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Online Tests
Accounting Test Easy Mode MCQs With Answers
Question # 1
Unearned income are known as:
Choose an answer
Incomes
Expenses
Liabilities
Assets
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Question # 2
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 # 3
Interest on renewal of a bill is the expense of
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Drawer
Drawee
Holder
Endorsee
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Question # 4
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 # 5
A table lost by fire should be debited to
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Table a/c
Furniture a/c
Loss by Fire a/c
Purchases a/c
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Question # 6
Receipts which are non-recurring by nature:
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Capital receipts
Revenue receipts
Short term receipts
Capital profit
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Question # 7
Accommodation bills are drawn accepted and endorsed
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Without any Consideration
for some Consideration
for Quarter Consideration
none of the above
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Question # 8
In adjusting the cash balance one of the following is not taken into account:
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Mistakes in the cash book
Mistake in the bank statement
Interest and dividends credited in the bank statement
None of the abvove
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Question # 9
The periodical total of purchases book is posted to the
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Debit of purchases account
Credit of purchases account
Credit of cash account
Debit of sales account
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Question # 10
The accounting system in which accounting entries are made on the basis of amount having become due for payment or receipt, is called
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Cash system
Accrual or mercantile system
Outstanding system
None of these
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Question # 11
If there is any error in Bank account it will affect
Choose an answer
Trading and profit and loss account
Profit and loss account
Trading account
Balance sheet
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Question # 12
Gaining ratios are equal to.
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New Ratio - Old ratio
Old ratio- New ratio
New Ratio + old ratios
Capital ratios- New Ratios
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Question # 13
The maximum number of memebr in case of private limited comapny can be.
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Forty
Fifty
Sixty
No restriction on maximum number
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Question # 14
Reserve for bad and doubtful debts appearing in the books of accounts at the time of dissolution shuld be transferred to.
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Realization account
Revalution account
Debtors account
None of these
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Question # 15
A company comes into existence when the registrar issue the
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Prospectus
Certificate of incorporation
statement in Lieu of prospectus
Companies ordinance
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Question # 16
If the price required to be paid to the company for the share is more than nominal value of that share, it is called.
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At discount
At premium
At par
None of these
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Question # 17
Non-profit seeking organization income and expenditure account performs the same function as profit seeking organization's
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Trading and profit and loss account
Balance sheet
Bank account
Petty cash book
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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
Income and expenditure account shows
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Cash in hand
Surplus or deficit
Cash at bank
Capital account
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Question # 20
Not worth method is equal to.
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Liabilities - assets
Assets- liabilities
Capital + assets
None of these
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Question # 21
Depreciation is charged on.
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Fixed tangible assets only
Fixex intangible assets only
Current assets only
None of these
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Question # 22
The owner wquity in a company is commonly called.
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Shareholder equity
promotors equity
Directors equity
None of these
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