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Accounting Test Easy Mode MCQs With Answers
Question # 1
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 # 2
The revenue that has not become due, but received in cash in current year is known as
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Revenue received in advance
Accrued revenue
Unearned revenue
Both a & c
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Question # 3
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 # 4
The amount by which the revenue for a particular period of time exceed from expenses incurred to generate them is called
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Gross income
Net income
Revenue
Expenses
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Question # 5
When bank column of a cash book shows a credit balance, it means:
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Cash balance
Bank balance
Under draft
Over draft
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Question # 6
The process of totaling the data at the end of the period is called
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posting
casting
compensating
recording
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Question # 7
An expenditure, which is incurred to increase to profit earning capacity of a business concern, is called
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Deferred expenditure
Current expenditure
Capital expenditure
Recurring expenditure
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Question # 8
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 # 9
Patent is an example of
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Assets
Liabilities
Income
Expense
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Question # 10
Loss of good by fire should be credited to:
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Purchase account
Sales account
Loss by goods by fire account
Capital account
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Question # 11
The book use to record all credit purchases is called:
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Purchases book
Purchase return book
Cash book
Creditor book
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Question # 12
The expense incurred by the oconsignee in connection with the sale of the consignment goods are debited to.
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Consignment account
Cash account
Consignor account
None of these
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Question # 13
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 # 14
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 # 15
Receipts and payments account records transaction relating to
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Past year
Future year
Present year
All of the above
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Question # 16
If the price required to be paid to the company for the share less than the nominal value of that share, it is called shares.
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At discount
At primium
At par
None of these
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Question # 17
In single entry system both the aspects, debit and credit of a transaction are not recorded soit is.
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Incomplete and unscientific
Complete and scientific
Incompleted and scientific
Complete and unscientific
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Question # 18
Amount received by the way of gift from any person or organization is called.
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Donation
Subscription
Legacy
None of these
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Question # 19
The persons who have entered in partnership are collctive called.
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A firm
Agents
Partners
Promoters
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Question # 20
Depreciation under diminishing balance method ont he cost price of the fixex asset of Rs. 50.000 after two year @10% will be
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RS. 5,000
Rs. 4050
Rs.4500
Rs. 40,000
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Question # 21
Debenture holders are.
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Creditors
Owners
Customers of the company
Debtors
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Question # 22
The periodical report which is prepared by consignee and send to consignor, which shows the detail about the sales of goods is called.
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Sales account
Performa invoice
Account sales
None of these
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