Financial Accounting MCQ with answers

MULTIPLE CHOICE QUESTION FOR CMA INTERMEDIATE GROUP FIRST (Financial Accounting MCQ with answers)

  • If any stock is taken by a co-venturer, it will be treated as
    • an income of the joint venture.
    • an expense of the joint venture.
    • to be ignored from joint venture.
    • it will be treated in the personal books of the co-venturer.
  • Contingent liability would appear
    • on the liability side of the Balance Sheet.
    • on the assets side of the Balance Sheet.
    • do not shown in the books of accounts.
    • as a note in Balance Sheet.
  • Income statement of a Charitable Institution is known as
    • Statement of profit and loss
    • Receipts and Payments Account
    • Income and Expenditure Account
    • Profit and Loss Account
  • Which of the following account is mainly prepared at the time of dissolution of the firm
    • Revaluation A/c
    • Goodwill A/c
    • Realization A/c
    • Memorandum Revaluation A/c
  • Advertisement expenses are apportioned among departments in the proportion of
    • sales of each department
    • purchases of each department
    • no. of units sold by each department
    • cost of sales of each department
  • In Hire Purchase system cash price plus interest is known as
    • Capital value of asset
    • Book value of asset
    • Hire purchase price of asset
    • Hire purchase charges
  • Which one is/ are the method/s of Accounting for Branches
    • Final Accounts Method;
    • Debtors Method and
    • Stock and Debtors Method.
    • All of the above
  •  __________________ is similar to the Profit and loss A/c
    • Income and Expenditure A/c
    • Receipts and Payments A/c
    • Balance Sheet
    • None of the Above
  • Kuntal draws a bill on shyam for $ 7,000.Kuntal endorsed it to Ram. Ram endorsed it to Rahim. The payee of the bill will be:
    • Kuntal
    • Ram
    • Shyam
    • Rahim
  • Bad debts are apportioned among departments in the proportion of
    • Sales of each department
    • Number of units sold by each department
    • Cost of sales of each department
    • None of the above
  • Which of the following is not a Fundamental Accounting Assumption?
    • Going Concern
    • Consistency
    • Accrual
    • Materiality
  •  _____________is equal to estimated selling price less the estimated costs of completion and the estimated costs necessary to make the sale.
    • Net Realizable value
    • Cost of Conversion
    • Cost of Purchase
    • None of the above
  •   _________ are investments which are held beyond the current period as to sale or disposal.
    • Non-current Investments
    • Current Investments
    • Current Liabilities
    • None of the above
  • An obligation which may or may not materialize is a/an                           .
    • Loss
    • Asset
    • Contingent Liability
    • None of the above
  •   _____________ voucher denotes payment of cash.
    • Cash Payment
    • Cash Receipt
    • Bank Payment
    • All of the above


Financial Accounting MCQ with answers PDF

For CMA Official website – ICMAI.IN

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