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Accounting Test Easy Mode MCQs With Answers
Question # 1
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 # 2
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 # 3
The money with which business is started is known as:
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Capital
Creditor
Income
Debtor
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Question # 4
Goods withdrawn by the proprietor for personal use should be credited to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 # 5
Net Sales represent
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Sales - return outwards
Sales - return inwards
Sales - return to supplier
both b and c
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Question # 6
If the gross profit is Rs. 5000 and the net profit is 35% of the gross profit then the expenses must be
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3250
1250
3750
1750
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Question # 7
Real accounts are related to:
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Assets
Expenses, losses and incomes
Customers, creditors
Incomes
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Question # 8
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 # 9
Interest on drawing is debited to
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Capital
Drawings
Sundry Creditors
Outstanding expense
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Question # 10
Goodwill, patent, copyright and trade mark are
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Wasting assets
Intangible assets
Fictitious assets
Liquid assets
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Question # 11
Personal account are related to:
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Assets and liabilities
Expenses, losses
Customers, creditors etc.
Incomes
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Question # 12
Dividend is calculated on.
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Registered capital
Issue Capital
Paid up Capital
Subscribed Capital
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Question # 13
Under the straight line method of charging depreciation, the amount of deperciation .
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Decrease every year
Increase every year
Remain constant every year
None of the above
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Question # 14
The credit balacne of the retained earnings statement represents.
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Undisturbed Profit
Divided declared
Profit distributed
None of these
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Question # 15
Registered company is
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2
3
4
5
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Question # 16
The consignment inward book or journalis matinained by.
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Consignor
Consignee
Customer
Debtors
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Question # 17
The opening capitla is ascertained by preparing.
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Cash account
Opening statements of affairs
Total debtors account
Total creditors account
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Question # 18
In case of los on revaluation of assets and liabilities should be debited to.
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Retiring partners capital accounts
All partners capital accounts
Remaining patners capitala account
None of these
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Question # 19
The depreciation charged to motor car account will be debited to.
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Depreciation account
Motor car account
Cash account
None of these
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Question # 20
Due to drawings made during the year, the closing capital will,
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Increase
Decrease
Constant
Multiply
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Question # 21
Under the diminishing balance method the depreciationis calculated on .
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Book value
Original value
Residual value
None of these
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Question # 22
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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