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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. The Periodical total of the Sales Return Book is posted to the
2. If opening capital is Rs.5,000; closing capital - Rs.7,000; drawings - Rs.1,000 and additional capital introduced during the year is Rs.500; then, the amount of profit made would amounted to
3. Which of the following accounts appear(s) in the Balance Sheet of a business? i. Stock at the end of the financial year ii. Stock at the beginning of the financial year iii. Drawings iv. Prepaid Rent v. Interest received but not yet earned
4. Which of the following methods is not a practical way of realizing revenue?
5. While finalizing the current year‘s accounts, the company realized that an error was made in the calculation of closing stock of the previous year. In the previous year, closing stock was valued more by ` 50,000. As a result
6. In single entry two-fold aspect of transaction are not recorded, so it is:
7. Which of the following entries is correct in respect of reserve for discounts on accounts payable?
8. Bank shows the provision for income tax under the head
9. A new company set up by existing companies with five year track record can issue share at premium provided:
10. Survey expenses for marine insurance claim must be
11. Under estimation of useful life of a depreciable asset will lead to —
12. The share of profit a shareholder will receive is called:
13. Which of the following is true?
14. Two primary qualitative characteristics of Financial Statements are —
15. The amount of Entrance Fees received regularly by a Not-for Profit Organisation is shown in which of the following:
16. Sudhir of Simla consigned 100kg of vegetables to D of Delhi for ` 1500. He spent ` 75 on transportation. 10kg were found unfit for resale due to weather conditions and of the remaining 85 kg were sold for ` 1675. Find the value of closing stock.
17. Ground rent or surface rent means
18. Mr. X has underwritten 40,000 Shares, but the public applied for 50,000 shares. Therefore, Mr. B will get commission on the issue price of
19. Which of the following items will affect the flow of funds?
20. A consignor is entitled to ——————
21. In case a trail balance does not agree the difference is put to
22. The purpose of final accounts is to ascertain. …
23. Raw material and components purchased and used at the time of installation of new Plant and Machinery will be debited to
24. Professional bodies of how many countries founded IASC in 1973
25. Tick the correct statement

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