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Accounting Test Easy Mode MCQs With Answers

Question # 1

The price of goods sold or services rendered to the customers is called

Choose an answer

Sale

Profit

Expense

Revenue

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Question # 2

The recording of transaction chronologically in the book of accounts is called:

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Summarizing

Classifying

Recording

None of above

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Question # 3

.The cash book is a

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Subsidiary journal

Ledger account

Subsidiary journal and ledger

Trial balance

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Question # 4

Receipts which are non-recurring by nature:

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Capital receipts

Revenue receipts

Short term receipts

Capital profit

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Question # 5

The payments side of the cash book is undercast by Rs. 200, when overdraft as per bank statement i s the starting points:

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Rs. 200 will be deducted

Rs. 200 will be added

Rs. 400 will be added

Rs. 400 will be deducted

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Question # 6

The favorable balance of cash book bank column is

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Credit balance

Debit balance

Both debit and credit balance

None of these

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Question # 7

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

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Balance sheet

Work sheet

Paper sheet

Income statement

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Question # 8

When cheque received, and deposited into bank, bank account must be

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Credited

Debited

Both debited & credited

None of these

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Question # 9

Wages paid for installing a machine should be debited to

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Wages a/c

Cash a/c

Machinery a/c

none of these

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Question # 10

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

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Error of positing

Error of principle

Error of omission

Error of commission

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Question # 11

All cash purchases and cash sales are recorded in

Choose an answer

Cash book

Purchases book

Sales book

Purchases and sales book

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