Financial Accounting MCQ CommerceAttempt now to check your rank among 49 students! 50 Questions 30 Mins
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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
12. Which financial statement displays the revenues and expenses of a company for a period of time?
13. Which of these is not included as a separate item in the basic accounting equation?
28. Which of the following is the correct definition of an adjusting event after the reporting period?
32. It encourages the accountant to post each entry in opposite sides of two affected accounts
34. A manufacturing account records the administrative expenses and the finance expenses of the business
35. The use of a transfer price enables a factory to make additional profit which is added into the profit for the year in the income statement
40. The Assumption that revenues are recognised when earned and expenses when incurred so profit is calculated as Revenue earnt less expenses incurred is the
42. Any loss resulting on sale of repossessed goods can be recovered from hire purchaser
43. The Assumptions that the business will continue to operate in the future and its records are kept on that basis is the
48. Difference in debit side and credit side of the Trial balance is recorded in
49. When the hire purchaser makes default in paying the instalment the hire vendor has
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