FYBCOM Financial Accounting MCQ with Answers pdf | Mumbai University 2022


FYBCOM Financial Accounting MCQ with Answers pdf | Mumbai University 2022

FYBCOM Financial Accounting MCQ with Answers PDF

In this articles we are providing FYBCOM Financial Accounting MCQ with Answers pdf. Its very important to learn and understand for online exam for FYBCOM Financial Accounting MCQ with Answers pdf. FYBCOM Financial Accounting MCQ with Answers semester 1. We are providing more than 150+ MCQ with answers of FYBCOM Financial Accounting.
FYBCOM Commerce MCQ PDF with Answers

  1. On Hire Purchase the ownership is transferred on payment of _____ instalment.
  2. The seller gets the right to take back _____ of goods in case of default in payment.
  3. Initial amount paid on signing the agreement is called _____ _____.
  4. Possession of goods is transferred on _____ the agreement.
  5. The buyer of goods on H.P. basis is _____.
  6. The seller of goods on H.P. is _____ _____.
  7. _____ _____ is the price at which goods are purchased today for full payment.
  8. Excess of H.P. price over cash price is _____.
  9. Depreciation is charged at a certain rate on _____ _____ of the asset.
  10. _____ _____ is initial payment.
  11. Hire purchase price includes _____ and _____.
  12. Depreciation is provided on _____ _____.
  13. _____ _____ _____ method is known as credit purchase method.
  14. Hire purchase price = _____ _____.
  15. In hire purchase ownership is transferred on payment of _____ _____.
  16. Generally _____ items are sold on hire purchase basis.
  17. Hire purchase price is _____ than cash price.
  18. Interest = Hire purchase price – _____ _____.
  19. Cash price method is known as _____ _____ method.
  20. Under hire purchase agreement interest is charged on _____ cash price.

[Answers: (1)Last, (2)Possession, (3)Down Payment, (4) Signing, (5)Hirer, (6)Hire vendor, (7)Cash Price, (8) Interest, (9) Cash Price, (10) Down Payment, (11) Cash Price, Interest, (12) Cash Price, (13) Cash Price, (14) Cash Price, Interest, (15) Last Instalment, (16) Costly, (17) Higher, (18) Cash Price, (19) Asset Accrual Method, (20) Outstanding]


  1. If standards are not followed, the _____ has to make a disclosure in the accounting report in case of failure.
  2. The _____ statements are prepared from the books of accounts and other records maintained by the enterprise.
  3. There is _____ to establish accounting standards.
  4. There is need of _____ to accounts.
  5. There is need to _____ change in accounting policies
  6. Depreciation can be calculated either by ____ line method or _____ value methods.
  7. Inventories may be valued by the _____ methods.
  8. It is difficult to follow a _____ accounting policy in all the circumstances.
  9. AS _____ deals with disclosure of accounting policies.
  10. AS 1 is _____.
  11. Materiality has to be considered in selection of _____ _____.
  12. Compliance of Accounting Standard is _____.
  13. Disclosure of Accounting Policies should form part of _____ _____.
  14. Different firms follow _____ policies.
  15. _____ _____ are laid down by law.
  16. Accounting policies are not _____ for all organizations.
  17. Accounts must be prepared as per _____.
  18. Accounting standards are issued by _____.
  19. Standardization of accounting policies is necessary to ensure.

[Answers: (1)auditor, (2)financial, (3)need, (4) notes, (5) disclose, (6) straight, written down, (7) different, (8) uniform, (9) AS 1, (10) Mandatory, (11) Accounting Policies, (12) Mandatory, (13) Final Accounts, (14) Different, (15) Accounting Standards, (16) Same, (17) Law, (18) ICAI, (19) Consistency]


FYBCOM Financial Accounting MCQ with Answers pdf

  1. _____ Accounts show department wise profit / loss.
  2. Freight outward is allocated on the basis of _____ of each department.
  3. Carriage inward is allocated on the basis of _____ of each department.
  4. Staff welfare expenses are allocated on the basis of _____ _____ _____ of departments.
  5. Cost of H.R. Department is allocated on the basis of _____ _____ _____ .
  6. Rent, rates and taxes are allocated on the basis of _____ of each department.
  7. Freight inward is allocated on the basis of _____.
  8. Freight outward is allocated on the basis of _____.
  9. Rent is allocated on the basis of _____.
  10. Expenses regarding purchases are allocated on the basis of _____.
  11. Expenses traceable with the departments are called _____.
  12. Departmental Net Profit is transferred to _____.
  13. Depreciation is allocated on the basis of _____ _____.
  14. Welfare expenses are allocated on the basis of _____ _____.
  15. Departmental expenses may be _____ or _____.

[Answers: (1)Departmental, (2)sales, (3)purchases, (4)number of workers, (5)number of workers, (6)area, (7)Purchases, (8)Sales, (9)Area, (10)Purchases, (11)Direct Expenses, (12)General P & L A/c, (13)Asset Value, (14)Employees, (15)Direct or Indirect]


  1. Inventories are valued at _____ of cost and net realisable value.
  2. Inventory consists of finished goods held for sale in the _____ course of business.
  3. Inventories do _____ include machinery.
  4. Inventories are defined as _____ (AS–2 (Revise)).
  5. As per AS–2 (Revised) ____ approach for costing inventories has been eliminated.
  6. By-products, wastes and spares are to be valued at net realizable price if their value is not _____.
  7. AS–2 (Revised) is applicable to _____ enterprise.
  8. Main product is the target product of _____ value.
  9. AS–2 is not applicable to _____ _____.
  10. Overvaluation of stock _____ profits.
  11. Undervaluation of stock _____ profits.
  12. _____ method is recognized by AS–2.
  13. Inventory should be valued at cost or M.V. whichever is _____.

[Answers: (1)lower, (2)ordinary, (3)not, (4) asset, (5) Direct, costing, (6) material, (7) all, (8) significant, (9) Mineral Oils, (10) Inflates, (11) Deflates, (12) FIFO, (13) Less]


FYBCOM Financial Accounting MCQ with Answers pdf

  1. Carriage inward is shown in _____ Account.
  2. Factory expenses are shown in _____ Account.
  3. Net profit is _____ to capital.
  4. Net loss is _____ from capital.
  5. Closing stock appearing in the Trial Balance is shown in _____.
  6. Gross profit is transferred to _____ Account.
  7. Prepaid insurance is shown on _____ side of the Balance Sheet.
  8. Interest on capital is debited to _____ Account.
  9. Interest on drawings is credited to _____ Account.
  10. Unwritten off deferred revenue expenses are shown in the Balance Sheet on _____ side.
  11. Salary payable is shown in the Balance Sheet on _____ side.
  12. Income receivable is shown in the Balance Sheet on _____ side.
  13. All indirect expenses are debited to _____ Account.
  14. Drawings are debited to _____ Account.
  15. Drawings Account shows _____ balance.
  16. Interest on investment is shown on credit side of _____ Account.
  17. Goodwill is not a _____ asset.
  18. Bank overdraft is a _____.
  19. Carriage inward is shown in _____ A/c.
  20. Carriage outward is shown in _____ A/c.
  21. Net loss is transferred to _____ A/c.
  22. Gross profit is transferred to _____ A/c.
  23. Prepaid expenses are shown in balance sheet on _____ side.
  24. Interest accrued on investment is shown in balance sheet on _____ side.
  25. Salary payable is shown in balance sheet on _____ side.
  26. Goods distributed as free sample are credited to _____ A/c.

[Answers: (1)Trading, (2)Trading, (3) added, (4) deducted, (5) Balance Sheet, (6) Profit & Loss Account, (7) asset, (8) Profit & Loss, (9) Profit & Loss, (10) asset, (11) liability, (12) asset, (13) Profit & Loss, (14) Capital, (15) debit, (16) Profit & Loss, (17) fictitious, (18) liability, (19) Trading A/c, (20) P & L A/c, (21) Capital A/c, (22) P & L A/c, (23) Assets, (24) Assets, (25) Liability, (26) Trading]


FYBCOM Financial Accounting MCQ with Answers pdf

  1. AS–9 is applicable to _____ enterprises.
  2. AS–9 explains when the _____ should be recognised in the Profit & Loss Account.
  3. As per AS–9 revenue from sale of goods is recognised when the seller _____ the goods to the buyer for a _____.
  4. Installation fees are recognised as revenue when the installation is _____ and its is _____ by the client.
  5. The buyer requests delayed delivery although he purchases the _____, takes the _____, and accepts billing, in this case the sale is complete.
  6. Revenue should be recognised when goods are installed at the buyer’s place to his _____ and goods are inspected and _____ by the buyer.

[Answers: (1) all, (2) revenue, (3) transfers, consideration, (4)completed, accepted, (5) goods, title, (6) satisfaction, accepted]


FYBCOM Financial Accounting MCQ with Answers pdf

  1. _____ expenditure is recurring.
  2. _____ expenditure is non-recurring.
  3. _____ expenditure is shown in the Balance Sheet on asset side.
  4. _____ expenditure is shown in Profit & Loss Account.
  5. _____ receipts are shown as income in Profit & Loss Account.
  6. _____ receipts are shown in Balance Sheet.
  7. _____ is expenditure on asset held for generation of interest / dividend.
  8. _____ expenditure does not give any future benefits.
  9. Wages paid for installation of machinery is a _____ expenditure.
  10. Carriage on purchase of furniture is _____ expenditure.
  11. Repairs of machinery is a _____ expenditure.
  12. Payment of penalty is a _____ expenditure.
  13. Documentation charges regarding purchase of building is a _____ expenditure.
  14. Depreciation is _____ in nature.
  15. Advertising is a _____ expenditure.
  16. Demolition cost of old building is a _____ _____ _____ .
  17. Overhauling of machinery is a _____ expenditure.
  18. Amount received on sale of goods is a _____ receipt.
  19. Commission received is a _____ receipt.
  20. Heavy legal expenses are _____ _____ _____ .
  21. Bad debt recovery is a _____ receipt.

[Answers: (1) Revenue, (2) Capital, (3) Capital, (4) Revenue, (5) Revenue, (6) Capital, (7) Investment, (8) Revenue, (9) capital, (10) capital, (11) revenue, (12) revenue, (13) capital, (14) revenue, (15) revenue, (16) deferred revenue expenditure, (17) revenue, (18) revenue, (19) revenue, (20) deferred revenue expenses, (21) revenue]


FYBCOM Financial Accounting MCQ with Answers pdf

  1. _____ method assumes that stock received first is issued first.
  2. _____ method assumes that stock received last is issued first.
  3. In _____ method, stock is valued at oldest rate.
  4. In _____ method, stock is valued at current rate.
  5. In _____ method, stock is over valued when the prices are rising.
  6. _____ method is suitable for perishable goods.
  7. _____ method is applied when the lots of goods are not identifiable.
  8. In _____ method, Balance Sheet shows current cost of stock.
  9. Under _____ inventory system, stock is valued by physical stock taking.
  10. Under _____ inventory system, stock is valued on the basis of stores ledger.
  11. Under _____ method, fluctuations in prices are overcome.
  12. AS–2 recognises _____ and _____ Methods.
  13. Under _____ method it is assumed that stock received first is issued first.
  14. Under _____ method stock is valued at oldest rate.
  15. Under _____ method closing inventory is valued at latest rate.
  16. In valuation of inventory _____ concept is followed.
  17. _____ method is recognised by AS 2.
  18. _____ method is not recognised by AS 2.
  19. Under _____ method balance sheet does not show stock at current price.
  20. Under _____ stock taking stock is valued periodically.
  21. Under _____ method stock is valued after every transaction.
  22. _____ _____ _____ is followed when there are fluctuations in prices.
  23. Under _____ method lots of stock should be identified.

[Answers: (1) FIFO, (2) LIFO, (3) LIFO, (4) FIFO, (5) FIFO, (6) FIFO, (7) Weighted Average, (8) FIFO, (9) Periodic, (10) Perpetual, (11) Weighted Average, (12) FIFO ; Weighted Average, (13) FIFO, (14) LIFO, (15) FIFO, (16) Realisation, (17) FIFO, (18) LIFO, (19) Perpetual, (20) Physical, (21) FIFO, (22) WAM, (23) FIFO]


FYBCOM Financial Accounting MCQ with Answers pdf

FYBCOM Financial Accounting MCQ with Answers pdf, fybcom financial accounting mcq sem 1, F.Y.B.COM ACCOUNTING AND FINANCIAL MANAGEMENT MCQ, ACCOUNTING AND FINANCIAL MANAGEMENT MCQ PDF

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