MCQs for finance Accounts Assistant exam

Comment your answers in the comment box and match with the ones given at the end of this post. 

1. Receipts and Payments Account is a summary of :
(a) Debit and Credit balances of Ledger Account
(b) Cash Receipts and Payments
(c) Incomes and Expenses

(d) Balances of Assets and Liabilities 

2. Premium on Redemption of Debenture Account is a
(a) Real Account 
(b) Nominal Account 
(c) Personal Account

(d) None of these

3. Income and Expenditure Account shows :

(a) Cash in hand 

(b) Surplus or Deficiency

(c) Capital Account 

(d) None of these

4. Donation received for special purpose is a:

(a) Liability 

(b) Revenue Receipt

(c) Capital Receipt 

(d) None of these 

5. Subscription received in advance during the current year is :

(a) An income 

(b) An asset

(c) A liability 

(d) None of these

6. Goodwill is a ___________ Asset.

(a) Tangible 

(b) Intangible

(c) Not an asset 

(d) None of these

7. Receipts and Payments Account is a:

(A) Personal Account

(B) Real Account

(C) Nominal Account

(D) Real and Nominal Account, both

8. Donations received for special purpose should be

(a) Credited to a separate fund account and shown in the Balance Sheet

(b) Treated as revenue

(c) treated as revenue unless the amount is large

(d) Not recorded at all

9 Amount received from the sale of old furniture by a club is treated as:

(a) Revenue Receipt

(b) Capital Receipt

(c) Asset

(d) liability

10. On What basis receipts and payments account is made

(a) Cash basis

(b) Accrual basis

(c) Both Cash & Accrual basis

(d) None of the above

Answers:

1. Ans. (b) Cash Receipts and Payments

2.Ans. c) Personal Account

3. Ans. (b) Surplus or Deficiency

4. Ans. (c) Capital Receipt

5.Ans. (c) A liability

6. Ans. (b) Intangible

7. Answer: (B) Real Account

8. Ans. a) Credited to a separate fund account and shown in the Balance Sheet

9. Ans. (b) Capital Receipt

10. Ans. (a) Cash basis

Share