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Online Tests
Accounting Test Easy Mode MCQs With Answers
Question # 1
Heavy expenditure on advertisement for making a new product is a
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Revenue expenditure
Deferred expenditure
Capital loss
Non-recurring expenditure
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Question # 2
Any difference in trail balance, is transferred to
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Sales account
Nominal account
Purchases account
Suspense account
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Question # 3
Octori duty paid on machinery, is an example of
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Revenue expenditure
Recurring expenditure
Capital expenditure
Both a & b
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Question # 4
A bill of exchange is a / an
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Promise
Unconditional Order
Request
Conditional Order
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Question # 5
The expenditures which reduce revenue (profit) of the business are:
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Revenue expenditures
Capital expenditure
Fixed expenditures
Future expenditures
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Question # 6
Interest on drawings is
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An asset
A liability
An expense
A revenue
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Question # 7
Subsidiary books are called the book of:
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Original entry
Secondary entry
Temporary entry
Basic entry
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Question # 8
A bill of exchange is drawn by:
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A debtor
A creditor
A holder
Endorsee
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Question # 9
Stock is trade is a
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Current asset
Non-current asset
Quick asset
Intangible asset
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Question # 10
The system of recording transaction based on dual concept is called
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Double account system
Double entry system
Single entry system
Management system
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Question # 11
The act result of the business activities is shown by:
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Profit and loss account
Profit and loss appropriation account
Trading account
Balance sheet
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Question # 12
Subscription otstanding in the beginning are shown in the
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Trading account
Income and expenditure account
Balance sheet
Profit and loss account
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Question # 13
The sum total of the nominal vaue of shares of company is called is.
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Issued capital
Subscribed capital
Share capital
Called up capital
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Question # 14
The system in whihc accounting records are not kept strictly according to the double entery principle of book keeping is called.
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Single , entery system
Accrual system
Double enterysystem
Cash system
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Question # 15
Sacrificing rations are equal to.
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Capital Ratios- New ratios
Old ratios - New ratios
New ratio - old ratios
None of these
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Question # 16
In case of dissolution, assets sold for cash are debited to
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Realization account
Cash account
Assets account
None of these
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Question # 17
The unsold stock is valued at
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Original cost of the goods
Market value of the goods
Orginal cost price + proportionate direct expense incutred by the both consignor and consignee
Cost of market pric ewhich wver is the lower.
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Question # 18
Receipts and payments account records the transactions of
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Revenue nature
Capital nature
Revenue and capital nature
None of these
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Question # 19
The document which contains the fundamental conditions of incorporation and the obejedcts for which the company was formed is called.
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Memorandum of association
Article of association
Prospectus
None of he above
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Question # 20
Non-profit making organizations are established for
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Profit
Charitable or religious purpose
To manufacture goods
To help the rich people
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Question # 21
On the admission of a new partneer the decreasein the value of assets is debited to.
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Revaluation account
Assets account
Old parner's capital account
New partner capital account
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Question # 22
Income and expenditur eaccount is prepared at the
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Start of the year
Mid of the year
End of the year
At the start and ed of the year
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