Question # 1

An income which has earned but not received is called

Choose an answer

Unearned income

Accrued revenue

Revenue received in advance

None of these

Which one of the following is not considered the permanent part of the accounting record?

Choose an answer

Journal

Trail balance

Ledger

Work sheet

In the preparation of worksheet the amounts in the trail balance are taken directly form the ______

Choose an answer

Ledger

Trail balance

Balance sheet

None of these

The amount becomes due from the customers is called

Choose an answer

Allowance

Loan

Debts

Doubtful debts

Trade expenses of Rs. 180 posted in the ledger as Rs. 810, it will be considered as

Choose an answer

Error of principle

Error of omission

Error of casting

Error of transposition

When a drawer discounts a bill, he debits

Choose an answer

Bank Account

Interest Account

Drawee Account

Bill Receivable Account

Capital contributed by the partners is a:

Choose an answer

Revenue receipt

Capital receipt

Current receipt

Deferred receipt

All the acceptances received from the debtors are recorded in

Choose an answer

Cash book

Bills payable book

Debtor's book

Bills receivable book

Receipts which are non-recurring by nature:

Choose an answer

Capital receipts

Revenue receipts

Short term receipts

Capital profit

Personal account are related to:

Choose an answer

Assets and liabilities

Expenses, losses

Customers, creditors etc.

Incomes

Petty cash book is a branch of

Choose an answer

Pass Book

Cash Book

Journal

Ledger

It is prepared by non-profit making organizations to determine surplus or deficit

Choose an answer

Trading account

Profit and loss account

Receipts and payments account

Income and expenditure account

Income and expenditure account is debited with all.

Choose an answer

Expenses

Incomes

Liabilities

Assets

Share applicaton account is in the nattur eof.

Choose an answer

Real account

Personal account

Nominal account

None of the above

Non- trading concern prepare.

Choose an answer

Profit and loss account

Income and expenditure account

Manufactureing account

None of these

At the end of the year non trading institutions prepare.

Choose an answer

Profit and loss account

Income and expenditure account

Manufacturing account

None of the above

The charter of the company containing the objects of whihc for company is being formed is called.

Choose an answer

Articles of association

Prospectus

Memorandum of associaton

Notice

The investment in partners capital accounts is to be credited to.

Choose an answer

Partners capital accounts

Profit and loss account

Interest account

None of these

The objective of charging depreciation on fixed assets is.

Choose an answer

Calculate the true net profit

To provide funds for the replacement

To redue the tax libility

All of the above

A partner goes out of a firm due to certain event or reason is known as.

Choose an answer

Retired or out going partner

Junior partner

Senior partner

Minor partner

The persons who have entered two partnership are individually called.

Choose an answer

Agents

Partners

A firm

Vendor

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

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