Financial Accounting MCQs with Answers pdf

Financial Accounting MCQs with Answers pdf

Financial Accounting MCQs with Answers pdf Sem 5. Multiple Choice Questions in Financial Accounting with answers. Bookkeeping means MCQ.

Are you an accounting student looking for Financial Accounting MCQs with Answers? Do you need a resource to help you review key concepts and test your knowledge? If so, this article is for you!

Here, we will provide a comprehensive list of multiple-choice questions (MCQs) related to financial accounting along with detailed explanations of the correct answer. You can use these MCQs to check your understanding and identify any areas where you may need more practice.

Financial Accounting MCQs

What is Financial Accounting

Financial accounting is a field of accounting that deals with the recording, summarizing, and reporting of financial transactions. These transactions can be related to a business or an organization’s financial activities.

The purpose of financial accounting is to provide accurate and comprehensive financial information to stakeholders such as investors, creditors, regulators, and management.

Financial accounting typically involves the preparation of financial statements such as balance sheets, income statements, and cash flow statements.

These statements help stakeholders understand how much money a company has made or lost over a certain period of time. In addition to these reports, financial accounting also includes audits, budgeting and forecasting.

Overall, the goal of financial accounting is to ensure that accurate and transparent information is provided about an organization’s finances. This information helps stakeholders make informed decisions about investing in or lending money to the organization.

Financial Accounting MCQs with Answers

1) Popular Financial Accounting Software Packages are:
a) Tally, Ex
b) WinCa and DacEasy
c) Both a & b
d) None of the above
Ans: B

2) Press ___ that would act the calculator.
a) Ctrl+ N
b) F1
c) Alt + Del
d) F11
Ans: A

3) Tally screen can be divided into ___ broad parts.
a) Two
b) Three
c) Four
d) Six
Ans: A

4) The work area at the gateway is broadly separated into ___.
a) Two sections
b) Three sections
c) Five sections
d) Eight sections
Ans: A

5) Tally provides an option to maintain.
a) Accounts only
b) Inventory only
c) Account cum Inventory
d) All of the above
Ans: D

6) On pressing ___ to configure at gateway will show a figure, which allows setting configuration option.
a) F10
b) F11
c) F12
d) F1
Ans: C

7) ___ at the voucher entry screen to enter a contra voucher.
a) Press F11
b) Press F4
c) Press F12
d) Press F10
Ans: B

8) To delete a voucher type, select it in alteration mode and press.
a) <Alt> + <D>
b) <Del> + <F10>
c) <2>
d) <Ctrl> + <A>
Ans: A

9) ___ provides the link between two transaction documents.
a) Batch numbers
b) Godowns
c) Tracking Numbers
d) Unit of measure
Ans: A

10) You can print receipt vouchers by pressing.
a) <Alt> + <P>
b) <Ctrl> + <P>
c) <Ctrl> + C
d) None of the above
Ans: A

11) A purchase voucher can be entered by pressing the function key.
a) F2
b) F4
c) F7
d) F9
Ans: D

12) The scope and functions of Financial Management are divided into ___categories.
a) Two
b) Three
c) Four
d) Six
Ans: A

13) The term ___ was used in place of the present term Financial Management.
a) Finance
b) Corporation Finance
c) Company finance
d) None of the above
Ans: B

14) Wealth maximization is also called.
a) Profitability
b) Profit
c) Value maximization
d) Both A & B
Ans: C

15) ___ leverage occurs when fixed cost funds such as debt or preference capital is employed by the company.
a) Financial Leverage
b) Operational Leverage
c) Combined Leverage
d) None of the above
Ans: A

16) Permanent working capital is also called.
a) Core current assets
b) Hardcore of the capital
c) Both a & b
d) Net working capital
Ans: C

17) The term inventories include.
a) Stock of raw – materials
b) Work–in–progress
c) Finished goods
d) All of the above
Ans: D

18) Loan obtained without any hypothecation of asset ___.
a) Secured loan
b) Unsecured loan
c) Long term loan
d) Short term loan
Ans: D

19) Accounting is the language of ___.
a) Economics
b) Business
c) Computer
d) Commerce
Ans: B

20) The date on which the bill becomes payable is called ___.
a) Grace date
b) Due date
c) The Last date
d) Least date
Ans: B

21) Excess of income over expenditure is ___.
a) Gross loss
b) Net loss
c) Gross profit
d) Profit
Ans: C

22) E.P.S. means.
a) Equity per scheme
b) Earning per share
c) Equity per share
d) Even prudential share
Ans: B

23) An outflow of economic benefit or depletion of assets or increase/creation of liabilities resulting in a decrease in equity ___.
a) Expenses
b) Assets
c) Income
d) Liability
Ans: A

24) Amount created for unforeseen events in future ___.
a) Provision
b) Reserve
c) Fund
d) Gross profit
Ans: B

25) A happening of consequence to an entity is ___.
a) Situation
b) Circumstances
c) Event
d) Problem
Ans: C

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