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Accounting Test Easy Mode MCQs With Answers
Question # 1
Net loss is always
Choose an answer
Equal to gross loss
More than gross loss
Less than gross loss
None of these
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Question # 2
The process of totaling the data at the end of the period is called
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posting
casting
compensating
recording
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Question # 3
Any mistake in ledger can be easily detected with the help of:
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Journal
Balance sheet
Trial balance
Financial statement
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Question # 4
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 # 5
Any expenditure incurred to increase the earning capacity of a business
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capital expenditure
capital loss
revenue loss
revenue expenditure
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Question # 6
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 # 7
Capital contributed by the partners is a:
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Revenue receipt
Capital receipt
Current receipt
Deferred receipt
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Question # 8
All those expenses which have become due but not paid are called
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Accrued revenue
Prapaid revenue
Outstanding expenses
Advance expenses
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Question # 9
The amount of assets, liabilities, capital and drawings are extended form adjusted trail balance to the
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Balance sheet columns
Income statement columns
Cash columns
Bank columns
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Question # 10
Ahmad's account is an example of
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real account
personal A/c
nominal account
none of these
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Question # 11
Which one of the following is appeared in the balance sheet ?
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revenue expenditure
capital expenditure
deferred revenue
both b,c
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Question # 12
Capital is obtained by deductin liabiliities from.
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Expenditures
Receipt
Assets
Incomes
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Question # 13
In single entry system nominal accounts and some assets accounts balances are not available so it is not possible to prepare,
Choose an answer
Debtors account
Creditors account
Trial balance
Statement of affairs
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Question # 14
For the commission due to the consignee on the sales of goods in the books of the consignor will be credited to.
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Commission account
Consignee's personal account
Consignement account
None of these
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Question # 15
A partner who takes an active part in the managment of the firm is called.
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Active partner
Sleeping partner
Norminal partner
Quasi partner
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Question # 16
Un recorded liability when paid on dissolution of the firmis debited to.
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Realization account
Liability account
Partners capital account
None of these
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Question # 17
In consignmetn all the expenses either paid by the consiger himself or by the consignee are born by the.
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Consignor
purchaser
Consignee
None of these
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Question # 18
The losses arise in consignment transactions, such as loss of goods in transit, theft, goods damaged or destroyed by fire etc are.
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Normal losses
Additional loss
Abnormal losses
Both abnormal and normal loss
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Question # 19
Consignment signifies.
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Goods despatched by the owner to his agent
Goods forwarded by the creditor to his debtor
Goods forwarded from one place to another
Goods sent by the owner to his agent for the purpose of sale.
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Question # 20
Receipt and payment account includes.
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Revenue items
Capital items
Both capital and Revenue items
None of the above
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Question # 21
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 # 22
As per the decision in Garner Va. Murray the solvent partner bring in cash equal to their share of.
Choose an answer
Realization loss
Profit ratio
Capital ratio
None of these
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