Financial Account S.Y.B.Com MCQ

 

YOUTUBE: SURAJ PATEL EDUCATION 

Financial Account

S.Y.B.Com  

QUESTION BANK 2021 

Part 2 Link Click Here

https://www.surajpateleducation.com/2021/05/financial-account-mcq-pdf-mumbai.html

1)    The essential elements of a firm are :

a)    Equal share of P & L

b)    Agreement

c)    Minimum two partners

d)    Share capital

ANS: C

 

2)    Under Fixed Capital Method interest on Capital is credited to

a)    Capital A/c

b)    Current A/c

c)    Drawings A/c

d)    Trading Accounts

ANS: B

 

3)    Under Fluctuating Capital Method, partner’s salary is credited to

a)    Capital A/c

b)    Current A/c

c)    Drawings A/c

d)    Trading Account

ANS: A

 

4)    Under Fixed Capital Method profits & losses are shared by the partners in

a)    Capital ratio

b)    Equal ratio

c)    Agreed ratio

d)    Scarifies Ratio

ANS: C

 

5)    Under Fluctuating Capital Method, profits & losses are shared by the partners in

a)    Capital ratio

b)    Equal ratio

c)    Agreed ratio

d)    Sacrifies Ratio

ANS: C

 

6)    In absence of any provision in Partnership Deed, profits & losses are shared by partners.

a)    Equally

b)    Capital Ratio

c)    2:03:01

d)    Sacrifies Ratio

ANS: A

 

7)    In absence of any agreement partners are entitled to receive interest on loan at

a)    15%

b)    10%

c)    6%

d)    8%

ANS: C

 

8)    A partner acts as an

a)    Agent of the firm

b)    Employee of the firm

c)    Third party

d)    Lender

ANS: A

 

9)    In absence of any agreement partners are e

a)    Salary

b)    Commission

c)    Interest on loan

d)    Profit sharing in Capital ratio

ANS: C

 

10) Interest on capital is paid to partners vide

a)    Past Profit

b)    Reserve

c)    Current profit

d)    Future profit

ANS: C

 

Amazon Big Deal 

Up to 75% off | Festive wear from Indian manufacturers

https://amzn.to/398MAwJ

11) In case a partner is given, guarantee by other partners the loss on such guarantee is borne by

a)    All the partners

b)    Firm

c)    Partner who gave guarantee

d)    Lender

ANS: C

 

12) Interest on Drawings is

a)    Debited to P & L A/c

b)    Debited to P & L Appropriation A/c

c)    Credited to P & L Appropriation A/c

d)    Lender A/c debited

ANS: C

 

13) A partner’s current A/c may show

a)    Debit balance

b)    Credit balance

c)    Either debit or credit balance

d)    Equal

ANS: C

 

14) A partner’s Capital A/c shows

a)    Credit balance

b)    Debit balance

c)    No balance

d)    Equal

ANS: A

 

 

15) Balance on Drawings A/c is transferred is

a)    Debit side of Capital A/c

b)    Debit side of Current A/c

c)    Debit side of Capital or Current A/c

d)    Trading Account

ANS: C

 

 

16) Interest on Capital is an

a)    Appropriation

b)    Expense

c)    Income

d)    Assets

ANS: A

 

 

17) Fixed Capital A/c is credited with

a)    Interest on Capital

b)    Salary of partner

c)    Share of profit

d)    Assets

ANS: A

 

18) Current A/c is credited with

a)    Interest on Capital

b)    Salary of partner

c)    Share of profit

d)    All of the above

ANS: D

 

19) Accrued income is shown in Balance sheet

a)    Assets side

b)    Debit side

c)    Liability side

d)    Credit side

ANS: A

 

 

20) Unearned income is shown in the Balance sheet on

a)    Liability side

b)    Credit side

c)    Asset side

d)    Debit side

ANS: A

 

 

21) Interest on capital is debited to

a)    Trading A/c

b)    P & L A/c

c)    P & L Appropriation A/c

d)    Capital A/c

ANS: C

 

 

22) Gross profit is transferred to

a)    Trading A/c

b)    P & L A/c

c)    Capital A/c

d)    Current A/c

ANS: B

 

 

23) Prepaid expenses are shown in Balance she

a)    Asset side

b)    Liability side

c)    Debit side

d)    Credit side

ANS: A

 

 

24) Outstanding salary is shown in Balance sheet on

a)    Liability side

b)    Asset side

c)    Debit side

d)    Credit side

ANS: A

 

 

25) Goods lost by fire is credited to

a)    Trading A/c

b)    P & L A/c

c)    P & L Appropriation A/c

d)    Capital A/c

ANS: A

 

If You Need Most Importance MCQ PDF Financial Account

Question Bank Than Pay Rs 100 Only 

Contact 8652719712 / 8779537141 

BUSINESS LAW MCQ BELOW 

https://www.surajpateleducation.com/2020/12/business-law-sybcom-mcq-pdf.html 

Telegram Group

Mumbai Univeersity :- https://t.me/mumbaiuniversityidol

Suraj Patel Education :- https://t.me/surajpateleducation

F.Y.J.C EXAM :- https://t.me/FYJCexam

S.Y.J.C EXAM :- https://t.me/SYJCexam

F.Y EXAM :- https://t.me/fyexam

S.Y EXAM :- https://t.me/syexam

T.Y EXAM :- https://t.me/tyexam

M.Com Part 1 EXAM :- https://t.me/McomPart1Exam

M.Com Part 2 EXAM :- https://t.me/McomPart2Exam

M.A EXAM :- https://t.me/mastudentsexam 

YouTube Channel 

https://www.youtube.com/channel/UCv8JIY58xfWHUIXVu9wxNHw