Question # 1

Which of the following normally has a credit balance

Choose an answer

Machinery a/c

Purchases a/c

Stock a/c

Sales a/c

When boan statement shown a debit total balance it means:

Choose an answer

Overdraft as per cash book

Unfavourable balance as per cash book

Favourable balance as per cash book

Overdraft as per bank statement

How many parties are involved in case of Discounting of a bill ?

Choose an answer

Two

Three

Four

None of these

Cash account is a:

Choose an answer

Personal account

Real account

Nominal account

Both real and personal account

Ahmad's account is an example of

Choose an answer

real account

personal A/c

nominal account

none of these

Bad debts are

Choose an answer

deferred expenditure

revenue expenditure

capital expenditure

none of these

Double entry means

Choose an answer

entry in two sets of books

entry at two dates

entry for two aspects of a transaction

recording twice in journal

Bank account is a:

Choose an answer

Personal account

Real account

Nominal account

None of these

It is used to record only cash receipts and payments

Choose an answer

Single column cash book

Double column cash book

Treble column cash book

Sales book

A bill from the point of view of a debtor is called

Choose an answer

Bill Acceptable

Bill Receivable

Bill Payable

None of these

In double entry system of bookkeeping every business transaction affects:

Choose an answer

Debit or credit side of the same account

Two accounts

The same side of the same account

None of the above

A situation where a company receives more application than actual number of shares offered to the public for subscriptions is termed as.

Choose an answer

Oversubscription

Udner subscription

No subscripition

None of these

According to the decision in Garner Va. Murray rule the loss due to insolvency of a partner is be shared by solvent, partner in the.

Choose an answer

Capital ratios

Profit sharing ratios

Equal ratios

None of these

In case of retirement when the good will raised with retiring partner written off among the remaining partner.

Choose an answer

In gaiing ratios

Sacrifing ratios

Capital ratios

New ratio

Investment in partnership is made byintroducing.

Choose an answer

Cash

Non cash assets

Cash or non cash assets

None of these

In appearance, the statement of affairs, is similar to a.

Choose an answer

Balance sheet

Profit and loss account

Trading account

Bank Reconciliation statement

Income and expenditure accout is usually accompanied by.

Choose an answer

Trail balance

Balance sheet

Income and gains

Liabilities

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

Choose an answer

Final dividend

Interim divident

Unclaimed divident

Proposed dividend

Receipts and payments account shows

Choose an answer

Debit and credit balances of ledgers

Incomes and expenditures

Cash receipts and payments

Assets and liabilities

To make provision for the replacement of the assets. the method is to be ysed is.

Choose an answer

Written down value method

Annuity method

Sinking fund method

Insurance policy method

Reliization account is opened to find out gain or loss at the time of.

Choose an answer

Admisson of a new partner

Retirement of the partner

Death of the partners

None of these

In case of public company minimum number of members is.

Choose an answer

Six

Seven

Ten

Fifty

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