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Accounting Test Easy Mode MCQs With Answers
Question # 1
An entry which is recorded on the both sides of cash book is called
Choose an answer
Simple entry
Compound entry
Combined entry
Contra entry
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Question # 2
Our cheque to Ali & Bros, returned dishonored should be credited to
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Cheque account
Cash account
Bank account
Ali & Bros account
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Question # 3
An expenditure, incurred to improve the position of the business is known as
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Deferred expenditure
Revenue expenditure
Capital expenditure
Recurring expenditure
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Question # 4
Error of carry forward will affect
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Personal accounts
Nominal accounts
Impersonal accounts
None of these
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Question # 5
Record of business transaction in the journal is called
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Detail
Summary
Narration
Entry
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Question # 6
The system of accounting in which accounting entries are made only when cash received or paid is known as
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Cash system
Accrual system
Mercantile system
Single system
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Question # 7
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 # 8
A ______ is a large columnar sheet of paper
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Worksheet
Balance sheet
Journal
None of these
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Question # 9
Some expenses are incurred at the time of the sate of an asset. The Amount will be debited to:
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Assets account
Expenses account
Cash account
Purchases account
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Question # 10
Raw material destroyed in fire represents
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capital loss
revenue loss
normal loss
both b, c
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Question # 11
The balance of petty cash book is a/an
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Asset
Liability
Expense
Income
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Question # 12
When a new partner is admitted with out the consent of the old partner.
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Partnership will be dissolved
Will value
Agreed value
None of these
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Question # 13
Purchase of sports material for the club should be treated as.
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Expense
Assets
Income
Liability
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Question # 14
Single entry system is generally adopted by,
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Small business concerns
Large business concerns
Medium business concerns
All of the above
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Question # 15
Income and expenditur eaccount is prepared at the
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Start of the year
Mid of the year
End of the year
At the start and ed of the year
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Question # 16
The opening capitla is ascertained by preparing.
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Cash account
Opening statements of affairs
Total debtors account
Total creditors account
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Question # 17
Commission due to the consignee is calculated on.
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Credit sales only
Cash sales only
Total sales
None of these
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Question # 18
Which of the following method is suitable for charging depreciation an machinery and furniture.
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Straight line method
Diminishing balance method
Depreciation on fixed method
Annuity method
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Question # 19
Goods sent on consignment should be debited int he books of the consignor.
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Consignee account
Consignment account
Goods sen ton consignment
Consignor account
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Question # 20
Account salesis submitted by.
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Teh consignor to the consignee
The consignee to the consignor
the debtor to the creditors
The principle to his agent
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Question # 21
The persons who have entered in partnership are collctive called.
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A firm
Agents
Partners
Promoters
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Question # 22
In income and expenditure account
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Expense are recorded on debit side
Revenues are recorded on credit side
Does not start with any opening balance
All of the above
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