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Online Tests
Accounting Test Easy Mode MCQs With Answers
Question # 1
Gross profit represents
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Opening stock + purchases
closing stock + direct expenses - sales
closing stock-purchases-direct expenses + sales
purchases - sales
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Question # 2
Receipts, which are non-recurring by nature, are called
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revenue receipts
current receipts
capital receipts
capital profit
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Question # 3
The amount becomes due from the customers is called
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Allowance
Loan
Debts
Doubtful debts
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Question # 4
Adjusted ______ is used to prepare the income statement and balance sheet
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Trail balance
Ledger
Balance sheet
Bank statement
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Question # 5
A transaction is recorded on the same days as its takes place, so journal is also called:
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A day book
A history book
An entry book
Ledger book
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Question # 6
Premium on issue of shares of a company represents
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capital loss
capital profit
capital payment
none of these
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Question # 7
Credit purchases are recorded in
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Purchases book
Creditors book
Cash book
Purchases returns book
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Question # 8
Error of principle involves an incorrect allocation of expenditure or receipt between.
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Capital and revenue
Capital and capitalized
Revenue and deferred revenue
Revenue and revenue
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Question # 9
Nominal account are related to:
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Assets and liabilities
Expenses, losses and incomes
Customers, creditors etc
Capital account
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Question # 10
When boan statement shown a debit total balance it means:
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Overdraft as per cash book
Unfavourable balance as per cash book
Favourable balance as per cash book
Overdraft as per bank statement
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Question # 11
Acceptance to Mr. A was posted to the debit of B's account. The rectification of the entry will.
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Increase the net profit
Decrease the net profit
Have double effect on net profit
Have no effect on net profit
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Question # 12
The investment in partners capital accounts is to be credited to.
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Partners capital accounts
Profit and loss account
Interest account
None of these
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Question # 13
Old prifit sharing ratio minus new profit sharing ratio is equal for.
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Sacrifing ratios
Gaining ratios
Distributing ratios
None of these
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Question # 14
Receipts and payments account shows
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Debit and credit balances of ledgers
Incomes and expenditures
Cash receipts and payments
Assets and liabilities
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Question # 15
Arithmetical accuracy of the books of accounts cannot be checked under.
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Single Entry system
Double entery system
None entery system
Both a and b
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Question # 16
Surplus balance cna be shown in the balnce sheet as.
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Asset
Liability
Owner's equity
None of these
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Question # 17
The powers of company are governed by the.
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Sharehoders
Memorandum of association
Prospectus
Articles of association
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Question # 18
the loss whihc arises due to natural causes such as evaporation etc is called.
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Abnormal loss
Normal loss
Additional loss
None of these
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Question # 19
Non-profit making organization is also known as
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Non-profit seeking concern
Non-trading concern
Trading concern
"a" and "b"
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Question # 20
Depreciation written off on fixed assets should be recorded in the.
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Income and expenditure account only
Receipt and payment account only
Receipt and payment account and banalce sheet
Income and expenditure account and balance sheet.
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Question # 21
Abnormal loss arises due to.
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Natural causes
Evaporation drying breaking in bulk
Pilferage , theft fire etc.
Some unavoidable causes
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Question # 22
In case of retirement the amount of the general reserve any other profit is credited to all partners in.
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Sacrificing Ratios
New profit sharing ratios
Old prift sharing ratios
Gaining ratios
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