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Accounting Test Easy Mode MCQs With Answers
Question # 1
All revenue expenditure are taken to
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Trading a/c
Trading & profit or Loss a/c
Profit or loss a/c
Balance sheet
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Question # 2
In the preparation of the worksheet the amounts on the trail balance columns are taken directly from
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Journal
Ledger
Trail balance
Transaction
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Question # 3
Journal means
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Weekly
Monthly
Yearly
Daily
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Question # 4
A receipt is revenue receipt because
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the amount is small
it relates to routine activity of business
it is received in the accounting year
both b, c
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Question # 5
An expenditure, which is incurred to increase to profit earning capacity of a business concern, is called
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Deferred expenditure
Current expenditure
Capital expenditure
Recurring expenditure
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Question # 6
The money with which business is started is known as:
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Capital
Creditor
Income
Debtor
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Question # 7
.If the error committed in the capital account, it will affect
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Trading account
Profit and loss account
Trading and profit and loss account
Balance sheet
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Question # 8
Gross profit represents
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Opening stock + purchases
closing stock + direct expenses - sales
closing stock-purchases-direct expenses + sales
purchases - sales
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Question # 9
A document evidencing cash receipts and payments and forming the basis for making entries in the cash book is called
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Receipt voucher
Cash voucher
payment voucher
Cash memo
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Question # 10
Received a cheque from Bilal Rs. 1900 in ful settlement of his debt Rs. 2000 should be debited to
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Cash account
Discount allowed account
Bank account
Both a & b
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Question # 11
Financial accounting is mainly confined to preparation of:
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Manufacturing statement
Financial statements
Production statement
Sale statement
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Question # 12
As per the decision in Garner Va. Murray the solvent partner bring in cash equal to their share of.
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Realization loss
Profit ratio
Capital ratio
None of these
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Question # 13
Income and expenditure account records the transactions of
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Revenue nature
Capital nature
Revenue and capital nature
None of the these
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Question # 14
Example of non-profit making organization
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Fan factory
Sugar industry
Hospital
Shoe factory
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Question # 15
In case of banking business, the numerb of persons must not exceed.
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Ten (10)
Twenty (20)
Tweinty five(25)
Fifty (50)
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Question # 16
The income through admissionfee shoul dbe.
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Capitalized
Treated as revenue
Treated as liability
An expenses
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Question # 17
Un recorded liability when paid on dissolution of the firmis debited to.
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Realization account
Liability account
Partners capital account
None of these
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Question # 18
A situtation where a company receives a application for a less number of shares than offered to the public for subscription is termed as.
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Under subscription
Over subscription
General subscription
Above subscription
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Question # 19
If the good will raised at the time of retirement of a partner is to be written off, then the capital accounts of the remaiing partners are debited in.
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Capital ratio
Old profit sharing ratio
New profit shiaring ratio
None of these
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Question # 20
Reliization account is opened to find out gain or loss at the time of.
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Admisson of a new partner
Retirement of the partner
Death of the partners
None of these
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Question # 21
The basic club record or book of original entry in non-profit making organization
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Purchase book
Sales book
Cash book
"a" and "b"
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Question # 22
Abnormal loss arises due to.
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Natural causes
Evaporation drying breaking in bulk
Pilferage , theft fire etc.
Some unavoidable causes
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