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Online Tests
Accounting Test Easy Mode MCQs With Answers
Question # 1
From the business point of view, interest on drawings is
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An asset
An expense
A liability
A revenue
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Question # 2
Work sheet is also used as a source to prepare ______
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Financial statement
Income statement
Position statement
Bank reconciliation statement
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Question # 3
If sales return for Rs. 3,000 were incorrectly included in sales book, gross profit will be
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overstated by Rs. 3,000
understated by Rs. 6,000
understated by Rs. 3,000
overstated by Rs. 6,000
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Question # 4
A bill from the point of view of a creditor is called a:
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Bill payable
Bill receivable
Bil acceptable
Bill rejectable
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Question # 5
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 # 6
Bad debts are
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deferred expenditure
revenue expenditure
capital expenditure
none of these
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Question # 7
Bill receivable account is a:
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Nominal account
Personal account
Real account
Expenses account
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Question # 8
The book in which all cash transactions are primarily recorded is called
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Cheque Book
Pass Book
Cash Book
Finance Book
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Question # 9
The process of recording business transaction in the journal is called
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Posting
Journalizing
Classifying
Entry
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Question # 10
Received a cheque from Bilal Rs. 1900 in ful settlement of his debt Rs. 2000 should be debited to
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Cash account
Discount allowed account
Bank account
Both a & b
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Question # 11
An expenditure, which is completely exhausted with in the current accounting period is known as
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Deferred expenditure
Revenue expenditure
Future expenditure
Non-recurring expenditure
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Question # 12
On retirement of a partner the share of a retiring partner is taken by.
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Remaining partner
New partner
Legal representator or retiring partner
None of these
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Question # 13
Liability of the partners in partnership is.
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Limited
Unlimited
Limited up to the extent of their capitals
Depend on the will of the partners
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Question # 14
Income and expenditur eaccount is prepared at the
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Start of the year
Mid of the year
End of the year
At the start and ed of the year
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Question # 15
The charter of the company containing the objects of whihc for company is being formed is called.
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Articles of association
Prospectus
Memorandum of associaton
Notice
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Question # 16
The dividend paid to the shareholders during the finaincial year is.
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Final dividend
Interim divident
Unclaimed divident
Proposed dividend
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Question # 17
A certificat issue by the company under its seal acknowledging a debt due by it to its holder, is called.
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Debenture
Certificate of commencement
Acknowledge certificate
Noen of these
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Question # 18
The parties involves in the consignment are.
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Two
Three
Four
Five
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Question # 19
The assets which have not got physical existence are called.
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Intangible assets
Intangible fixed assets
Current assets
Tangible fixed assets
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Question # 20
Net worth is equal to,
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Assets - Liabilities
Liabilities - Assets
Liabilities + Capital
Capital + Assets
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Question # 21
Consignee is.
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A principal
An agent
A debtor
A creditor
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Question # 22
A partner, who hasnot attained the age of majority is called.
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Junior partner
Minor partner
Nominal patner
Quasi Partner
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