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Accounting Test Easy Mode MCQs With Answers

Question # 1

An expenditure, which is completely exhausted with in the current accounting period is known as

Choose an answer

Deferred expenditure

Revenue expenditure

Future expenditure

Non-recurring expenditure

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Question # 2

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 # 3

A sheet which minimizes the chances of errors to the maximum possible extent is called

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Balance sheet

Work sheet

Paper sheet

Income statement

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Question # 4

Any activity undertaken for the purpose of earning profit is called:

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Performance

Dealing

Business

Duties

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Question # 5

An expenditure, incurred to improve the position of the business is known as

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Deferred expenditure

Revenue expenditure

Capital expenditure

Recurring expenditure

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Question # 6

The owner of the business is known as:

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Sale man

Agent

Proprietor

Employee

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Question # 7

The recording of transaction chronologically in the book of accounts is called:

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Summarizing

Classifying

Recording

None of above

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Question # 8

A transaction is recorded on the same days as its takes place, so journal is also called:

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A day book

A history book

An entry book

Ledger book

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Question # 9

Modern system of bookkeeping is

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single entry system

double entry system

modern system

none of these

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Question # 10

When bank column of a cash book shows a credit balance, it means:

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Cash balance

Bank balance

Under draft

Over draft

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Question # 11

Bad debts recovered from debtors should be credited to

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Debtors a/c

Bad debts a/c

Bad debts recovered a/c

Cash a/c

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