F.Y.B.Com Question Bank 2020 FINANCIAL MANAGENMENT

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Suraj Patel Education

FINANCIAL MANAGENMENT

F.Y.B.Com Question Bank 2020



MULTIPLE CHOICE QUESTIONS .

1)      Usually , in a single entry system
a)      Only manual accounts are maintained
b)     Only cash and personal accounts are maintained
c)      Only real accounts are maintained
d)     Only nominal accounts are maintained
 
2)      Profit can be ascertained from the incomplete records under single entry by using
a)      Only statement of affairs method
b)     Only conversion method
c)      Either(a) or (b) above
d)     None of (a) or (b)
 
3)      If books are kept under single entry system , credit sales are ascertained by preparing
a)      Total creditors account
b)     Total debtors account
c)      Credit sales account
d)     Trading account
 
4)      If books are kept under single entry system, credit purchases are ascertained by preparing ,
a)      Total creditors account
b)     Total debtors account
c)      Credit purchases account
d)     Bills payable account
 
5)       If books are kept under single entry system, opening stock is ascertained by preparing-
a)      Opening stock account
b)     Stock register
c)      Memorandum trading account
d)     Opening statement of affairs
 
6)      Opening capital is ascertained by preparing-
a)      Total debtors account
b)     Total creditors account
c)      Cash account
d)     Opening statement  of affairs
 
 
 
7)      Cash received from debtors needed for the construction of cash account can be ascertained from
a)      Total debtors account
b)     Balance sheet
c)      Analysis of cash book
d)     Pass book
 
8)      Given the opening and closing balances of debtors and the figure of credit sales, the balancing figure of total debtors account will give
a)      Bill retired during the year
b)     Cash received from debtors
c)      Closing balance of bills received
d)     Bills payable accepted during the year
 
9)      Closing balance of trade creditors can be ascertained from
a)      Total creditors account
b)     Balance sheet
c)      Bills payable account
d)     Cash book
 
10)  An estimate of assets and liabilities as on a date is called
a)      Balance sheet
b)     Statement of affairs
c)      Statement of capital
d)     Trial balance
 
11)  The relationship between the “consignor” and the “consignee” is that of
a)      “Principal and principal”
b)     “agent and principal”
c)      “Principal and agent”
d)     Agent and sub-agent”
 
12)  Goods sent on consignment are the property of
a)      The consignee
b)     Both the consignor
c)      Either the consignor or the consignee
d)     The consignee
 
13)  When the consignee receives the goods on consignment,
a)      The consignee buys the goods
b)     The consignee merely agrees to sell them on behalf of the consignor
c)      The consignee and the consignor become equal partners
d)     The consignee and the consignor become co-ventures
 
 
14)  All expenses incurred by the consignee for receiving and selling the goods
a)      Are borne by the consignee
b)     Are recovered by the consignee from the consignor
c)      Are shared by the consignee and the consignor equally
d)     None of the above
 
15)  Any stock remaining unsold with the consignee
a)      Belong to the consignee
b)     Belongs to the consignor or the consignee
c)      Belongs to the consignor or the consignee equally
d)     Belongs to the consignor
 
16)  Performa invoice is prepared by the ______
a)      Seller
b)     Consignor
c)      Account sales is
d)     Consignee
 
17)  An account sales is
a)      A ledger account in the books of the consignee
b)     A ledger account in the books of the consignor
c)      A statement showing particulars of goods sent etc.
d)     None of the above
 
18)  If the consignee gets del credere commission,
a)      The consignor will bear the bad debts
b)     The consignee will bear the bad debts
c)      The consignee will pay the price immediately on receipt of consignment
d)     The consignee will bear all the expenses
 
19)  When consignee incurs expenses
a)      No entry is passed in the books of the consignor
b)     Entry is passed in the books of both the consignor and the consignee
c)      entry is passed in the books of only the consignor
d)     entry is passed in the books of either the consignor or the consignee
 
20)  closing balance of del credere commission account is transferred to
a)      consignor’s account
b)     consignment account
c)      consignment debtors account
d)     profit & loss a/c
 
 
21)  In consignment accounting, to consign means ______
a)      to receive
b)   to purchase
c)      to send
d)     to transfer




  
  
 
22)  In consignment accounting consignor is _______
a)      principal
b)     agent
c)      debtor of the consignee
d)     none of them
 
23)  In consignment accounting, consignment is _______
a)      real A/C
b)     personal A/C
c)      nominal A/C
d)     none them
 
24)   In consignment accounting, consignee account is _______
a)      real A/C
b)     personal A/C
c)      nominal A/C
d)     none them
 
25)  In consignment accounting, if discount is treated as “consignment expenses” if is debited to _______
a)      Consignment A/C
b)     Profit and loss A/C
c)      Consignee A/C
d)     Consignor A/C
 
26)  Balance of consignment A/C indicates_______
a)      profit and loss
b)     goods sent to consignor
c)      balance of goods with consignee
d)     none of the above
 
27)  The relationship between consignor and consignee is of ______
a)      debtor and creditor
b)     purchases and seller
c)      principal and agent
d)     owner and servant
 
 
28)  If the consignor carries on business of manufacturing then the balance of goods sent on consignment A/C is transferred to _______
a)      profit and loss A/C
b)     trading A/C
c)      MFG. statement
d)     Consignment A/C
 
29)  If the consignor carries on trading business, then the balance of goods sent on consignment A/C is transferred to_______
a)      Profit and loss A/C
b)     Trading A/C
c)      Purchase A/C
d)     Consignment A/C
 
30)  Closing stock with consignee is shown in the balance sheet of ______
a)      Consignee
b)     Consignor
c)      Agency
d)     None of the above
 
31)  When the consignor sends goods to consignee he prepares a_______
a)      Account sale
b)     Cash memo
c)      Proforma invoice
d)      Credit memo
 
32)  A periodic statement furnished by the consignee to consignor is ______
a)      Proforma invoice
b)     Debit note
c)      Account sales
d)     None of the above
 
33)  Where goods are sent on consignment, credit is given to ______in the books of consignor.
a)      Purchase A/C
b)     Goods sent on consignment A/C
c)      Consignment A/C
d)     Consignee’s A/C
 
34)  Extra commission given to the consignee, for making him responsible for bad debt this extra commission is known as _______
a)      Commission
b)     Del. Credere commission
c)      Profit to consignee
d)     Over-riding commission
 
35)  Del. Credere commission is calculated on_______
a)      Total sales
b)     Cash sales
c)      Credit sales
d)     Net sales
 
36)  If no del credere commission is paid to the consignee_______ account should be debited for credit sale.
a)      Consignee A/C
b)     Consignment A/C
c)      Consignment debtor A/C
d)      consignor A/C
 
37)  If del credere commission is paid then_______ account should be debited for credit sales.
a)       Consignee A/C
b)     Consignment A/C
c)      Consignment debtor A/C
d)      consignor A/C
 
38)  Account sales________
a)      Have a very particular format
b)     Does not have a specific format
c)      Must be prepared by law
d)     Given by consignor to consignee
 
39)  On receipt of goods the consignee debit which of these accounts
a)      Purchases account
b)     Goods account
c)      Consignors account
d)     None of these
       
40)  Consignment A/C is prepared in the books of
a)      Consignor
b)     Consignee
c)      Transporter
d)     None
 
41)  Consignee A/C is prepared In the books
a)      Consignor
b)     Consignee
c)      Transporter
d)     None
 
 
 
42)    Consignor A/C is prepared In the books
a)      Consignor
b)     Consignee
c)      Transporter
d)     None
 
43)  Goods send on consignment account is prepared in the books of
a)      Consignor
b)     Consignee
c)      Transporter
d)     None
 
44)  In the books of consignor, the profit of consignment will be transferred to
a)      General trading a/c
b)     General P/L a/c
c)      Drawings a/c
d)     None of these
 
45)  The owner of the consignment stock is
a)      Consignor
b)     Consignee
c)      Debtor
d)     None
 
46)  The balance of goods sent out on consignment will be transferred to
a)       General trading a/c
b)     General P/L a/c
c)      Balance sheet
d)     Capital a/c
 
47)  In the books of consignor , the loss on consignment business will be charged to
a)       General trading a/c
b)     General P/L a/c
c)      Consignee a/c
d)     Bank a/c
 
48)  Consignee sends to consignor
a)      Proforma invoice
b)     Sales account
c)      Account sales
d)     Invoice
 
 
 
49)   Consignor sends to consignee
a)      Proforma invoice
b)     Sales account
c)      Account sales
d)     Invoice
 
50)   Del – credere commission is allowed
a)      To effect sales in the normal course of business
b)     To bear the bad debts on account of credit sales
c)      To effected sales at price higher than the price fixed
d)     None of these
 

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Other Subject MCQ Link For F.Y.B.Com 

FINANCIAL ACCOUNT

https://www.surajpateleducation.com/2021/04/fybms-financial-account-mcq-pdf.html

 

Business Economic

1)    https://www.surajpateleducation.com/2021/04/fybcom-business-economics-semester-2-mcq.html

2)    https://www.surajpateleducation.com/2021/04/fybcom-business-economics-mcq-fybcom.html

3)    https://www.surajpateleducation.com/2021/04/fybcom-business-economics-mcq-pdf.html

 

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https://www.surajpateleducation.com/2021/04/fybms-business-statistics-mcq-business.html

 

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1)    https://www.surajpateleducation.com/2021/04/business-communication-most-importance.html

2)    https://www.surajpateleducation.com/2021/02/business-communication-importance-mcq.html

3)    https://www.surajpateleducation.com/2020/12/business-communication-fybcom-mcq-pdf.html

 

Foundation Course

https://www.surajpateleducation.com/2021/03/fybcom-foundation-course-mcq-pdf.html

 

FINANCIAL MANAGEMENT

1)    https://www.surajpateleducation.com/2021/03/financial-management-fybcom-mcq-fybcom.html 

 

Mathematical and statistical techniques

1)    https://www.surajpateleducation.com/2021/03/mathematical-and-statistical-techniques.html

2)    https://www.surajpateleducation.com/2021/02/mathematical-and-statistical-techniques.html 

 3)    https://www.surajpateleducation.com/2021/01/fybcom-mathematical-and-statistical.html

 

Commerce

1)    https://www.surajpateleducation.com/2021/01/fybcom-commerce-mcq-pdf.html

2)    https://www.surajpateleducation.com/2021/01/commerce-fybcom-importance-mcq-question.html


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