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Accounting Test Easy Mode MCQs With Answers
Question # 1
Ahmad's account is an example of
Choose an answer
real account
personal A/c
nominal account
none of these
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Question # 2
Bad debts recovered from debtors should be credited to
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Debtors a/c
Bad debts a/c
Bad debts recovered a/c
Cash a/c
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Question # 3
کسی شے کے مسلسل اور لگاتار استعمال سے مختتم افادہ میں کمی آتی جاتی ہے بشرطیکہ دیگر امور بدستور ہیں اس قانون کو کہتے ہیں
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قانون تقلیل افادہ مختتم
قانون مساوی افادہ مختتم
قانون طلب
قانون تقلیل حاصل
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Question # 4
Stock is trade is a
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Current asset
Non-current asset
Quick asset
Intangible asset
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Question # 5
Net profit plus expenses is equal to
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purchases
Cost of goods sold
Capital
Gross profit
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Question # 6
Bill receivable book represents
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Ledger
Journal
Trail balance
All of above
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Question # 7
Worksheet provides complete information for preparing
Choose an answer
Income statement
Position statement
Financial statement
Bank reconciliation statement
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Question # 8
Payment of Rs. 50 to Raheel as wages for repairing machine should be debited to
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Machinery a/c
Repair a/c
Wages a/c
Raheel a/c
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Question # 9
The first successful step of Double Entry System is
Choose an answer
Leger
Journal
Final Account
Trial Balance
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Question # 10
Interest due but not received is an
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Outstanding expense
Accrued income
Prepaid expense
Unearned income
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Question # 11
A gradual decrease in the value of fixed assets is called
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Reduction
Revaluation
Deprecation
None of these
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Question # 12
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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Question # 13
Income and expenditure account is equivalent to the.
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Receipt and payment account
Balance sheet
Cash book
Profit and loss account
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Question # 14
In cash of net worth method of sigle entery system net profikt is ascertained by.
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Prepareing the trading and profit and account
By cimparing the capitals in the beginning and at the end of the accounting period.
Capital closing + Drawing - fresh capital - opening capital
Capital opening+ Drawing - fresh capital-closing stock
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Question # 15
In single entry it is not possible to prepare
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Trial balance
Trading account
Profit and loss account
Balance sheet
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Question # 16
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 # 17
For the firm, interest on drawing is.
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Expense
Income
Liability
None of these
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Question # 18
Amount of to the out going partner is shown in the balance sheet as his.
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Liability
Loan
Capital
Assets
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Question # 19
Current accoujts of the partners should be opened when the capital are.
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Fixed
Fluctuating
Either fixed or fluctuating
None of these
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Question # 20
In the absence of an partnership agreement the pfofit and losses are divided by the partners in the ratio of.
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Capitals
Profit and loss ratios
Equality
Time devoted by each partner
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Question # 21
Current accout of the partners should be opened when the capitals are.
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Fluctuating
Fixed
Either fixed or fluctuating
Neither fixed or fluctuating
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Question # 22
When the cash is received from the sale of the goods by the consigneee on behalf the consignor then it will be debited to.
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Cash account
Consignor 's personal account
Consignment account
None of these
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