Accountancy MCQ Questions with Answer
Categories: MCQ Accountancy
Accountancy MCQ Questions with Answer
Q1. Which of the following is the element of financial statements?
- Balance Sheet
- Profit & Loss A/c
- Both (a) and (b)
- None of these
Answer: (c)
Q2. Which of the following is not required to be prepared under the Companies Act:
- Statement of Profit & Loss
- Balance Sheet
- Anditor’s Report
- Fund Flow Statement
Answer: (c)
Q3. Equity ₹ 90,000 Liabilities ₹ 60,000 Profit of the year ₹ 20,000. Then total assets will be:
- ₹ 1.70,000
- ₹ 1,50,000
- ₹1,10,000
- ₹ 80,000
Answer: (a)
Q4. The reserve which is created for a particular (specific) purpose and which is a charge against revenue is called:
- Capital Reserve
- General Reserve
- Secret Reserve
- Specific Reserve
Answer: (d)
Q5. An Annual Report is issued by a company to its:
- Directors
- Authors
- Shareholders
- Management
Answer: (c)
Q6. The profit and loss disclosed by the accounts of a company is:
- Transferred to share capital account
- Shown under the head of ‘Current liabilities’ and provisions
- Shown under the head ‘Reserves and Surplus
- None of these
Answer: (c)
Q7. The assets of a business can be classified as :
- Fixed and Non-fixed Assets
- Tangible and Intangible Assets
- Non-Current and Current Asset
- None of these
Answer: (c)
Q8. The term financial statements includes :
- Statement of Profit & Loss
- Balance Sheet
- Statement of Profit & Loss and Balance Sheet
- None of these
Answer: (c)
Q9. The balance Sheet is a :
- Account
- Statement
- Both (a) and (b)
- All the above
Answer: (b)
Q10. Financial statements are the product of accounting process.
- First
- Second
- End
- None of these
Answer: (c)