F.Y.BMS FINANCIAL ACCOUNT MCQ PDF

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F.Y.BMS

FINANCIAL ACCOUNT

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F.Y.BMS Business Statistics MCQ:

BUSINESS COMMUNICATION F.Y.B.COM MCQ PDF

1.    The main objective of Book-keeping is :

(A) Complete recording of transactions

(B) Ascertainment of Financial effect on the business

(C) Analysis and interpretation of data

(D) ‘A’ ‘B’ (Both ‘A’ and ‘B’)

ANS: D

 

2.    In accounts recording is made of :

(A) Only financial transactions

(B) Only non-financial transactions

(C) Financial and non-financial transactions

(D) Personal transactions of the proprietor

ANS: A

 

3.     5,000 paid as rent of office premises is an/a ……. :

(A) Event

(B) Transaction

(C) Both ‘A’ and ‘B’

(D) None of these

ANS: B

 

4.    Which of the following transactions is not of financial character :

(A) Purchase of goods on credit

(B) Purchase of a building

(C) Payment of salaries

(D) Strike by employees

ANS: D

 

5.    Internal users of accounting information are :

(A) Creditors

(B) Potential investors

(C) Managers

(D) Researchers

ANS: C

 

6.    External users of accounting information are :

(A) Researchers

(B) Government

(C) Tax authorities

(D) All of the above

ANS: D

 

7.    On 31st December, 2010 Ashok Ltd. purchased a machine from Mohan Ltd. for ` 1 ,75,000. This is :

(A) A transaction

(B) An event

(C) Both a transaction as well as an event

(D) None of these

ANS: C

 

8.    Management Accounting :

(A) Is a clerical work

(B) Is accounting for future

(C) Is a recording technique of the management related transactions

(D) None of the above

ANS: C

 

9.    Which of the following is not a limitations of Accounting ?

(A) Based on Accounting Convention

(B) Evidence in Legal Matters

(C) Incomplete Information

(D) Omission of Qualitative Information

ANS: B

 

10. Accounting is :

(A) Accounting : A Profession

(B) Accounting : A Social Force

(C) Accounting : A Service Activity

(D) All of the above

ANS: D

 

11. Current liability includes ——–

a)    Bills payable

b)    Creditors

c)    O/s expenses

d)    all of these

ANS: D

 

12. Current asset do not include —

(A) debtors

(B) motor car

(C) bank balance

(D) prepaid expenses

ANS: B

 

13. Tangible asset do not include —-

(A) goodwill

(B) furniture

(C) stock

(D) cash in hand

ANS: A

 

14. Which of the following is capital expenditure?

(A) Wages

(B) wages paid for building construction

(C) repair expenses of building

(D) advertisement expenses

ANS: B

 

15. Cash discount is —–

(A) Which is allowed at the time of making the payment

(B) allowed at the time of sale of goods

(C) Received at the time of purchases of goods

(D) received both at the time of making payment and purchase of goods.

ANS: A

 

16. Purchases refers to the buying of ——–

(A) stationery for office use

(B) assets for the factory

(C) goods of resale

(D) investment

ANS: C

 

17. A person who owes money to the firm is called —–

(A) Debtor

(B) creditor

(C) supplier

(D) none of these

ANS: A

 

18. Out of the following assets which one is not an intangible asset?

(A) Patents

(B) investment

(C) goodwill

(D) trade mark

ANS: B

 

19. Goods means ….

(A) Commodity to be bought and sold

(B) Commodity to be bought but not to be sold

(C) Commodity to be used as an asset

(D) all of the above.

ANS: A

 

20. Main feature of business transaction is ——

(A) An economic activity

(B) change in the financial position of the firm

(C) express in terms of money

(D) all of the above

ANS: D

 

21. According to Principle of Conservatism

(A) Provision is made for bad and doubtful debts

(B) Depreciation is charged on assets

(C) Recording is made of outstanding expenses

(D) All of the above

ANS: A

 

22. According to the cost concept

(A) Assets are recorded at lower of cost and market value

(B) Assets are recorded by estimating the market value at the time of purchase

(C) Assets are not recorded

(D) Assets are recorded at the value paid for acquiring it.

ANS: A

 

23. The owner of the firm records his medical expenses in the firm’s income statement. Indicate the principle that is violated

(A) Cost principle

(B) Prudence

(C) Full disclosure

(D) Entity concept

ANS: C

 

24. Due to which of the following, contingent liabilities are shown in the Balance Sheet

(A) Dual aspect

(B) Full disclosure

(C) Materiality

(D) Going concern

ANS: B

 

25. According to which principle the same accounting methods should be used each year:

(A) Prudence

(B) Full disclosure

(C) Materiality

(D) Consistency

ANS: D


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