Question # 1

Pass book is prepared by

Choose an answer

Debtor

Creditor

Banker

Customer

Retiring a bill under rebate means

Choose an answer

Payment of Bill Before Due Date

Payment of Bill After due date

Discounting of a Bill

Dishonouring of a Bill

Discount deducted from the catalogue or list price is called:

Choose an answer

Trade discount

Cash discount

Catalogue discount

Credit discount

A revenue expenditure, the benefit of which is not confined to one accounting year is called

Choose an answer

Non-current expenditure

Revenue expenditure

Future expenditure

Deferred expenditure

Bad debts are business

Choose an answer

Expenses

Liabilities

Assets

Revenue

Capital contributed by the partners is a:

Choose an answer

Revenue receipt

Capital receipt

Current receipt

Deferred receipt

When a drawee honours his acceptance, he will credit

Choose an answer

Capital Account

Drawer Account

Bill Payable Account

Cash Account

Worksheet contains ______ pairs of money columns

Choose an answer

Five

Four

Three

Two

If the gross profit is Rs. 5000 and the net profit is 35% of the gross profit then the expenses must be

Choose an answer

3250

1250

3750

1750

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

Choose an answer

Balance sheet

Work sheet

Paper sheet

Income statement

Income statement is prepared to ascertain the net result of the business concern under

Choose an answer

British accounting system

American accounting system

Cash system of accounting

None of these

If the debit side of the recipt and payment account exceeds the credit side it represents.

Choose an answer

Bank over draft

Cash at bank

Surplus balnce

Deficit balance

Closing capital in single entry system is calculated by preparing,

Choose an answer

Opening statement of affairs

Closing statement of affairs

Opening balance sheet

Closing balance sheet

Under the conversion method of single entry credit salea are ascertained by preparing the.

Choose an answer

Total debtors account

Total creditors account

Total cash account

Total bills receivable account

Depreciation caused by some external amoutn of anual depreciation gradully.

Choose an answer

Increase

Decrease

Remain constant

None of these

Arithmetical accuracy of the books of accounts cannot be checked under.

Choose an answer

Single Entry system

Double entery system

None entery system

Both a and b

The profit earned prior to the date of incorporatin is.

Choose an answer

Revenue profit

Capital profit

Capital gain

Revenue gain

Purchase of sports material for the club should be treated as.

Choose an answer

Expense

Assets

Income

Liability

The credit balance of retiring partner capital account if not paid in cash should be tranferred to.

Choose an answer

Retiring partners loan account

Retiring partners capital account

Old partner capital account

None of these

Income and expenditure account is debited with all.

Choose an answer

Expenses

Incomes

Liabilities

Assets

Depreciation fund method is also known as.

Choose an answer

Sinking fund method

Annuity method

Sum- of year's digit method

None of these

Profit and loss on revalution at the time of retirement must be transerred to the partners in.

Choose an answer

Capital ratio

Old prifit sharing ratio

New profit sharing ratio

Gaining ratio

More Classes

Other Links

Accounting Test Easy Mode MCQs With Answers

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer