Financial Accounting MCQ Quiz in தமிழ் - Objective Question with Answer for Financial Accounting - இலவச PDF ஐப் பதிவிறக்கவும்
Last updated on Mar 9, 2025
Latest Financial Accounting MCQ Objective Questions
Top Financial Accounting MCQ Objective Questions
Financial Accounting Question 1:
A company pays $5,000 cash to settle a liability that had previously been recorded at $4,800. The excess $200 is due to a late payment penalty. What is the correct double-entry?
Answer (Detailed Solution Below)
Financial Accounting Question 1 Detailed Solution
The correct option is option 2
Additional Information:
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The company owed $4,800 (Payables), so debit Payables $4,800.
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The penalty of $200 is an expense, so debit Penalty Expense $200.
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Credit Cash $5,000 for the total payment.
Financial Accounting Question 2:
Which of the following is the correct effect of a business transaction that involves borrowing $10,000 from a bank?
Answer (Detailed Solution Below)
Financial Accounting Question 2 Detailed Solution
The correct option is option 3
Additional Information:
- Cash (asset) increases, and so does the loan (liability).
- The business gets cash and owes the bank.
Financial Accounting Question 3:
A customer returns goods previously bought on credit. Which journal is used?
Answer (Detailed Solution Below)
Financial Accounting Question 3 Detailed Solution
The correct option is option 2
Additional Information:
- Customer returns are recorded in the returns inwards (sales returns) journal.
- It reduces revenue and trade receivables.
Financial Accounting Question 4:
Which of the following is not a source document?
Answer (Detailed Solution Below)
Financial Accounting Question 4 Detailed Solution
The correct option is option 2
Additional Information:
- The trial balance is a report, not a transaction document.
- It summarizes ledger balances; it doesn’t originate a transaction.
Financial Accounting Question 5:
Which of the following would be recorded in the sales journal?
Answer (Detailed Solution Below)
Financial Accounting Question 5 Detailed Solution
The correct option is option 3
Additional Information:
- The sales journal records credit sales of inventory.
- Only credit sales of trading stock go here.
Financial Accounting Question 6:
Which of the following is an example of a cash transaction?
Answer (Detailed Solution Below)
Financial Accounting Question 6 Detailed Solution
The correct option is option 2
Additional Information:
- Cash transactions include payments through bank, cash, or immediate settlement.
- Bank transfers are considered immediate payment (cash transaction).
Financial Accounting Question 7:
Which of the following best describes ‘accruals’ in financial accounting
Answer (Detailed Solution Below)
Financial Accounting Question 7 Detailed Solution
The correct option is option 2
Additional information:
- Accruals recognize expenses when incurred, even if unpaid.
Financial Accounting Question 8:
Which of the following is classified as a non-current asset?
Answer (Detailed Solution Below)
Financial Accounting Question 8 Detailed Solution
The correct option is option 3
Additional Information:
- Land and buildings are held for long-term use, making them non-current assets.
Financial Accounting Question 9:
What is the purpose of the ACCA Ethics and Professional Skills Module?
Answer (Detailed Solution Below)
Financial Accounting Question 9 Detailed Solution
The correct option is option 3
Addiitonal Information:
EPSM helps with:
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Ethical judgment
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Leadership
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Communication
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Commercial awareness
Financial Accounting Question 10:
What is one of the key benefits of the ACCA qualification?
Answer (Detailed Solution Below)
Financial Accounting Question 10 Detailed Solution
The correct option is option 3
Additional Information:
The ACCA designation is recognized worldwide in fields like:
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Accounting
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Audit
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Tax
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Finance
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Management