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Financial and Management Accounting - Financial and Management Accounting Multiple Choice Questions

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1:  
Identify the item which is not an operating expense
A.

Advertising expenses
B.

General management salaries
C.

Depreciation of office equipment
D.

Loss on sale of motor car
 
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Option: D

Explanation :

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2:  
Assertion (A). There is no error, when the totals of the debit side and the credit side of the Trial Balance are equal.
Reason (R). Trial Balance is a two-column statement showing names and balances of all the accounts in the order in which they appear in the ledger.
A.
Both A and R are true and R is the correct explanation of A.
B.
Both A and R are true but R is not a correct explanation of A.
C.

A is true but R is false
D.

A is false but R is true.
 
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Option: D

Explanation :

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3:  
Match List-I with List-II and select the correct answer using the codes given below the lists:
      List-I                                                            List-II
a. Net loss from operations                   I. Source of funds
b. Changes in working capital              II. Drain on working capital
c. Depreciation                                       III. Flow of funds
d. Issue of fully paid bonus shares    IV. Neither source nor application of funds.
A.

a    b     c     d

III    II     I      IV
B.

a    b     c     d

II    III     IV    I
C.

a    b     c     d

II    III     I      IV
D.

a    b     c     d

III    II     IV   I
 
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Option: C

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4:  
Match List I (Provision of partnership act) with List II (Matters with which the provision are released) and select the correct answer using the codes given below the lists:
       List - I                                                                             List - II
1. lnterest must be allowed @ 6% p.a.                     (a) Drawings of partners
2. No interest shall be allowed                                   (b) Net loss of the firm for an accounting year.
3. No interest shall be charged                                  (c)  Capitals contributed by the partners.
4. Must be shared equally by all the partners          (d)  Loan given by a partner to the firm
     unless otherwise agreed.
A.

1- a, 2 - c, 3 - b, 4 - d
B.

1- d, 2 - c,3 - b, 4- a
C.

1- c, 2 - b, 3 - d, 4 - a
D.

1 - d, 2 - c, 3 - a, 4 - b
 
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Option: D

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5:  
Assertion (A). Under diminishing balance method of depreciation, the charge for depreciation keeps on diminishing year after year in all subsequent years.
Reason (R). Under diminishing balance method, the rate per cent at which depreciation is written off goes on diminishing from year to year.
A.
Both A and R are true and R is the correct explanation of A.
B.
Both A and R are true but R is not a correct explanation of A.
C.

A is true but R is false
D.

A is false but R is true.
 
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Option: C

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  • These objective type questions answers can be used to gain a credit score in various undergraduate and post graduate commerce courses like B com and Mcom
  • These questions answers can be used in the preparation of ugc net exams.
  • These questions can be downloaded as Financial and management  accounting online study material pdf.
  • This section can be used for the preparation of quizzes by any commerce student.
  • This section can also be used by commerce students for improving their knowledge in Financial and management accounting
  • These mcq can also be used by any student of XI or XII standard who has opted to study commerce to increase his knowledge.

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