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Accounting Test Easy Mode MCQs With Answers
Question # 1
The book which is used to record all goods returned to us by our customers is called
Choose an answer
Returns outwards book
Returns inwards book
Sales book
Cash book
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Question # 2
Cost of redecorating a cinema hall is a
Choose an answer
Capital expenditure
Capital loss
Revenue expenditure
None of these
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Question # 3
If there is any error in Bank account it will affect
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Trading and profit and loss account
Profit and loss account
Trading account
Balance sheet
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Question # 4
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 # 5
An expenditure incurred in increasing the efficiency of a fixed asset is called:
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Revenue expenditure
Capital expenditure
Current expenditure
None of these
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Question # 6
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
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Question # 7
The favourable balance of bank statement is
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Credit Balance
Debit Balance
Zero Balance
Both b and c
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Question # 8
The favorable balance of bank statement is
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Credit balance
Debit balance
Zero balance
All of these
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Question # 9
A schedule of balances of all accounts is called
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Journal
Ledger
Balance Sheet
Trial Balance
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Question # 10
The book in which all cash transactions are primarily recorded is called
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Cheque Book
Pass Book
Cash Book
Finance Book
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Question # 11
Debts which are repayable in the course of less than one year bur more than one month are called
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Quick liabilities
Deferred liabilities
Contingent liabilities
Liquid liabilities
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Question # 12
The debentures which are repayable at the end of a specified period are termed as.
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Redeemeble debentures
Irredeemable debentures
Repayable debetures
None of these
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Question # 13
Admission fee income should be.
Choose an answer
Treated as income
Capitalized
Proportionate to revenue and capitalized
None of these
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Question # 14
The amount paid to person who was invited to deliver a lecture in a club is known as.
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Hoorarium
Salary
Wages
None of these
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Question # 15
The income and expenditure account begins with.
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Opening debit balance
Opening credit balance
Opening balance
None of these
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Question # 16
Amount due to the deceased partner is generally transferred to
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Executor's loan
Profit and loss accounts
Capital account
None of thess
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Question # 17
Single entry system contains,
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A daybook or general journal
A cash book
Ledger accounts for individual customers and creditors
All of the above
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Question # 18
The part of the issued capital which has been taken up or subscribed by the public is called
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Issued capital
Authorized capital
Subscribed capital
Paid up capital
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Question # 19
Profit on revalutin is to be caredited to old partners in their
Choose an answer
Sacrificing ratio
New profit shiaring ratio
Old prift sharing ratio
Equal prift sharing ratio
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Question # 20
In the books of consignor on reciving advance in cash from consignee should be debited to.
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Cash account
Consignee account
Consignment account
None of these
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Question # 21
Not worth method is equal to.
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Liabilities - assets
Assets- liabilities
Capital + assets
None of these
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Question # 22
If the debit side of the income and expenditure account is greater thanthe credit sideit is termed as.
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Surplus
Deficit
Assets
Liabilities
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