Accountancy MCQ Questions with Answer part 2
Categories: MCQ Accountancy
Accountancy MCQ Questions with Answer part 2
Q1. Financial statements disclose:
- Monetary information
- Qualitative information
- Non-monetary information
- All the above
Answer: (a)
Q2. Statement of Profit & Loss is also called………:
- Operating Profit
- Balance Sheet
- Income Statement
- Trading Account
Answer: (c)
Q3. Preliminary expenses are shown in the Balance Sheet under the head:
- Non-current assets
- Current assets
- Non-current liabilities
- Deducted from securities premium reserve
Answer: (d)
Q4. Debit Balance of Profit & Loss Statement will be shown on:
- Assets Side of Balance Sheet
- Liabilities Side of Balance Sheet
- Under the head Reserve & Surplus
- Under the head Reserves and Surplus as a negative item
Answer: (d)
Q5. Patents and copyrights fall under the category of:
- Current Assets
- Liquid Assets
- Intangible Assets
- None of these
Answer: (c)
Q6. Goodwill falls under which category of assets:
- Current Assets
- Tangible Assets
- Intangible Assets
- None of the above
Answer: (c)
Q7. Contingent Liabilities are exhibited under the heading:
- Fixed Liabilities
- Current Liabilities
- As a footnote
- None of these
Answer: (c)
Q8. Provision for Provident Funds is shown in the Balance Sheet of a company under the head:
- Reserves and Surplus
- Non-current Liabilities
- Provision
- Contingent Liabilities
Answer: (b)
Q9. Preliminary Expenses are shown in the Balance Sheet under which head?
- Fixed Assets
- Reserves and Surplus
- Loans & Advances
- None of these
Answer: (d)
Q10. Financial Statements are:
(a) Anticipated facts
(b) Recorded facts
(c) Estimated facts
(d) None of these
Answer: (b)