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Online Tests
Accounting Test Easy Mode MCQs With Answers
Question # 1
Nominal account are related to:
Choose an answer
Assets and liabilities
Expenses, losses and incomes
Customers, creditors etc
Capital account
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Question # 2
Bad debts are
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Deferred expenditure
Revenue expenditure
Capital expenditure
None of these
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Question # 3
A many buy Rs. 40,000 worth good and sells them for Rs. 50,000. His gross profit is:
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Rs.10,000
Rs.20,000
Rs,30,000
Rs. 40,000
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Question # 4
Net sales are equal to sales minus
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Returns inwards
Returns outwards
Cost of goods sold
carriage on sales
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Question # 5
The price of goods sold or services rendered to the customers is called
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Sale
Profit
Expense
Revenue
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Question # 6
A gradual decrease in the value of fixed assets is called
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Reduction
Revaluation
Deprecation
None of these
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Question # 7
How many parties are involved in case of Discounting of a bill ?
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Two
Three
Four
None of these
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Question # 8
All the time of endorsement of a bill the drawer credits:
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The drawee account
The endorser's personal account
Bill receivable account
Endorser's account
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Question # 9
An expenditure incurred to the increases the profit earning of the concern is a:
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Revenue expenditure
Current expenditure
Capital receipt
Capital expenditure
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Question # 10
The debts, the recovery or realization of which is uncertain are known as
Choose an answer
Bad bets
Doubtful debts
Provision for doubtful debts
Loan
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Question # 11
When cash is received from debtor or customer, generally a receipt is issued to the debtor which is called
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Payment voucher
Receipt voucher
Cash voucher
None of these
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Question # 12
Under annuity method the amount of depreciation is.
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Increasing every year
Decreasing every year
Fixed for all the year
None of these
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Question # 13
Which of the following term is used for the depreciation of wasting assets such as timber tree, mines, oil wells etc.
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Depreciation
Depletion
Amortization
None of these
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Question # 14
Maximum numebr of the partners in an ordinary Partinership.
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Ten partners
Twentry partners
Thirty partners
Fourth partners
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Question # 15
Generatal reserve at the time of dissolution is transferred to
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All partners capital accounts
Realization account
Solvent partners capital account
Insolvent patner's capital account
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Question # 16
The main sources of income of for on -trading concern is.
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Subscriptions
Donations
Sales
Dividends on investment
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Question # 17
The profit on revaluation of assts and liabilities on the retirement of the partners should be credited to the capital account of.
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All the partners
Retiring partner
Remaining partner
None of these
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Question # 18
Joint stock company is an Artificaial person created by
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Law
Federal Govt
Registrar
Employees
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Question # 19
Income and expenditure accout is usually accompanied by.
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Trail balance
Balance sheet
Income and gains
Liabilities
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Question # 20
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 # 21
Teh single entry system of book keeping is generay followed by
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Small business concern
Large Business concern
Non trading concern
None of these
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Question # 22
If the debit side of the recipt and payment account exceeds the credit side it represents.
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Bank over draft
Cash at bank
Surplus balnce
Deficit balance
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