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Accounting Test Easy Mode MCQs With Answers
Question # 1
The person to whom bill is transferred will become
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Endorser
Creditor
Debtor
Endorsee
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Question # 2
The person to whom a bill is addressed is the:
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Debtor
Creditor
Holder
Agent
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Question # 3
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 # 4
Income received in advance during the year is
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Prepaid Expenses
Accrued Income
Advance Expenses
Advance Income
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Question # 5
Expenditure is a capital expenditure because
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The amount involved is heavy
It is the personal expenditure of the owner out of his capital
It is intended to benefit the future period
It is a recurring expenditure
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Question # 6
Error of principle involves an incorrect allocation of expenditure or receipt between.
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Capital and revenue
Capital and capitalized
Revenue and deferred revenue
Revenue and revenue
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Question # 7
Income tax paid is a
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Business expense
Revenue for business
Liability of business
Personal expense
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Question # 8
Office rent is a
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Financial Expense
Abnormal Loss
Management Expense
Maintenance Expense
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Question # 9
Personal account are related to:
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Assets and liabilities
Expenses, losses
Customers, creditors etc.
Incomes
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Question # 10
Bad debts are business
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Expenses
Liabilities
Assets
Revenue
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Question # 11
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 # 12
The partnership may come to an end due to the
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Death of a partner
Involvency of a partner
Both of the above
None of these
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Question # 13
Single entery system is most suitbale where
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Credit transactions are numerous.
Cash transactions are numerous
Cahs and credit transactions both are numerios
None of the above
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Question # 14
In cash of net worth method of sigle entery system net profikt is ascertained by.
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Prepareing the trading and profit and account
By cimparing the capitals in the beginning and at the end of the accounting period.
Capital closing + Drawing - fresh capital - opening capital
Capital opening+ Drawing - fresh capital-closing stock
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Question # 15
Profit of revaluation should be credited to.
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Revaluation account
Liabilites accounts
Old partners capital accounts
Assets accounts
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Question # 16
Subcription received during the current year is.
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An income
An expenditure
An asset
An liability.
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Question # 17
Current accoujts of the partners should be opened when the capital are.
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Fixed
Fluctuating
Either fixed or fluctuating
None of these
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Question # 18
When the goods sent on consignment are sold by the consignee the account to be debited is.
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Cash account
Consignee personal account
Consignment account
None of these
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Question # 19
Income and expenditure account is equivalent to the.
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Receipt and payment account
Balance sheet
Cash book
Profit and loss account
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Question # 20
The value of the share as quoted on the stock exchange is said to be
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Par value
Book value
Cost value
Market value
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Question # 21
The closing balance of trade debtors can be located from.
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Total debtors account
Balance sheet
Bils receivable account
Cash book
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Question # 22
The extra amount charged fromt he new partner over and above the capital is for.
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Purchase of Machinery
Good will
Purchaser of furniture
Payment of liabilities
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