Financial Accounting in Business Management : Practice MCQ Questions & Answers with Explanations

What is prepared at the end of the period to show the financial position of business

Abnormal loss account should be transferred to

It is a system of finding out the profit made by a head office at a branch by preparing an accountcalled---------------------

Trading account show ------------------- incomes and losses

Balance sheet is known as ----------------- statement

Outstanding expenses are those expenses which have became---------during the accounting year.

The agreement between business house and the owner of the right is called

Minning royalty and patent royalty are payable on the basis of

What is the equation of gross profit

Value of goods remaining at the end of a period

What are the two types of losses of goods.

Which type of account are entered in profit & loss a/c

Which type of account is entered in balance sheet

What type royalty to payable on the basis of sale

The person to whom the goods are sent for sale on commission basis is calle

In which principal we say that if depreciation is charged on fixed installment basis it should beDone year after year

What is the gross decrease in the assets or gross increase in liabilities.

Which of these is accounting equation?

Which are the two persons in lease agreement

Who is the person tends the ownership right of property