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Accounting Test Easy Mode MCQs With Answers
Question # 1
Journal shows all necessary information regarding.
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The document
A transaction
The accounting
Meeting
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Question # 2
Receipts which are non-recurring by nature:
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Capital receipts
Revenue receipts
Short term receipts
Capital profit
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Question # 3
Net profit plus expenses is equal to
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purchases
Cost of goods sold
Capital
Gross profit
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Question # 4
Which book is used to record all cash receipts and cash payments?
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Sale book
Purchase book
Cash book
Petty cash book
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Question # 5
Net profit is always
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Equal to gross profit
More than gross profit
Less than gross profit
None of these
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Question # 6
The first successful step of Double Entry System is
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Leger
Journal
Final Account
Trial Balance
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Question # 7
The concession given by the supplier to the buyer on purchases of good is known as:
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Sales discount
Trade discount
Purchase discount
Discount received
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Question # 8
Book-keeping is mainly concerned with:
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Recording of business transactions
Recording classifying and summarizing the recorded data
Interpreting the recorded data
None of the above
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Question # 9
The periodical total of purchases returns book is posted to
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Debit of returns outwards account
Credit of returns inwards account
Debit of returns inwards accounts
Credit of returns outwards account
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Question # 10
A bill of exchange is drawn by:
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A debtor
A creditor
A holder
Endorsee
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Question # 11
The effect of drawing on accounting equation is
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decrease in assets and decrease in liabilities
increase in both assets & liabilities
decrease in assets and increase in capital
none of these
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Question # 12
Depreciation is charged at fixex rate on the reducing balance, under the.
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Written - down value method
Annuity method
Sinking fund method
Depletion method
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Question # 13
The consignment outward books or journal is maintained by.
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Customers
Consignor
Consignee
Debtors
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Question # 14
Cash book is prepared to find out the figure of.
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Opening capital
Crosing cash balance
Net profit
Finaincial position
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Question # 15
The amount paid to person who was invited to deliver a lecture in a club is known as.
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Hoorarium
Salary
Wages
None of these
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Question # 16
The consignee acts entirely on behalf of the
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Debtors
Creditors
Customer
Principal or consignor
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Question # 17
Reliization account is opened to find out gain or loss at the time of.
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Admisson of a new partner
Retirement of the partner
Death of the partners
None of these
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Question # 18
When the incoming partner pays the firm for good willin cash the amount should be debited to firms books to.
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Good will accounts
Cash Account
Capital account of the incoming partner
All of the above
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Question # 19
The opening and closing balance of bills Receivable can be calculated by preparing the.
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Total debtors accounts
Total creditors account
Bills Recivable accounts
Salaes accounts
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Question # 20
How many mathods are available to calculate the profit or loss under single entery system.
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One
Two
Three
Four
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Question # 21
In single entry system both the aspects, debit and credit of a transaction are not recorded soit is.
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Incomplete and unscientific
Complete and scientific
Incompleted and scientific
Complete and unscientific
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Question # 22
Donation receivedin heavy amount are treated as.
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Revenue
Capitaized
Liability
Assets
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