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Accounting Test Easy Mode MCQs With Answers
Question # 1
Which one of the following is not considered the permanent part of the accounting record?
Choose an answer
Journal
Trail balance
Ledger
Work sheet
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Question # 2
From business point of view, interest on capital is considered as
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An income
An Expense
A Profit
A Liability
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Question # 3
The debts, the recovery or realization of which is uncertain are known as
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Bad bets
Doubtful debts
Provision for doubtful debts
Loan
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Question # 4
The statement which contains the explanation of different in cash book and bank statement is known as:
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Bank statement
Cash statement
Balance statement
Bank reconciliation statement
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Question # 5
Wages paid for installing a machine should be debited to
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Wages a/c
Cash a/c
Machinery a/c
none of these
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Question # 6
Bad debts recovered should be credited to
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Balance Sheet
Trading a/c
Profit & Loss a/c
None of these
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Question # 7
A receipt is revenue receipt because
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the amount is small
it relates to routine activity of business
it is received in the accounting year
both b, c
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Question # 8
If any income omitted to be recorded it will
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Overstate the profit
Understate the profit
Both a & b
having no effect on profit
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Question # 9
How many categories of accounts are
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two
three
four
five
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Question # 10
Errors of affect one account can be
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Errors of principle
Errors of posting
Errors of omission
None of these
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Question # 11
Contain all residual account
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Debtors Ledger
Creditors Ledger
General Ledger
Cash Ledger
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Question # 12
Consignee is.
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A principal
An agent
A debtor
A creditor
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Question # 13
In case of private company minimum numebr of sharaeholders are.
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Six
Seven
Ten
Two
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Question # 14
Old prifit sharing ratio minus new profit sharing ratio is equal for.
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Sacrifing ratios
Gaining ratios
Distributing ratios
None of these
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Question # 15
A new partner may be admitted to a partnership.
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With the consent of all the partners
With the consent of any one of the partners
With consent of two third the old partners
Without the consent of old partners
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Question # 16
Account salesis submitted by.
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Teh consignor to the consignee
The consignee to the consignor
the debtor to the creditors
The principle to his agent
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Question # 17
In appearance, the statement of affairs, is similar to a.
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Balance sheet
Profit and loss account
Trading account
Bank Reconciliation statement
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Question # 18
Acceptance received durinthe period must be debited to bills receivable account and credited to.
Choose an answer
Total bills receivable account
Total debtors account
total cash account
Total bills receivabel account
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Question # 19
Cash received from the debtors can be find out by preparing.
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Debtors account
Creditors account
Balance sheet
Trial balance
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Question # 20
An additional commission paid to the consignee who gurantees the payment in case of credit sale, is called.
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Bonus
Commission
Del creder commision
Credit commission
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Question # 21
The agreement among the partners which sets out the term is which they have agreed to form a partnership is called.
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Partnership deed
Aribtrartio clause
Partnership at will
None of these
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Question # 22
Income and expenditure accout is usually accompanied by.
Choose an answer
Trail balance
Balance sheet
Income and gains
Liabilities
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