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Online Tests
Accounting Test Easy Mode MCQs With Answers
Question # 1
Premium on issue of shares of a company represents
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capital loss
capital profit
capital payment
none of these
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Question # 2
The first successful step of Double Entry System is
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Leger
Journal
Final Account
Trial Balance
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Question # 3
All the bills given to the creditors are recorded in
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Creditor's book
Bills payable book
Bills receivable book
Bank book
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Question # 4
All expenses connected with the office and its conduct are called
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Selling expenses
Marketing expenses
Service expenses
Administrative expenses
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Question # 5
Financial statement is prepared from the amount given in
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Trail balance columns
Adjustments columns
Cash columns
Adjusted trail balance columns
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Question # 6
The concept of conservation will have the effect of:
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Understatement of assets
Under statement of liabilities
Overstatement of assets
None of the above
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Question # 7
Bad debts recovered from debtors should be credited to
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Debtors a/c
Bad debts a/c
Bad debts recovered a/c
Cash a/c
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Question # 8
The transactions, the effect of which is not exhausted with in the current accounting year are called
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Revenue transaction
Capital transaction
Current transaction
Monetary transaction
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Question # 9
A Journal is generally kept on:
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A columnar basis
A row basis
A single line basis
Vertical basis
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Question # 10
Error due to wrong allocation as expenditure between capital and revenue is regarded as:
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Error of omission
Error of principle
Compensating errors
Error of Commission
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Question # 11
The balance of the trading account is the transferred to:
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Profit and loss account
Balance sheet
Work sheet
Position statement
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Question # 12
The excess of total assets over total liabilituies of a concern is called.
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Surplus
Deficit
Capital fund
Profit
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Question # 13
Registraion of the firm.
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It is legally necessary
It is optional
It depends on the will of the partners
It depends uopon the will of theemployee
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Question # 14
Consignee account is of the natur eof.
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Personal account
Nominal account
Real account
None of these
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Question # 15
In single entry system ledger contains the accounts of,
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Debtors, creditors and cash
Wages and carriage
Salaries and insurance
Assets and liabilities
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Question # 16
Receipts and payments account records transaction relating to
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Past year
Future year
Present year
All of the above
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Question # 17
In cash book
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Each entry is followed by narration
Ledger reference is recorded
Each transaction is recorded in chronological order
All of the above
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Question # 18
In the absence of an partnership agreement the pfofit and losses are divided by the partners in the ratio of.
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Capitals
Profit and loss ratios
Equality
Time devoted by each partner
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Question # 19
Abnormal loss arises due to.
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Natural causes
Evaporation drying breaking in bulk
Pilferage , theft fire etc.
Some unavoidable causes
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Question # 20
Non-profit making organization is also known as
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Non-profit seeking concern
Non-trading concern
Trading concern
"a" and "b"
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Question # 21
Double entry system means
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The recording of same things twice
Double accounting
The two sides of every transaction are recorded
Entry at two dates
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Question # 22
The documents which contains the rules and regulation for the internal management of the company is called.
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Prospectus
Articles of assocaition
Memorandum of association
Notice
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