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Accounting Test Easy Mode MCQs With Answers
Question # 1
The balance of the trading account is the transferred to:
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Profit and loss account
Balance sheet
Work sheet
Position statement
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Question # 2
Goods withdrawn by the proprietor for personal use should be credited to
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Purchase a/c
Drawings a/c
Expenses a/c
Revenue a/c
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Question # 3
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 # 4
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 # 5
A transaction has been journalized but posted wrongly in the ledger account, it is an:
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Error of positing
Error of principle
Error of omission
Error of commission
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Question # 6
At the time of drawing a bill the drawer credits:
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Debtors account
Creditors account
bill receivable account
Suppliers account
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Question # 7
The payments side of the cash book is undercast by Rs. 200, when overdraft as per bank statement i s the starting points:
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Rs. 200 will be deducted
Rs. 200 will be added
Rs. 400 will be added
Rs. 400 will be deducted
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Question # 8
How many categories of accounts are
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two
three
four
five
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Question # 9
When a bill is transferred by the drawer to his creditor, for settlement of his debts, it is called
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Retirement of Bill
Endorsement of a Bill
Discounting of a Bill
Settlement of a Bill
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Question # 10
Error of posting effects:
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One account
Two accounts
Three accounts
Four accounts
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Question # 11
Position statement is similar to a
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Trial balance
Balance sheet
Financial statement
Bank reconciliation statement
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Question # 12
The assets which have not got physical existence are called.
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Intangible assets
Intangible fixed assets
Current assets
Tangible fixed assets
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Question # 13
The balance of revaluation accoun tis transferred to the old partners capital accounts in their.
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Sacrificing ratio
Old profit shairng ratio
New profit sharing ratio
Equal profit shairng ratio
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Question # 14
When the goods sent on consignment are sold by the consignee the account to be debited is.
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Cash account
Consignee personal account
Consignment account
None of these
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Question # 15
The value of an asset at the end of the working life is called.
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Book value
Scrape value
Market value
None of these
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Question # 16
The amount of good will broght in cash by nw partner will be credited to old partner in.
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Gaining Ratio
New Ratio
Old Ratio
Sacrifice Ratio
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Question # 17
Capital is obtained by deductin liabiliities from.
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Expenditures
Receipt
Assets
Incomes
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Question # 18
The shares of public limited company are.
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Not refundable
Not tanserable
Transferable
No allotable
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Question # 19
Good will is.
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Tangible asset
Imtamgon;e asset
Wasting assets
Frictious assets
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Question # 20
The difference of the two sides of receipt and payment account represents.
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Opening cash balance
Closing cash or bank balance
Opening bank balance
None of these
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Question # 21
The consignment outward books or journal is maintained by.
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Customers
Consignor
Consignee
Debtors
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Question # 22
Share capital int he balance sheet is known as.
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Asset
Liability
Income
Reserve
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