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Accounting Test Easy Mode MCQs With Answers
Question # 1
Excise duty is a
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Direct revenue
Indirect revenue
Direct expense
Indirect expense
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Question # 2
Octori duty paid on machinery, is an example of
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Revenue expenditure
Recurring expenditure
Capital expenditure
Both a & b
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Question # 3
Which one of the following is a direct expense?
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Custom duty
Carriage
Wages
All of above
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Question # 4
If the total of the credit side of an account exceeds that of debit side of the same account, it is called
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Credit Balance
Debit Balance
Balancing
Zero Balance
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Question # 5
A sheet which minimizes the chances of errors to the maximum possible extent is called
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Balance sheet
Work sheet
Paper sheet
Income statement
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Question # 6
Which one of the following in used to simplify work, to be done at the end of period
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Balance sheet
Income sheet
Bank statement
Work sheet
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Question # 7
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 # 8
Raw material destroyed in fire represents
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capital loss
revenue loss
normal loss
both b, c
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Question # 9
All the acceptances received from the debtors are recorded in
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Cash book
Bills payable book
Debtor's book
Bills receivable book
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Question # 10
A double column cash book is used to record
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Cash transactions only
Cash and bank transaction
Cash, bank and discount transaction
None of these
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Question # 11
All cash purchases and cash sales are recorded in
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Cash book
Purchases book
Sales book
Purchases and sales book
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Question # 12
The retired is one who has
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Died
Withdraw his capital
Bought his capital
Decreases his capital
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Question # 13
If all the partners but one is solvent it is.
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Compulsory dissolution of firm
Dissolution by agreement
Or may not cause dissolution
None of these
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Question # 14
In increased net worth method, profit or loss is calculated by preparing,
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Income and expenditure account
Profit and loss account
Statement of profit or loss
Balance sheet
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Question # 15
The term Depletion is used with reference to.
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Tangible assets
Intangible assets
Current assets
Fixex assets
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Question # 16
Those debentures which carry no security as to payment of interest or repayment of principal, are known as.
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Morgagage debentures
Secured debentures
Simple of naked debentures
None of these
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Question # 17
In case of private company minimum numebr of sharaeholders are.
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Six
Seven
Ten
Two
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Question # 18
Which of the following term is used for the depreciation of wasting assets such as timber tree, mines, oil wells etc.
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Depreciation
Depletion
Amortization
None of these
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Question # 19
The amount payable to the retiring partner is shown in the balance sheet of partnership as.
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Capital
Loan
Investment
Assets
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Question # 20
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 # 21
Profit and loss on revalution at the time of retirement must be transerred to the partners in.
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Capital ratio
Old prifit sharing ratio
New profit sharing ratio
Gaining ratio
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Question # 22
A partner who is newly admitted to the firm with the consent of all the parties is called.
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Salaried partner
Incoming partner
Junior partner
Minor partner
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