Financial Accounting MCQ Quiz in தமிழ் - Objective Question with Answer for Financial Accounting - இலவச PDF ஐப் பதிவிறக்கவும்
Last updated on Mar 8, 2025
Latest Financial Accounting MCQ Objective Questions
Top Financial Accounting MCQ Objective Questions
Financial Accounting Question 1:
Which of the following is not a source document?
Answer (Detailed Solution Below)
Financial Accounting Question 1 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 2:
Which of the following would be recorded in the sales journal?
Answer (Detailed Solution Below)
Financial Accounting Question 2 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 3:
Which of the following is an example of a cash transaction?
Answer (Detailed Solution Below)
Financial Accounting Question 3 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 4:
Which of the following best describes ‘accruals’ in financial accounting
Answer (Detailed Solution Below)
Financial Accounting Question 4 Detailed Solution
The correct option is option 2
Additional information:
- Accruals recognize expenses when incurred, even if unpaid.
Financial Accounting Question 5:
Which of the following is classified as a non-current asset?
Answer (Detailed Solution Below)
Financial Accounting Question 5 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 6:
What is the purpose of the ACCA Ethics and Professional Skills Module?
Answer (Detailed Solution Below)
Financial Accounting Question 6 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 7:
What is one of the key benefits of the ACCA qualification?
Answer (Detailed Solution Below)
Financial Accounting Question 7 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
Financial Accounting Question 8:
How many exams must a student typically pass to complete the ACCA Qualification (excluding exemptions)?
Answer (Detailed Solution Below)
Financial Accounting Question 8 Detailed Solution
The correct option is option 2
Additional Information:
- The ACCA qualification includes 13 exams divided into Applied Knowledge, Applied Skills, and Strategic Professional levels.
Financial Accounting Question 9:
What does the going concern assumption mean?
Answer (Detailed Solution Below)
Financial Accounting Question 9 Detailed Solution
The correct option is option 3
Additional information:
- Going concern assumes the business will not liquidate or cease trading.
Financial Accounting Question 10:
What is the primary objective of general purpose financial reporting?
Answer (Detailed Solution Below)
Financial Accounting Question 10 Detailed Solution
The correct option is option 3
Additional Information:
General purpose financial reports are designed to meet the common information needs of:
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Investors
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Lenders
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Other creditors
Why others are wrong:
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1. Tax reporting is a legal requirement but not the objective of general purpose reporting.
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2. Internal decision-making is addressed through management accounting, not general purpose reports.
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4. While financial reports must follow regulations, the objective is broader.