Financial Accounting (MCQS)

Financial Accounting Mcqs are Collected from different Past papers and from Accounting Mcqs Bank. These Mcqs are very helpful for the Preparation of various posts of Senior Auditor, Junior Auditor, Accountant and for Cost Accountant.

1. Financial Accounting ( MCQS) These Mcqs are Collected from Different Past papers These Mcqs are very helpful for the Preparation of various posts of Senior Auditor, Junior Auditor, Accountant and for  Cost Accountant.   

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3. Financial Accounting (MCQS) Q-1 Which of the following specialised journals records "goods returned by customers "? A)  Purchase journal B)  Sales journal C)  Purchases return journal D)  Sales return journal

4. Financial Accounting (MCQS) Q-2 Sales on credit is recorded in which of the following journal ? A)  Purchase journal B)  Sales journal C)  Purchases return journal D)  Sales return journal

5. Financial Accounting (MCQS) Q-3 Transactions that a BUSINESS doesn't record in any specialised journal are recorded in which of the following journals or day books ? A)  Cash payments journal B)  Cash receipts journal C)  Purchases return journal D)  General journal

6. Financial Accounting (MCQS) Q-4 Another name of journal is A)  Specialized journal B)  Day book C)  Cash book D)  Record book

7. Financial Accounting (MCQS) Q-5 Which of the following specialised journals will record "goods returned by the BUSINESS "? A)  Purchase journal B)  Sales journal C)  Purchases return journal D)  Sales return journal

8. Financial Accounting (MCQS ) Q-6 Sales and purchase journal don't record A)  Credit sales B)  Credit purchases C)  Credit sales and purchases D)  Cash sales and purchases

9. Financial Accounting (MCQS) Q- 7Cash received from debtor is recorded in which of the following SPECIALIZED journals ? A)  Purchase journal B)  Sales journal C)  Cash receipts D)  Cash payments journal

10. Financial Accounting (MCQS) Q-8 Which of the following is a type of cash receipt journal + cash payment journal ? A)  Bank statement B)  Statement of cash flow C)  Cash book D)  Cash documents

11. Financial Accounting (MCQS) 9. Cash purchases is recorded in which of the following specialized journals ? A)  Purchase journal B)  Sales journal C)  Purchases return journal D)  Cash payments journal

12. Financial Accounting (MCQS) 10. A brief explanation recorded below every entry in  general journal is commonly known as A)  Narration B)  Explanation C)  Summary D)  Other information

13. Financial Accounting (MCQS) 11. Credit purchase of plant and machinery is recorded in which of the following  journals ? A)  General journal B)  Cash journal C)  Purchase journal D)  Purchase return journal

14. Financial Accounting (MCQS) 12. Debit note is the basis for recoding a transaction in which of the following journals ? A)  General journal B)  Cash journal C)  Purchase journal D)  Purchase return journal

15. Financial Accounting (MCQS) 13. SALE of old furniture" will be recorded in which of the following specialised journals ? A)  Purchase journal B)  Sales journal C)  General journal D)  Cash receipt journal

16. Financial Accounting (MCQS) 14. Credit note is the basis for recording a transaction in which of the following SPECIALIZED journals ? A)  Purchase journal B)  Sales return journal C)  General journal D)  Cash receipt journal

17. Financial Accounting (MCQS) 15. Specialized journals are more adequate for which TYPE OF BUSINESSES ? A)  Small businesses B)  Big businesses C)  Sole proprietorship D)  Partnership

18. Financial Accounting (MCQS) 16. Which of the following is known as an evidence that a transaction took place ? A)  Cash receipts journal B)  General journal C)  Source document D)  Cash book

19. Financial Accounting (MCQS) 17.  BUSINESS  paid rent amounting to $100" which of the following specialized journals records this transaction ? A)  Cash receipts journal B)  Cash payments journal C)  Sales journal D)  Purchase journal

20. Financial Accounting (MCQS) Q-18 Credit memo or credit note No. is entered in which of the following journal? A)  General journal B)  Cash journal C)  Purchase journal D)  Sales return day book

21. Financial Accounting (MCQS) ANSWER: 1 D 2 B 3 D 4 B 5 C 6 D 7 C 8 C 9 D 10 A 11 A 12 A 13 C 14 B 15 B 16 C 17 B 18 A.