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Accounting Test Easy Mode MCQs With Answers
Question # 1
Any difference in trail balance, is transferred to
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Sales account
Nominal account
Purchases account
Suspense account
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Question # 2
Pass book is prepared by
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Debtor
Creditor
Banker
Customer
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Question # 3
The book which is used to record all goods returned by us to our supplier is called
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Returns inwards book
Purchases book
Return outwards book
Sales book
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Question # 4
It is the price of goods sold or services provided by a business to its customers
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Asset
Cost
Capital
Revenue
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Question # 5
The statement which contains the explanation of different in cash book and bank statement is known as:
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Bank statement
Cash statement
Balance statement
Bank reconciliation statement
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Question # 6
Disagreement in balances may arise owing to mistake or mistakes in the:
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Cash book only
Bank statement
Cash book or bank statement
Bank column of the cash book only
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Question # 7
An expenditure, which is non-recurring and irregular is called
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Capital expenditure
Revenue expenditure
Short-term expenditure
Current expenditure
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Question # 8
Contain all residual account
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Debtors Ledger
Creditors Ledger
General Ledger
Cash Ledger
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Question # 9
Outstanding expense given in adjustment is called
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An asset
A gain
An expense
A liability
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Question # 10
Record of business transaction in the journal is called
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Detail
Summary
Narration
Entry
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Question # 11
The credit purchases were wrongly recorded in sales book, the rectification of entry
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Increase the net profit by double amount
Decrease the net profit by double amount
Decrease the net profit
Increase the net profit
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Question # 12
Receipts and payments account shows
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Debit and credit balances of ledgers
Incomes and expenditures
Cash receipts and payments
Assets and liabilities
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Question # 13
The income and expenditure account begins with.
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Opening debit balance
Opening credit balance
Opening balance
None of these
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Question # 14
In consignmetn all the expenses either paid by the consiger himself or by the consignee are born by the.
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Consignor
purchaser
Consignee
None of these
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Question # 15
Debentures holders are.
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Creditors of the company
Owners of the company
Customer of the company
None of these
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Question # 16
Bills payable issued durint the period must be debited to total creditors account credited to.
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Bills payable account
Bills receivable account
Debtora account
Cash account
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Question # 17
Teh single entry system of book keeping is generay followed by
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Small business concern
Large Business concern
Non trading concern
None of these
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Question # 18
In cash of net worth method of sigle entery system net profikt is ascertained by.
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Prepareing the trading and profit and account
By cimparing the capitals in the beginning and at the end of the accounting period.
Capital closing + Drawing - fresh capital - opening capital
Capital opening+ Drawing - fresh capital-closing stock
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Question # 19
When the incoming partner pays the firm for good willin cash the amount should be debited to firms books to.
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Good will accounts
Cash Account
Capital account of the incoming partner
All of the above
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Question # 20
Cash paid to creditors can be woked out from.
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Debtora account
Creditors account
Balance sheet
None of theses
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Question # 21
In case of retirement when the good will raised with retiring partner written off among the remaining partner.
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In gaiing ratios
Sacrifing ratios
Capital ratios
New ratio
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Question # 22
Under single entery system informatoin relating to expenses must be ascertained from the analysis of.
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Debtors account
Creditors account
Sales book
Cash book
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