FIN611 - Advanced Financial Accounting

All MCQs Tests - VU FIN611 - Advanced Financial Accounting

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Subject	FIN611 - Advanced Financial Accounting			Chapter / Term	All MCQs
Quiz No	1	Total Time	10 Minute(s)	No. of Questions	10 Question(s)

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Chapter / Term

Time

Question(s)

Q1

Question 1: Under single entry system, which of the following is prepared in order to have an idea about the financial position on a particular date?

Balance sheet

Statement of equity

Statement of affairs

Profit and loss account

Q2

Question 2: If the owners's equity and liabilities of the business ABC are worth Rs. 70,000 and Rs. 19,000 respectively then the Total Assets consist of:

Rs.60,000

Rs.89,000

Rs.41,000

Rs.19,000

Q3

Question 3: All of the following can be the key characteristics of a non-profit organization; EXCEPT:

Multiple stakeholders

Revenue orientation

Welfare orientation

Fund generation and utilization

Q4

Question 4: Which of the following is NOT a capital receipt?

Receipt from sale of fixed assets

Receipt of commission

Receipt of bank loan (Long-term)

Receipt of owners' equity

Q5

Question 5: Under the net worth method of single entry the Net profit is equal to:

Closing capital - Opening Capital

Opening Capital - Closing capital

Opening Capital + Closing capital

Total Assets + Total Liabilities

Q6

Question 6: Which of the following is used to extract the opening balance of fixed assets in single entry system?

Debtors account

Cash account

Statement of affairs

Assets account

Q7

Question 7: The debit side of the Branch stock account indicates:

Inflow of cash

Outflow of cash

Inflow of stock

Outflow of stock

Q8

Question 8: Mr. Asghar introduces the opening capital of Rs. 6,500 in the business and further capital of Rs. 3,000 during the year. His capital at the end of the year is Rs.11,000. What will be the profit for Mr. Asghar?

Rs.1,500

Rs.4,500

Rs.7,000

Rs.20,500

Q9

Question 9: Which of the following account will be credited in the books of head, when it allocates a part of its own expense to the branch?

Branch Account

Expense Account

Profit And Loss Account

Cash account

Q10

Question 10: Income & Expenditure account shows subscriptions for the year at Rs. 3,000. It is further given that Subscriptions to the extent of Rs. 500 were outstanding for the current year, the amount to be shown on the debit side of the Receipts & Payments Account will be:

Rs. 2,500

Rs. 3,000

Rs. 3,500

Rs. 500