Question # 1

When cash is received from debtor or customer, generally a receipt is issued to the debtor which is called

Choose an answer

Payment voucher

Receipt voucher

Cash voucher

None of these

In journalizing the page numbers of the ledgers are written in:

Choose an answer

The first column of journal

The second column of journal

The third column of journal

The fourth column of journal

An expenditure incurred in increasing the efficiency of a fixed asset is called:

Choose an answer

Revenue expenditure

Capital expenditure

Current expenditure

None of these

The statement which contains the explanation of different in cash book and bank statement is known as:

Choose an answer

Bank statement

Cash statement

Balance statement

Bank reconciliation statement

The process of totaling the data at the end of the period is called

Choose an answer

posting

casting

compensating

recording

A transaction has been journalized but posted wrongly in the ledger account, it is an:

Choose an answer

Error of positing

Error of principle

Error of omission

Error of commission

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

A bill from the point of view of a creditor is called a:

Choose an answer

Bill payable

Bill receivable

Bil acceptable

Bill rejectable

Bookkeeping provides the

Choose an answer

primary information

secondary information

final information

insufficient information

Cost of goods sold is equal to

Choose an answer

sales - purchases

purchases + closing stock - returns outwards

Opening stock - closing stock + purchase + returns inwards

Opening stock + purchases - returns outwards - closing stock

Contain all residual account

Choose an answer

Debtors Ledger

Creditors Ledger

General Ledger

Cash Ledger

The term Depletion is used with reference to.

Choose an answer

Tangible assets

Intangible assets

Current assets

Fixex assets

The income and expenditure account begins with.

Choose an answer

Opening debit balance

Opening credit balance

Opening balance

None of these

The credit balacne of the retained earnings statement represents.

Choose an answer

Undisturbed Profit

Divided declared

Profit distributed

None of these

The dividend paid to the shareholders during the finaincial year is.

Choose an answer

Final dividend

Interim divident

Unclaimed divident

Proposed dividend

The maximum number of member in case of public limited company can be

Choose an answer

Forty

Fifty

Sixty

No restriction on maximum number

Net worth is equal to,

Choose an answer

Assets - Liabilities

Liabilities - Assets

Liabilities + Capital

Capital + Assets

Abnormal loss arises due to.

Choose an answer

Natural causes

Evaporation drying breaking in bulk

Pilferage , theft fire etc.

Some unavoidable causes

Non- trading concern prepare.

Choose an answer

Profit and loss account

Income and expenditure account

Manufactureing account

None of these

The periodical report which is prepared by consignee and send to consignor, which shows the detail about the sales of goods is called.

Choose an answer

Sales account

Performa invoice

Account sales

None of these

Teh single entry system of book keeping is generay followed by

Choose an answer

Small business concern

Large Business concern

Non trading concern

None of these

Value of the good will is calculated under capitalization formula.

Choose an answer

Average profit / reasonable return x 100

Resonable return / average profit x 100

Averager profit x 100 / resonable return

None of these

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