Financial Accounting Questions and Answers in Quiz Form 7 for Practice

91. If the goods are drawn by the proprietor for personal use, the amount should deduct from -------------------- and add to the  

1. Purchase and drawings
2. Sales and capital
3. Drawings and cash in hand
4. Cash in hand and stock

92. Patent Rights account is a ------ account

1. Real
2. Personal
3. Nominal
4. Fictitious

93. What is an example of fixed asset

1. Receivables
2. Stock
3. Land and Building
4. None of these.

94. Debit aspect is known as ------------------and Credit aspect is known as ----------------------------.

1. Receiving and giving
2. Liability and asset
3. Expense and Gains
4. Income and Expenses

95. Which one of these are not the function of account

1. Recording
2. Classifying
3. Summerising
4. Statement

96. Which one of these not shown on profit & loss a/c

1. Rent
2. Bad debt
3. Wages
4. Salaries

97. The amount set apart from profit for future is known as

1. Reserve
2. Capital a/c
3. Depreciation a/c
4. Cash in hand

98. The right may be enjoyed throughout the period of lease agreement is called

1. Restricted
2. Unrestricted
3. Dead rent
4. Fixed rent

99. What is the two type of recouping of short working  

1. Restricted and unrestricted
2. Sales and output
3. Dead rent and fixed rent
4. None of these

100. Return  of goods to supplier which are defective called

1. Return outwards/purchases returns
2. Sales return
3. Outstanding return
4. None of these.

101. Which of the following are not current asset  

1. Salary paid in advance
2. Inventory
3. Preliminary expense
4. Temporary investment

102. Branches are opened to increase

1. Sales
2. Purchases
3. Both sales and purchase
4. None of these

103. Who denotes goods bought for sale

1. Sales  
2. Purchases
3. Expenses
4. None of these.

104. Excess of minimum rent over actual royalty is termed as

1. Short working
2. Royalty suspense
3. Deadrent
4.  Fixed Rent

105. Capital investments for the branches are made by

1. State office
2. Central office
3. Head office
4. None of these.