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Financial Accounting Practice Test Questions
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Avg score: 26% • Most missed: “Under single entry system , drawings is _____ to know gross profit”

Financial accounting is a branch of accounting concerned with the summary, analysis and reporting of financial transactions related to a business. This involves the preparation of financial statements available for public use. (source: Wikipedia)

Most businesses use four primary types of financial statement: the balance sheet, the income statement, the statement of cash flow, and the statement of retained earnings.

Note: The 3 types of accounting are cost, managerial, and financial accounting. ​​ 

Financial Accounting Practice Test Questions
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25 Questions

1. Mines, quarries etc are
2. Which of the following is not a main column of sales or return journal?
3. —————— is also known as Appraisal system of depreciation
4. Opening stock Rs.10,000 Sales Rs.40,000 Purchases Rs.30,000 Gross profit on sales 20% From the above figures, the amount of closing stock can be valued at
5. Which of the following statements is/are true?
6. Trade discount allowed at the time of Sale of goods.
7. Endowment fund receipt is traded as-
8. Which of the following factors are primarily considered to determine the economic life of an asset?
9. When bill discounted with the bank is dishonoured?
10. Which of the term is used to write off in reference to tangible fixed assets.
11. Donation received for a special purpose:
12. The system of keeping incomplete record is known as
13. A sends goods costing ` 1,00,000 on consignment to yield a profit of 20% on cost. What is the invoice price
14. Which of the following book is both a journal and a ledger?
15. Single entry system of accounts is maintained by ______
16. Amount paid to Gagan posted to the credit side of his account would affect
17. Which of the following accounting treatments is/are true in respect of accrued commission appearing on the debit side of a Trial Balance?
18. Bank shows the provision for income tax under the head
19. The stock is valued at
20. The consignor is:
21. Which of the following is not depreciated
22. Under single entry system details of
23. Rules of revenue recognition determine that earning process should be either complete or near completion under:
24. Which of these is an example of accelerate method of depreciation
25. The portion of the acquisition cost of the asset yet to be allocated is known as

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