Business Studies MCQ Quiz Hub

Financial Accounting MCQ Part – 3

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1. Total creditors account is prepared to find out _______




2. A bills receivable account is prepared to ascertain bills _______




3. A bills payable account is prepared to ascertain bills __________




4. Bills receivable dishonored will be posted to _______ side of debtors account




5. Bills receivable dishonored will be posted in ___________




6. Bills payable dishonoured will be posted in which side of bills payable account?




7. Opening balance of debtors will be posted in which side of debtors account?




8. Closing balance of creditors will be posted in which side of creditors account?




9. Opening balance of creditors will be posted in which side of creditors account?




10. Cash account opening balance will appear in _______




11. Cash account closing balance will appear in __________




12. Bills payable account opening balance will appear in ____________




13. Bills payable account closing balance will appear in ____________




14. Bills receivable account opening balance will appear in _________




15. An agreement of hiring with option to buy is ____________




16. Under which system ownership is transferred on payment of final installment?




17. Under which system ownership is transferred on signing of the agreement? Installment system




18. Under hire purchase system the buyer is called _________




19. Under hire purchase system the seller is called _________




20. Under hire purchase system the relationship of hirer and hire vendor is ______




21. Under installment system the relationship between the buyer and seller is that of a _________




22. Under hire purchase system the risk of loss is borne by ____________




23. Under installment system the risk of loss is borne by ________




24. Under hire purchase system who has the right of sell __________




25. Under hire purchase system if installment is not paid the hire vendor has right to ___________




26. Under hire purchase system the agreement can be _________




27. Hire purchase system is governed by ___________




28. Installment system is governed by __________ Properties Registration Act




29. Under hire purchase system the retail price of the articles is called ________




30. Cash price plus interest is _________




31. The advance amount under hire purchase system is called __________




32. Under hire purchase system each installment is treated as __________




33. Under hire purchase system interest is calculated on _______




34. If the hire purchaser fails to make payment of any installment it is called _______




35. If the hire vendor may take away all the goods on which there is default of installment it is called ____________




36. The hire vendor takes away only a portion of the goods on which there is default of Installments it is called _________




37. In the books of hirer for payment of down payment hire vendor account will be _______




38. In the books of hirer for payment of installment hire vendor account will be ___________




39. In the books of hirer for interest due at the end of the year hire vendor account will be _______




40. In the books of Hirer the interest and depreciation account will be transferred to ______




41. In the books of hirer when the asset is repossessed hire vendor account will be ______




42. In the books of hirer when the asset is repossessed asset account will be ______




43. In the books of hire vendor which account will be debited for hire sales _______




44. What is depreciation?




45. A company purchased a vehicle for $6000 I will be used for 5 years and its residual value is expected to be Rs1000 What is the annual amount of deprecation using straight line method of depreciation?




46. What is the accumulated deprecation? Sum of all depreciation expenses of a fixed asset




47. A fixed asset was bought for Rs5000 Its accumulated depreciation is Rs3000 and rate of depreciation is 20% Calculate its depreciation expenses for the current accounting period using reducing balance method?




48. Revenue Reserve does not include __________




49. In single entry system of accounting ___________




50. Statement of financial position produced from incomplete accounting record is commonly known as ____________




51. Miroeonomi theory is lso known s ��




52. Whih will use hnge in the emn for goo X?




53. Which of the following techniques uses variables such as price and promotional expenditures which are related to the product demand to predict demand




54. Time-series data may exhibit which of the following behaviours?




55. Gradual long term movement in time series data is called ���




56. Which of the following is not present in a time series?




57. In sample survey method �� technique is adopted




58. car and petrol are �- goods




59. Tea and coffee are �� goods




60. In cross elasticity of demand for unrelated goods the demand curve will be��-




61. The total outlay method explains the relationship between price and ��A




62. Supply is a function of ��




63. The supply of a product does not depend on ��-




64. Passive factor of production is ��-




65. Reasons for increasing return in stage I of law of variable proportion is ���




66. �� Economics views on reducing the production costs




67. Which of the following are not related to factors of production(FOP)




68. Which factor of production is considered as fixed input




69. �- is the remuneration for organisation




70. �- input factor is divided as skilled semiskilled unskilled




71. In the Law of variable proportion when TP is maximum then the MP = ��




72. Cobb Douglas production function mainly studies ���




73. Marginal cost is defined as




74. Which of the following is correct?




75. The cost with which the concept of marginal cost is closely related




76. �� costs are business costs which do not involve any cash payments but for them a provision is made in accounts




77. The vertical difference between TVC and TC is equal to ��




78. The costs that depend on output in the short run are ��-




79. Inthe short run as economists use the phrase is characterised by ��-




80. A graph showing all the combination of capital and labour available for a given total cost is the ��-




81. The formula for average fixed costs is ���-




82. Implicit costs are ��-




83. The short run is a time period in which ��-




84. When the total product curve is falling ���-




85. Variable costs are ��������




86. Money paid to an unskilled labour is called �����




87. Marginal cost curve cuts the average cost curve �����




88. An LAC curve is not known as �����




89. Marginal cost means ��������




90. What are homogenous products?




91. A distinguishing characteristic of monopolistic competition is ������




92. If firms can neither enter nor leave an industry the relevant time period is the ���




93. Imperfect competition was introduced by ����-




94. In case of monopoly a firm in the long run can have �����




95. In perfect competition equilibrium is attained when ������




96. kinked demand curve is associated with ������




97. The upper portion of the kinked demand curve is relatively �����




98. Concentration of monopoly is implemented under ������




99. Cartel is a part of ������