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Financial Accounting MCQs: 768 Questions & Answers in Faculty

768 Financial Accounting MCQs in Faculty with answers & explanations. Page 10. Practice objective questions for competitive exams, interviews & self-assessme… Use the answer toggle below to show or hide all solutions, tap an option to check one question, or open a question for its own page.

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Financial Accounting MCQs: 768 Questions & Answers in Faculty

Which of the following is a non-profitable organisation ? Sol:

In not-for-profit organisation, excess of expenditure over income is called : Sol:

Donation received for a special purpose: Sol:

Income and Expenditure Account generally indicates: Sol:

Receipts and Payments Account usually indicates: Sol:

Property received as a result of the will of the deceased person is called: Sol:

Balance of Income and Expenditure Account shows: Sol:

Subscription received in advance during the current year is: Sol:

Capital fund is calculated: Sol:

All receipts from sale of consumable items are treated as: Sol:

In case specific fund is maintained, the expenses exceeding the amount of the fluids, should be recorded on:

Out of the following items, which one is shown in the Receipts and Payments Account? Sol:

Receipts and Payments A/c is a summary of: Sol:

A Receipts and Payments Account record only non-cash items. Sol:

Charitable Organizations promote welfare of the common man, in general Sol:

) A Receipts and Payments Account is nothing but a summary of all capital receipts and payments.

The fees received from life members is not a periodic subscription, hence are to be capitalized

The fees are collected only once at the time of admission of a member, hence Entrance Fees should be treated as 'Revenue Receipt'.

The Income and Expenditure Account is always accompanied with a cash flow statement Sol:

The Income and Expenditure Account includes all revenue expenses and income irrespective of its cash flow Sol:

Study tips for Financial Accounting