly basis

Posted Date:-2022-01-03 14:11:30

Question:

Diminishing balance method is also called _________

1.written down value method

2.annuity metho

3.depreciation fund metho

4.Fixed installment metho

Posted Date:-2022-01-03 14:11:30

Question:

ESI PF payable by employer should be divided among the different departments on the basis of ________

1.number of worker in each department

2.number of machines in each department

3.wages of each department

4.floor area occupied by each department

Posted Date:-2022-01-03 14:11:30

Question:

Estimated sale value of the asset at the end of its economic life is known as _____

1.purchase value

2.market value

3.written down value

4.residual value

Posted Date:-2022-01-03 14:11:30

Question:

Expenses which can be directly identified with or incurred for particular department are called __________

1.direct expenses

2.indirect expenses

3.monthly expenses

4.weekly expenses

Posted Date:-2022-01-03 14:11:30

Question:

Expenses which cannot be identified with a particular department are called_______

1.direct expenses

2.indirect expenses

3.monthly expenses

4.weekly expenses

Posted Date:-2022-01-03 14:11:30

Question:

Factory manger s salary should be divided among the different departments on the basis of _____________

1.time devoted to each department

2. time spent in each department

3.time assigned to each department

4. time wasted in each department

Posted Date:-2022-01-03 14:11:30

Question:

Fire insurance and repairs on assets should be divided among the different departments on the basis of _________

1.light points

2.HP of machine

3.value of each assets

4.floor are

Posted Date:-2022-01-03 14:11:30

Question:

If debit side of income and expenditure account is greater it is termed as

1.Excess of income over expenditure

2.Net income

3.Surplus balance

4.Deficit balance

Posted Date:-2022-01-03 14:11:30

Question:

If the asset is sold the provision for depreciation relating to the asset sold is transferred to _______

1.asset account

2.liability account

3.P & L account

4.trading account

Posted Date:-2022-01-03 14:11:30

Question:

Income and expenditure account is based on _________
 
 Accrual accounting

1.Cash accounting

2.Accrual accounting

3.Government accounting

4.Management accounting

Posted Date:-2022-01-03 14:11:30

Question:

Income tax authorities recognize this method ______

1.straight line method

2.written down value metho

3.annuity metho

4.depreciation fund metho

Posted Date:-2022-01-03 14:11:30

Question:

Mines quarries oilfields and forest are example of _______

1.fixed assets

2.current assets

3.wasting assets

4.intangible assets

Posted Date:-2022-01-03 14:11:30

Question:

Provision for depreciation account appears on the _______

1.Asset side

2.Liability side

3.P & L account debit side

4.P & L account credit side

Posted Date:-2022-01-03 14:11:30

Question:

Reciept and payment account includes _________

1.Revenue items

2. Capital items

3. Both capital and revenue items

4.None of above

Posted Date:-2022-01-03 14:11:30

Question:

Rent and rates should be divided among the different departments on the basis of ____

1.light points

2.HP of machine

3.sales ratio

4.floor are

Posted Date:-2022-01-03 14:11:30

Question:

Repairs to buildings maintenance of premises should be divided among the different departments on the basis of _________

1.light points

2.HP of machine

3.sales ratio

4.floor are

Posted Date:-2022-01-03 14:11:30

Question:

Selling expenses should be divided among the different department on the basis of _______

1.light points

2.HP of machine

3.sales ratio

4.floor are

Posted Date:-2022-01-03 14:11:30

Question:

The amount of depreciation charged on machinery will be debited to_____

1.machinery account

2.depreciation account

3.cash account

4.bank account

Posted Date:-2022-01-03 14:11:30

Question:

The asset account appears in the books at original cost when a ______

1.P & L account is maintaine

2.balance sheet is maintaine

3.provision for depreciation account is

4.maintaine

Posted Date:-2022-01-03 14:11:30

Question:

The control of non-trading concern rest in the hand of

1.Directors

2.Managing agents

3.Governing body

4.Promoters

Posted Date:-2022-01-03 14:11:30

Question:

The difference between the book value at the beginning and at the end (revaluation amount) is __________

1.depreciation

2.appreciation

3.reduction

4.computation

Posted Date:-2022-01-03 14:11:30

Question:

The main objective of providing depreciation is _______

1.to calculate true profit

2.to calculate financial position

3.to reduce tax burden

4.to reduce profit

Posted Date:-2022-01-03 14:11:30

Question:

The main source of income for non-trading concern is _________

1.Subscription

2.Sales

3.Dividend on investment

4.entrance fee

Posted Date:-2022-01-03 14:11:30

Question:

The receipts and payments account of a non-profit organization is a __________

1.Nominal account

2.Real account

3.Income statement account

4.Financial statement

Posted Date:-2022-01-03 14:11:30

Question:

Under annuity method the amount of depreciation is found out from _____

1.log tables

2.sinking fund tables

3.annuity tables

4.present value tables

Posted Date:-2022-01-03 14:11:30

Question:

Under depreciation fund method the amount of depreciation is calculated with reference to ________

1.log tables

2.sinking fund tables

3.annuity tables

4.present value tables

Posted Date:-2022-01-03 14:11:30

Question:

Under the diminishing balance method depreciation is calculated on____

1.original value

2.written down value

3.scrap value

4.market value

Posted Date:-2022-01-03 14:11:30

Question:

Under the straight line method of charging depreciation depreciation ____

1.increases every year

2.decreases every year

3. is constant

4.fluctuate every year

Posted Date:-2022-01-03 14:11:30

Question:

Under which method of depreciation the earlier year of the life of the asset profits are more _____

1.straight line metho

2.written down value metho

3.annuity metho

4.depreciation fund metho

Posted Date:-2022-01-03 14:11:30

Question:

Workmen s amenities and welfare expenses should be divided among the different departments on the basis of ____________

1.number of worker in each department

2.number of machines in each department

3.wages of each department

4.floor area occupied by each department

Posted Date:-2022-01-03 14:11:30

Posted on by R4R Team

More MCQS

Search

R4R Team

R4Rin Top Tutorials are Core Java,Hibernate ,Spring,Sturts.The content on R4R.in website is done by expert team not only with the help of books but along with the strong professional knowledge in all context like coding,designing, marketing,etc!

General%20knowledge(GK)/Financial%20Accounting%20MCQ%20%20Part%20%E2%80%93%201 Sample Test,Sample questions

Question: If debit side of receipt and payment account exceeds credit it represents __________

Question: Lighting expenses should be divided among the different departments on the basis of _________

Question: Loss of usefulness occasioned by improved production methods is known as_______

Question: Power expenses should be divided among the different departments on the basis of _____

Question: The balance in the asset account will not be reduced to zero under this method _____

Question: The permanent continuing and gradual shrinkage in the book value of a fixed asset is called _______

Question: Under depreciation fund method depreciation is charged to ______

Question: An advance receipt of subscription from a member of the non-profit organization is considered as an __________

Question: Carriage inward expenses should be divided among the different departments on the basis of ___________

Question: Deficit balance can be shown in balance sheet as

Question: Depreciation applies to________

Question: Depreciation arises because of_____

Question: Depreciation fund is also called ______

Question: Depreciation is a process of _________

Question: Depreciation is charged on the_________

Question: Depreciation is charged on_________

Question: Diminishing balance method is also called _________

Question: ESI PF payable by employer should be divided among the different departments on the basis of ________

Question: Estimated sale value of the asset at the end of its economic life is known as _____

Question: Expenses which can be directly identified with or incurred for particular department are called __________

Question: Expenses which cannot be identified with a particular department are called_______

Question: Factory manger s salary should be divided among the different departments on the basis of _____________

Question: Fire insurance and repairs on assets should be divided among the different departments on the basis of _________

Question: If debit side of income and expenditure account is greater it is termed as

Question: If the asset is sold the provision for depreciation relating to the asset sold is transferred to _______

Question: Income and expenditure account is based on _________ Accrual accounting

Question: Income tax authorities recognize this method ______

Question: Mines quarries oilfields and forest are example of _______

Question: Provision for depreciation account appears on the _______

Question: Reciept and payment account includes _________

Question: Rent and rates should be divided among the different departments on the basis of ____

Question: Repairs to buildings maintenance of premises should be divided among the different departments on the basis of _________

Question: Selling expenses should be divided among the different department on the basis of _______

Question: The amount of depreciation charged on machinery will be debited to_____

Question: The asset account appears in the books at original cost when a ______

Question: The control of non-trading concern rest in the hand of

Question: The difference between the book value at the beginning and at the end (revaluation amount) is __________

Question: The main objective of providing depreciation is _______

Question: The main source of income for non-trading concern is _________

Question: The receipts and payments account of a non-profit organization is a __________

Question: Under annuity method the amount of depreciation is found out from _____

Question: Under depreciation fund method the amount of depreciation is calculated with reference to ________

Question: Under the diminishing balance method depreciation is calculated on____

Question: Under the straight line method of charging depreciation depreciation ____

Question: Under which method of depreciation the earlier year of the life of the asset profits are more _____

Question: Workmen s amenities and welfare expenses should be divided among the different departments on the basis of ____________

More MCQS

Search

R4R Team

Question:
If debit side of receipt and payment account exceeds credit it represents __________

Question:
Lighting expenses should be divided among the different departments on the basis of _________

Question:
Loss of usefulness occasioned by improved production methods is known as_______

Question:
Power expenses should be divided among the different departments on the basis of _____

Question:
The balance in the asset account will not be reduced to zero under this method _____

Question:
The permanent continuing and gradual shrinkage in the book value of a fixed asset is called _______

Question:
Under depreciation fund method depreciation is charged to ______

Question:
An advance receipt of subscription from a member of the non-profit organization is considered as an __________

Question:
Carriage inward expenses should be divided among the different departments on the basis of ___________

Question:
Deficit balance can be shown in balance sheet as

Question:
Depreciation applies to________

Question:
Depreciation arises because of_____

Question:
Depreciation fund is also called ______

Question:
Depreciation is a process of _________

Question:
Depreciation is charged on the_________

Question:
Depreciation is charged on_________

Question:
Diminishing balance method is also called _________

Question:
ESI PF payable by employer should be divided among the different departments on the basis of ________

Question:
Estimated sale value of the asset at the end of its economic life is known as _____

Question:
Expenses which can be directly identified with or incurred for particular department are called __________

Question:
Expenses which cannot be identified with a particular department are called_______

Question:
Factory manger s salary should be divided among the different departments on the basis of _____________

Question:
Fire insurance and repairs on assets should be divided among the different departments on the basis of _________

Question:
If debit side of income and expenditure account is greater it is termed as

Question:
If the asset is sold the provision for depreciation relating to the asset sold is transferred to _______

Question:
Income and expenditure account is based on _________ Accrual accounting

Question:
Income tax authorities recognize this method ______

Question:
Mines quarries oilfields and forest are example of _______

Question:
Provision for depreciation account appears on the _______

Question:
Reciept and payment account includes _________

Question:
Rent and rates should be divided among the different departments on the basis of ____

Question:
Repairs to buildings maintenance of premises should be divided among the different departments on the basis of _________

Question:
Selling expenses should be divided among the different department on the basis of _______

Question:
The amount of depreciation charged on machinery will be debited to_____

Question:
The asset account appears in the books at original cost when a ______

Question:
The control of non-trading concern rest in the hand of

Question:
The difference between the book value at the beginning and at the end (revaluation amount) is __________

Question:
The main objective of providing depreciation is _______

Question:
The main source of income for non-trading concern is _________

Question:
The receipts and payments account of a non-profit organization is a __________

Question:
Under annuity method the amount of depreciation is found out from _____

Question:
Under depreciation fund method the amount of depreciation is calculated with reference to ________

Question:
Under the diminishing balance method depreciation is calculated on____

Question:
Under the straight line method of charging depreciation depreciation ____

Question:
Under which method of depreciation the earlier year of the life of the asset profits are more _____

Question:
Workmen s amenities and welfare expenses should be divided among the different departments on the basis of ____________