Accountancy MCQ Questions with Answer part 2

Categories: MCQ Accountancy

Accountancy MCQ Questions with Answer part 2

 

Q1. Financial statements disclose: 

  1. Monetary information
  2. Qualitative information
  3. Non-monetary information
  4. All the above

Answer: (a)

 

Q2. Statement of Profit & Loss is also called………:

  1. Operating Profit
  2. Balance Sheet
  3. Income Statement
  4. Trading Account

Answer: (c)

 

Q3. Preliminary expenses are shown in the Balance Sheet under the head:

  1. Non-current assets
  2. Current assets
  3. Non-current liabilities
  4. Deducted from securities premium reserve

Answer: (d) 

 

Q4. Debit Balance of Profit & Loss Statement will be shown on:

  1. Assets Side of Balance Sheet
  2. Liabilities Side of Balance Sheet
  3. Under the head Reserve & Surplus
  4. Under the head Reserves and Surplus as a negative item

Answer: (d)

 

Q5. Patents and copyrights fall under the category of:

  1. Current Assets
  2. Liquid Assets
  3. Intangible Assets
  4. None of these

Answer: (c)

 

Q6. Goodwill falls under which category of assets:

  1. Current Assets
  2. Tangible Assets
  3. Intangible Assets
  4. None of the above

Answer: (c) 

 

Q7. Contingent Liabilities are exhibited under the heading:

  1. Fixed Liabilities
  2. Current Liabilities
  3. As a footnote
  4. None of these

Answer: (c) 

 

Q8. Provision for Provident Funds is shown in the Balance Sheet of a company under the head:

  1. Reserves and Surplus
  2. Non-current Liabilities
  3. Provision
  4. Contingent Liabilities

Answer: (b)

 

Q9. Preliminary Expenses are shown in the Balance Sheet under which head?

  1. Fixed Assets
  2. Reserves and Surplus
  3. Loans & Advances
  4. None of these

Answer: (d)

 

Q10. Financial Statements are:

(a) Anticipated facts

(b) Recorded facts

(c) Estimated facts

(d) None of these

Answer: (b)

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