Financial Accounting

Financial Accounting

University

15 Qs

quiz-placeholder

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Financial Accounting

Financial Accounting

Assessment

Quiz

Professional Development

University

Hard

Created by

Deepa Hegde

Used 501+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Insurance Claim Received on account of plant and machinery completely damaged by fire is a capital receipt

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Accrual Concept implies accounting on cash basis

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Partners can share profits or losses in their capital ratio, when there is no agreement

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Receipts and Payments Account highlights total income and expenditure

True

False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Outstanding Wages A/c is a Personal Account

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Bad Debts A/c is a Nominal Account

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the Double Entry System, every business transaction affects the same side of two accounts

True

False

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