About Financial Accounting
Following are some of the multiple choice questions on the Financial Accounting with answers that will help the students in developing their knowledge.
Financial Accounting MCQ
11. Which of the following statements about contingent assets and contingent liabilities are correct?1-A contingent asset should be disclosed by note if an inflow of economic benefits is probable.2- A contingent liability should be disclosed by note if it is probable that a transfer of economic benefits to settle it will be required, with no provision being made.3 -No disclosure is required for a contingent liability if it is not probable that a transfer of economic benefits to settle it will be required.4 -No disclosure is required for either a contingent liability or a contingent asset if the likelihood of a payment or receipt is remote.
12. Transferring information from a journal entry to a ledger account (p. 98)
22. Each instalment including down payment is treated as hire charges by the
23. On sales of Rs. 1500 to A at 5% trade discount, the sales account will be -
24. Which of the following statements is/are true?1- The IFRS Interpretations Committee is a forum for the IASB to consult with the outside world. 2 -The IFRS Foundation produces IFRSs. The IFRS Foundation is overseen by the IASB. 3 - One of the objectives of the IFRS Foundation is to bring about convergence of national accounting standards and IFRSs.
26. The amount paid at the time of entering the Hire-purchase transaction for the goods purchased is known as
27. Repairs to machinery is apportioned over the departments on the basis of
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