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Accounting Test Easy Mode MCQs With Answers
Question # 1
A book which is used to record small expenses is called
Choose an answer
Expenses book
Cash book
Petty cash book
Purchases book
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Question # 2
Wages paid for installing a machine should be debited to
Choose an answer
Wages a/c
Cash a/c
Machinery a/c
none of these
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Question # 3
The act of withdrawing a bill of exchange from circulation when it had been paid before the due date
Choose an answer
Renewal of a Bill
Discounting of a Bill
Endorsement of a Bill
Retiring of a Bill
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Question # 4
Assets come into existence upon the happening of a certain event, are called:
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Fixed assets
Fictitious assets
Floating assets
Contingent assets
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Question # 5
The process of totaling the data at the end of the period is called
Choose an answer
posting
casting
compensating
recording
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Question # 6
Net profit plus expenses is equal to
Choose an answer
purchases
Cost of goods sold
Capital
Gross profit
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Question # 7
A bill from the point of view of a debtor is called
Choose an answer
Bill Acceptable
Bill Receivable
Bill Payable
None of these
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Question # 8
The money can be deposited into bank by means of
Choose an answer
Cash book
Cheque book
Pay-in-slip book
Pass book
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Question # 9
Expenses paid by a business decrease
Choose an answer
cash
capital
cash & capital
none of these
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Question # 10
The accounts of assets and properties
Choose an answer
nominal accounts
real accounts
personal accounts
valuation accounts
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Question # 11
A table lost by fire should be debited to
Choose an answer
Table a/c
Furniture a/c
Loss by Fire a/c
Purchases a/c
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Question # 12
For the commission due to the consignee on the sales of goods in the books of the consignor will be credited to.
Choose an answer
Commission account
Consignee's personal account
Consignement account
None of these
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Question # 13
Those debentures which carry no security as to payment of interest or repayment of principal, are known as.
Choose an answer
Morgagage debentures
Secured debentures
Simple of naked debentures
None of these
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Question # 14
The liability of the shareholder of a public limited company is.
Choose an answer
Unlimited
Limited
Compulsory
None of these
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Question # 15
Revaluation account is a.
Choose an answer
Real account
Personal account
Cash account
Nominal account
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Question # 16
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
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Question # 17
Cash received from the debtors can be find out by preparing.
Choose an answer
Debtors account
Creditors account
Balance sheet
Trial balance
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Question # 18
Under which method the book value of the fixed assets acn be reduce to zero after certain year
Choose an answer
Diminishing balance method
Straght line method
Depreciation find fond
Deflation method
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Question # 19
The profit on the revaluation of the assets and liabilities o the retirement of the partner should be credited to.
Choose an answer
All partners capital accounts
Only retiring partners capitals accounts
Remaiingng partners capital account
None of these
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Question # 20
In the books of consignor on reciving advance in cash from consignee should be debited to.
Choose an answer
Cash account
Consignee account
Consignment account
None of these
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Question # 21
Share capital int he balance sheet is known as.
Choose an answer
Asset
Liability
Income
Reserve
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Question # 22
Acceptance received durinthe period must be debited to bills receivable account and credited to.
Choose an answer
Total bills receivable account
Total debtors account
total cash account
Total bills receivabel account
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