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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. Which of the following is/are feature/features of Income and Expenditure Account?
2. The closing balance of a petty cash book is a / an —
3. The document listing the latest balances of all Real and Personal A/c in the ledger on a given date is known as —
4. The convention of conservatism is applicable ___________________
5. All revenue receipts and expenditure are shown in –
6. X draws a Bill of Exchange on Y for ` 10,000 on 1-1-2013 for 3 months. The due date of the bill will be —
7. Which of these errors affect only one account
8. By what rate the balance of head office account is converted in foreign branch
9. Income tax authorities recognize this method ___
10. Which of the following is not a method of charging depreciation?
11. Income statement of a Charitable Institution is known as
12. Insurance prepaid is shown as
13. A company can issue sweat-equity shares to:
14. Which of these accounts are not opened in a joint venture:
15. Bank Reconciliation Statement is:
16. When commission is due underwriter A/c is
17. Del – credere commission is calculated on:
18. If an employee of the business files a legal suit on business, it is considered in the books as
19. From the following details what will be the partners‘ commission? Net profit before charging partners‘ commission `65,000. Partners‘ commission 11% before charging such commission
20. The liabilities that are payable in more than a year and are not be liquidated from current assets
21. In the funds flow statement, item of preliminary expenses written off during the year is:
22. Under single entry system details of
23. Cash from Operating activities will decrease due to :
24. Which of the following is an example of Capital Expenditure?
25. Prepaid expenses appearing in trial balance will appear in _____

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