Financial Accounting Multiple Choice Questions (MCQs) Test with Answers.
Financial Accounting MCQs
31. The withdrawal of inventory by the owner for personal use should appear in the trading account as a deduction from
(D) none of these
32. A company had opening inventory of $200,000. Sales and purchases during the period were of $400,000 and $80,000 respectively. What is the gross profit for the period if the closing inventory was worth $100,000?
33. Which from the following costs are included in conversion costs?
(A) Carriage in
(B) Carriage outwards
(C) Commission of selling staff
(D) Supervisor’s wages
34. Goods which originally cost $800 were sold for $1,000. In the accounting equation Net Assets will?
(A) Rise by $1,000
(B) Rise by $200
(C) Fall by $1,000
(D) Fall by $200
35. A debit entry usually represents
(A) Assets and Expenses
(B) Assets and Income
(C) Liabilities and Income
(D) Liabilities and Expenses
ANSWERS: FINANCIAL ACCOUNTING MCQS
31. (B) purchases
32. (C) $220,000
33. (D) Supervisor’s wages
34. (B) Rise by $200
35. (A) Assets and Expenses. Next Accounting Question