Question # 1

A sale of Rs. 1000 to Farid, was credited to his account, it will affect

Choose an answer

Sales account

Farid account

Cash account

Both a & b

Interest on renewal of a bill is the expense of

Choose an answer

Drawer

Drawee

Holder

Endorsee

Which one of the following is appeared in the balance sheet ?

Choose an answer

revenue expenditure

capital expenditure

deferred revenue

both b,c

Debts which are repayable in the course of less than one year bur more than one month are called

Choose an answer

Quick liabilities

Deferred liabilities

Contingent liabilities

Liquid liabilities

It is used to record cash, bank and discount transactions on debit and credit side

Choose an answer

Single column cash book

Petty cash book

Double column cash book

Treble column cash book

A trial balance can be constructed by

Choose an answer

Three Methods

Two Methods

Four Methods

Five Methods

Income tax paid is a

Choose an answer

Business Expense

Business Revenue

Business Liability

Personal Expense

An error completely omitted to be entered in the journal

Choose an answer

partial error

error of posting

error of casting

complete error

A document evidencing cash receipts and payments and forming the basis for making entries in the cash book is called

Choose an answer

Receipt voucher

Cash voucher

payment voucher

Cash memo

A transaction is recorded on the same days as its takes place, so journal is also called:

Choose an answer

A day book

A history book

An entry book

Ledger book

Assets which have no physical existence are called

Choose an answer

Tangible assets

Fictitious assets

Liquid assets

Intangible assets

The value of an asset at the end of the working life is called.

Choose an answer

Book value

Scrape value

Market value

None of these

The parties involves in the consignment are.

Choose an answer

Two

Three

Four

Five

When the incoming partner pays the firm for good willin cash the amount should be debited to firms books to.

Choose an answer

Good will accounts

Cash Account

Capital account of the incoming partner

All of the above

A prospectus for subscription of shares can be issued only by.

Choose an answer

Public company

A private company

Both public and private company

None of these

The amount of share capital which a company is authroxzed to raise is called.

Choose an answer

Subscribed capital

Issued capital

Authorized capital

Paid up capital

Consignor is also called.

Choose an answer

Principal

Agent

Debtor of the consignee

Creditor of the consignee

Depreciation caused by some external amoutn of anual depreciation gradully.

Choose an answer

Increase

Decrease

Remain constant

None of these

Which of the following method is suitable for charging depreciation an machinery and furniture.

Choose an answer

Straight line method

Diminishing balance method

Depreciation on fixed method

Annuity method

Income and expenditure accout is usually accompanied by.

Choose an answer

Trail balance

Balance sheet

Income and gains

Liabilities

In case of Garner Vs. Murray rule, the decision was given is.

Choose an answer

Mr. Justice james

Mr Garner

Mr. Justice joyee

Mr. Murray

The term Depletion is used with reference to.

Choose an answer

Tangible assets

Intangible assets

Current assets

Fixex assets

More Classes

Other Links

Accounting Test Easy Mode MCQs With Answers

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer