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Accounting Test Easy Mode MCQs With Answers
Question # 1
The favourable balance of bank statement is
Choose an answer
Credit Balance
Debit Balance
Zero Balance
Both b and c
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Question # 2
The revenue that has not become due, but received in cash in current year is known as
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Revenue received in advance
Accrued revenue
Unearned revenue
Both a & c
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Question # 3
It is prepaid to determine the gross profit or gross loss
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Trading account
Profit or loss account
Balance sheet
None of these
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Question # 4
If there is any error in Bank account it will affect
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Trading and profit and loss account
Profit and loss account
Trading account
Balance sheet
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Question # 5
When money is paid to a creditor or supplier a receipt is obtained from him which is called
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Cash voucher
Cash payment
Receipt voucher
Payment voucher
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Question # 6
Interest paid on loan is
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Abnormal Loss
Financial Expenses
Management Expenses
Maintenance Expenses
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Question # 7
Errors which affect one account can be
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errors of principle
errors of posting
errors of omission
none of these
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Question # 8
A bill from the point of view of a creditor is called a:
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Bill payable
Bill receivable
Bil acceptable
Bill rejectable
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Question # 9
If a liability is recorded as income, it will be considered as
Choose an answer
Error of commission
Error of omission
Error of Principle
None of these
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Question # 10
Loss of good by fire should be credited to:
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Purchase account
Sales account
Loss by goods by fire account
Capital account
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Question # 11
The book in which all cash transaction are primarily recorded is called
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Pass book
Cheque book
Finance book
Cash book
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Question # 12
The debentures which are repayable at the end of a specified period are termed as.
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Redeemeble debentures
Irredeemable debentures
Repayable debetures
None of these
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Question # 13
The extra amount charged fromt he new partner over and above the capital is for.
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Purchase of Machinery
Good will
Purchaser of furniture
Payment of liabilities
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Question # 14
Partnership is formed by the partners.
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Written agreement
Mutual consent
Verbal agreement
None of these
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Question # 15
The agreement among the partners which sets out the term is which they have agreed to form a partnership is called.
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Partnership deed
Aribtrartio clause
Partnership at will
None of these
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Question # 16
Cash paid to creditors can be woked out from.
Choose an answer
Debtora account
Creditors account
Balance sheet
None of theses
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Question # 17
For the expenses incurred by the consignee on the sale of goods will be credited in the books of the consignor.
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Cash account
Consignee personal account
Consignment account
None of the above
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Question # 18
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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Question # 19
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 # 20
In case of del creder commission the liability of bad debts is on
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Consignee
Consignor
Both on consignee and consignor
None of the above
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Question # 21
The balance of realization account is transferred to the capital accounts of the partners in.
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Capital ratio
Equality
Interest ratio
Profit sharing ratio
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Question # 22
In the books of consignor, the loss on the consignment should be crediterd to.
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Consignment account
Consigneee 's account
Profit and loss account
Gppds sent on consignemnt
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