More Classes
5th Class
6th Class
7th Class
8th Class
9th Class
10th Class
11th Class
12th Class
NAT I
NAT II
CSS
IQ
General Knowledge
MDCAT
ECAT
GAT General
GAT Subject
Other Links
Go to Home
Online Tests
Accounting Test Easy Mode MCQs With Answers
Question # 1
A many buy Rs. 40,000 worth good and sells them for Rs. 50,000. His gross profit is:
Choose an answer
Rs.10,000
Rs.20,000
Rs,30,000
Rs. 40,000
Previous
Skip
Next
Question # 2
When a bill is transferred by the drawer to his creditor, for settlement of his debts, it is called
Choose an answer
Retirement of Bill
Endorsement of a Bill
Discounting of a Bill
Settlement of a Bill
Previous
Skip
Next
Question # 3
Book used to record petty expenses and receipts
Choose an answer
Single Column Cash Book
Petty Cash Book
Double Column Cash Book
Treble Column Cash Book
Previous
Skip
Next
Question # 4
Bad debts recovered should be credited to
Choose an answer
Balance Sheet
Trading a/c
Profit & Loss a/c
None of these
Previous
Skip
Next
Question # 5
The book which is used to record all goods returned by us to our supplier is called
Choose an answer
Returns inwards book
Purchases book
Return outwards book
Sales book
Previous
Skip
Next
Question # 6
Contain all residual account
Choose an answer
Debtors Ledger
Creditors Ledger
General Ledger
Cash Ledger
Previous
Skip
Next
Question # 7
Provision for the doubtful debts is debited to
Choose an answer
Debtors a/c
Provision for bad debts a/c
Profit or loss a/c
Bad debts recovered a/c
Previous
Skip
Next
Question # 8
Expenditure is a capital expenditure because
Choose an answer
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
Previous
Skip
Next
Question # 9
A bill of exchange is a method of payment on
Choose an answer
Cash Basis
Credit Basis
Reserve Basis
Accommodation Basis
Previous
Skip
Next
Question # 10
Interest on drawings is
Choose an answer
An asset
A liability
An expense
A revenue
Previous
Skip
Next
Question # 11
The errors in which amount have occurred on the opposite sides of two or more accounts and have concealed themselves in the net result, are:
Choose an answer
Error of principle
Errors of omission
Errors of commission
Compensating error
Previous
Skip
Next
Question # 12
Share capital int he balance sheet is known as.
Choose an answer
Asset
Liability
Income
Reserve
Previous
Skip
Next
Question # 13
In cash of net worth method of sigle entery system net profikt is ascertained by.
Choose an answer
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
Previous
Skip
Next
Question # 14
In the absence of an partnership agreement the pfofit and losses are divided by the partners in the ratio of.
Choose an answer
Capitals
Profit and loss ratios
Equality
Time devoted by each partner
Previous
Skip
Next
Question # 15
Income and expenditure account is credited with all.
Choose an answer
Expenses
Incomes
Assets
Liabilities
Previous
Skip
Next
Question # 16
When a firm dissolved with the consent of all the partners it is called.
Choose an answer
Dissolution by notice
Dissolution by agreement
Dissolution by court
Compulsory dissolution
Previous
Skip
Next
Question # 17
Partnership is formed by the partners.
Choose an answer
Written agreement
Mutual consent
Verbal agreement
None of these
Previous
Skip
Next
Question # 18
A statement of assets and liabilities is prepared under the single entery system is called.
Choose an answer
Balance sheet
Financial statement
Statement of affair
Cash transaction
Previous
Skip
Next
Question # 19
Cash book is prepared to find out the figure of.
Choose an answer
Opening capital
Crosing cash balance
Net profit
Finaincial position
Previous
Skip
Next
Question # 20
Consignment signifies.
Choose an answer
Goods despatched by the owner to his agent
Goods forwarded by the creditor to his debtor
Goods forwarded from one place to another
Goods sent by the owner to his agent for the purpose of sale.
Previous
Skip
Next
Question # 21
When the capitals of the partners arr not allowed to change during the life time of the business except in extra ordinary circumslancer then they are called.
Choose an answer
Fluctuating capitals
Fixed capitals
Current capitals
None of these
Previous
Skip
Next
Question # 22
A situation where a company receives application for a less number of shares than offered to the public for subscription is termed as.
Choose an answer
Oversubscription
Under subscription
No subscription
None of these
Previous
Skip
Next
Back