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Accounting Test Easy Mode MCQs With Answers
Question # 1
An expenditure which is incurred again and again is a:
Choose an answer
Capital expenditure
Future expenditure
Deferred expenditure
Revenue expenditure
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Question # 2
Which book is used to record all cash receipts and cash payments?
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Sale book
Purchase book
Cash book
Petty cash book
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Question # 3
Acceptance to Mr. A was posted to the debit of B's account. The rectification of the entry will.
Choose an answer
Increase the net profit
Decrease the net profit
Have double effect on net profit
Have no effect on net profit
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Question # 4
A sale of Rs. 1000 to Farid, was credited to his account, it will affect
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Sales account
Farid account
Cash account
Both a & b
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Question # 5
Allowance for doubtful debts normally has a
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Debit balance
Credit balance
Both debit & credit balance
None of these
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Question # 6
How many parties are involved in case of Discounting of a bill ?
Choose an answer
Two
Three
Four
None of these
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Question # 7
The book which is used to record all goods returned to us by our customers is called
Choose an answer
Returns outwards book
Returns inwards book
Sales book
Cash book
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Question # 8
Net profit is equal to
Choose an answer
Gross profit - expenses
Sales - Cost of goods sold
Sales - expenses
Capital - expenses
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Question # 9
The expenses which are incurred for the generation of revenues from the sales of goods are called
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Non-operating expenses
Selling expenses
Operation expenses
Administrative expenses
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Question # 10
When cash is paid to creditors it will decrease
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cash
capital
debtor
cash & creditors
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Question # 11
Goods sold to Ali for Rs. 50,000 recorded in purchases day book will affect
Choose an answer
purchases A/c
sales account
purchases, sales & Ali account
purchases & sales account
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Question # 12
To make provision for the replacement of the assets. the method is to be ysed is.
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Written down value method
Annuity method
Sinking fund method
Insurance policy method
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Question # 13
The value of the share as quoted on the stock exchange is said to be
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Par value
Book value
Cost value
Market value
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Question # 14
In the absence of any agreement Reserve on dissolution of a partnership firm is credited to the partners.
Choose an answer
In capital ratio
In profit sharing ratio
Equality
None of these
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Question # 15
A person whoinvest the minor portion of capital in the business and so he has small share in the profit is called.
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Senior partner
Junior partner
quast partner
Nominal patner
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Question # 16
In single entery system only.
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Personal account are maintained
Real account are maintained
Nominal accounts are maintained
None of the above
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Question # 17
To calculate the value of capital both at the beginning and at the end of year in single entry system we prepare,
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Balance sheet
Trading account
Trial balance
Statement of affairs
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Question # 18
In consignee's books, the acceptance of a bil of echange by consignee will be debited to.
Choose an answer
Trading account
Bill payable accont
Consignor account
Consignment account
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Question # 19
Non-profit making organizations are established for
Choose an answer
Profit
Charitable or religious purpose
To manufacture goods
To help the rich people
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Question # 20
Purchase of sports material for the club should be treated as.
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Expense
Assets
Income
Liability
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Question # 21
Due to fresh capital introduced during the year, the closing capital will,
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Increase
Decrease
Constant
Multiply
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Question # 22
If any partner takes over any asset at the time of dissolution then it should be debited to.
Choose an answer
Partner's capital accounts
Realization account
Cash account
None of these
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