WORLD STATUS

FINANCE & HRM


MCQS BASED ON FINANCIAL ACCOUNTING

1. ————deals with depreciation accounting.

(a) AS 3 
(b) AS 4
(c) AS5 
(d) AS6



2. Journal is a book of ....................... entry

(a) original 
(b) secondary
(c) subsidiary 
(d) Primary but subsidiary



3. A furniture account will indicate a ....................... balance

(a) debit 
(b) credit
(c) cost
(d) no balance



4. The process of recording transactions in a journal is known as ............

(a) recording 
(b) journalizing
(c) posting 
(d) balancing



5. ....................... is a process of entering in the ledger the information given in the journal

(a) recording 
(b) journalizing
(c) posting
(d) balancing


6. An entry which has more than one debit and or credit is called ...........

(a) single 
(b) multiple
(c) compound 
(d) none of these


7. ....................... Is the principal book of account 

(a) journal 
(b) ledger
(c) trial balance 
(d) none of these



8. An asset account shows a ....................... balance

(a) debit 
(b) credit 
(c) no balance
(d) none of these



9. An ....................... is an amount which is incurred in return for some benefit and the benefit is enjoyed immediately

(a) income 
(b) loss
(c) revenue 
(d) expense



10. ....................... is a special term indicating the recording of entries in the ledger.

(a) recording 
(b) journalizing
(c) posting 
(d) balancing





















































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