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Financial Accounting Practice Test Questions
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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. Business expenses excludes…
2. The excess of assets over liabilities in non-trading concerns is treated as—
3. In the course of preparing a company’s cash flow statement, the following figures are to be included in the calculation of net cash from operating activities:
Depreciation charges Rs.9,80,000 Profit on sale of non-current assets Rs.40,000
Increase in inventories Rs.1,30,000 Decrease in receivables Rs.1,00,000
Increase in payables Rs.80,000
What will be the net effect of these items in the cash flow statement?
4. For depreciation on fixed assets, whose accounts are maintained by the head office, the head office
5. Which of the following is (are) characteristic(s) of Bad Debt?
6. Which of the following transactions does not decrease cash?
7. Which of these is not a Business expense-
8. Joint venture account is in the nature of
9. From the following details estimate the capital as on 1.1.2012, Capital as on 31.12.2012 ` 2,40,000, drawing ` 20,000, Profit during the year ` 25,000
10. Provision is created for —
11. The periodic total of sales day book is posted to —
12. The Balance Sheet gives information regarding the
13. Memorandum Joint Venture Account is prepared when
14. The interest lost on the acquisition of an asset is taken into account in calculating depreciation in:
15. Which of the following is not a reason that explains why more firms are reporting on social matters?
16. Which of the company’s capital is not shown in balance sheet?
17. The commission given by consignor to the consignee for taking additional risks of recovery of debts on account of sales made on credit is known as ________.
18. AB are two partners in a firm, as per the terms of agreement partners drawing will carry interest @ 10%. If A has drawn funds from business as per the details given below. Find the interest for the year ended 31.12.2012 01.04.2012 ` 20,000 01.06.2012 ` 10,000 01.09.2012 ` 20,000
19. Joint Venture with…………..(another co-venturer) A/c is a ——
20. Which of the following is not a feature of Trial Balance
21. Remuneration to investigator upon investigation of the affairs of company is treated as
22. Single entry can be adopted by :
23. 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.
24. If Building (closing) Rs.100,000, Land (opening) Rs. 100,000, Creditors (opening) Rs.10,000 then opening capital:
25. Recent developments have made much of a company‘s inventory obsolete. This obsolete inventory should be

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