Financial Accounting Quiz | Financial Accounting Question and Answer for Practice

31. Assets acquired for long term use in business called

1. Current asset
2. Fixed asset
3. Wasting asset
4. None of these.

32. A person who owes money to the business is a

1. Debtor
2. Creditor
3. Investor
4. None of these

33. Branches keeping full system of accounting is called

1. Dependent  branches
2. Independent branches
3. Simple branches
4. None of these.

34. The head office prepares branch account to find out ------------------- earned by branch

1. Dividend
2. Revenue
3. Capital
4. Profit

35. Payment of monthly rent to land lord is 

1. Economic event
2. Non economic event
3. Substantial event
4. None of these.

36. What is short working?   

1. Excess of minimum rent over actual royalty
2. Below of minimum rent
3. Equal to minimum rent
4. Above to royalty

37. What is the another term of minimum rent

1. Fixed and copy right
2. Dead rent and fixed rent
3. Patent and copy right
4. Fixed and dead rent

38. Assets which have no real value but are shown in books of account for technical reasons are called

1. Fixed asset
2. Current asset
3. Fictions asset
4. None of these.

39. Assets which are held for a short period called

1. Fixed asset
2. Contingent asset
3. Current asset
4. None of these.

40. Recouping of short working arise in

1. Future
2. Present
3. Past
4. None of these

41. Which concept facilitates recording of business events on a uniform basis.

1. Going concern
2. Accounting entity
3. Money measurement
4. None of these.

42. Which principal have separate entity

1. Going concern concept
2. Money measurement concept
3. Accounting period concept
4. Accounting entity concept

43. Things which are purchased by business for resale called

1. Goods
2. Closing stock
3. Lease housing
4. None of these.

44. What represents goods sent by head office to the branch or by the branch to the head office but not received by other

1. Goods in transit
2. Cash in transit
3. Barter transit
4. None of these

45. Managers commission is calculated on

1. Gross profit
2. Notional profit
3. Net profit
4. Sales