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Online Tests
Accounting Test Easy Mode MCQs With Answers
Question # 1
An expenditure incurred to the increases the profit earning of the concern is a:
Choose an answer
Revenue expenditure
Current expenditure
Capital receipt
Capital expenditure
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Question # 2
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 # 3
Net loss is always
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Equal to gross loss
More than gross loss
Less than gross loss
None of these
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Question # 4
Depreciation of fixed assets used in the business is an example of
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capital expenditure
Revenue expenditure
Deferred expenditure
None of these
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Question # 5
Income received in advance during the year is
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Prepaid Expenses
Accrued Income
Advance Expenses
Advance Income
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Question # 6
Nominal account are related to:
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Assets and liabilities
Expenses, losses and incomes
Customers, creditors etc
Capital account
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Question # 7
When ban column of a cash book shows a debit balance it means:
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Overdraft as per bank
Unfavourable balance as per cash book
Favourable balance as per cash book
Favourable balance as per pass book
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Question # 8
A trial balance can be constructed by
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Three Methods
Two Methods
Four Methods
Five Methods
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Question # 9
When a Bill is dishonoured, the holder of the bill goes to an official called
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Inspector
Notary Public
Drawer
Manager
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Question # 10
If a liability is recorded as income, it will be considered as
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Error of commission
Error of omission
Error of Principle
None of these
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Question # 11
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 # 12
Good will is.
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Tangible asset
Imtamgon;e asset
Wasting assets
Frictious assets
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Question # 13
Depreciation is
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An Income
An expense
A loss
A liability
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Question # 14
In the absence of an agreement, the share of new partner in patnership will be.
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In the portion of capital
Equal
According to work
None of the above
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Question # 15
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 # 16
The expense incurred by the oconsignee in connection with the sale of the consignment goods are debited to.
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Consignment account
Cash account
Consignor account
None of these
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Question # 17
The sum total of the nominal vaue of shares of company is called is.
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Issued capital
Subscribed capital
Share capital
Called up capital
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Question # 18
Reserve for bad and doubtful debts appearing in the books of accounts at the time of dissolution shuld be transferred to.
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Realization account
Revalution account
Debtors account
None of these
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Question # 19
Depreciation written off on fixed assets should be recorded in the.
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Income and expenditure account only
Receipt and payment account only
Receipt and payment account and banalce sheet
Income and expenditure account and balance sheet.
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Question # 20
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 # 21
the loss whihc arises due to natural causes such as evaporation etc is called.
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Abnormal loss
Normal loss
Additional loss
None of these
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Question # 22
A paatner who invests capital inthe business but does not take active part in the conduct of the business is called.
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Active partner
Sleeping partner
Secrete partner
None of these
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