Financial Accounting B.Com SEM 1 MCQs Solution.

Solution of MCQs asked in Financial Acccounting -1 DECEMBER 2024

No.	Question	Correct Option
(1)	The total of balance sheet on both the sides is equal because of _____.	(D) Dual effect concept
(2)	_____ concept suggests that capital should be shown as a Liability in Balance Sheet.	(A) Separate Entity
(3)	Capital account is a _____.	(C) Personal Account
(4)	How many minimum accounts are involved in a Journal Entry?	(B) Two
(5)	Sales through debit card or credit card will be recorded in the -	(D) Cash Book
(6)	Bank Balance as per cash book means _____.	(A) Debit balance
(7)	Why opening statement of affairs is prepared?	(D) To find out Opening Balance of Capital
(8)	Which account is to be prepared to find out sales on credit?	(C) Debtors Account
(9)	From the following which one is known as non-trading concern?	(B) University
(10)	Capitalized income will be added to -	(B) Capital Fund

 Solution of MCQs asked in Financial Acccounting -1 DECEMBER 2023

No.	Question	Correct Option
(1)	Fixed assets are depreciated according to _____ concept.	(B) Going Concern
(2)	Closing stock is recorded at cost or market value whichever is lower as per _____ principle.	(C) Conservatism
(3)	If the owner's son's college fees are paid from the firm, then _____ account is debited.	(A) Drawings Account
(4)	Drawings account is a _____.	(C) Personal Account
(5)	Interest on loan given is _____.	(A) Income
(6)	Find out the odd account: Bills Receivable, Creditors, Cash, Debtors.	(B) Creditors
(7)	Bad debt return is credited to _____ account.	(B) Bad Debt Return
(8)	Interest on capital is calculated on _____ capital.	(A) Opening
(9)	Which of the following institutions presents final accounts through Income and Expenditure A/c?	(A) Non-trading concern
(10)	Subscription received in advance is treated as _____.	(B) Liability