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Accounting Test Easy Mode MCQs With Answers
Question # 1
Errors is casting of subsidiary books are called as
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Error of omission
Compensating error
Error of posting
Clerical errors
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Question # 2
The amount by which the revenue for a particular period of time exceed from expenses incurred to generate them is called
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Gross income
Net income
Revenue
Expenses
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Question # 3
If the error committed in the capital account, it will affect
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trading account
profit & loss account
trading and profit & loss account
balance sheet
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Question # 4
The outflow of funds to meet the running expenses of a business
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Revenue loss
Revenue expenditure
capital expenditure
capital loss
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Question # 5
The excess of credit column over debit column in income statement is called
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Net loss
Net profit
Cash balance
Gross profit
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Question # 6
Sales are equal to
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Cost of goods sold + Profit
Gross profit - cost of goods sold
Cost of goods sold - gross profit
None of these
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Question # 7
Unfavourable balance means
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Credit Balance in the Pass Book
Credit Balance in the Cash Book
Debit Balance in Bank Statement
Both b and c
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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
If the total of the credit side of an account exceeds that of debit side of the same account, it is called
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Credit Balance
Debit Balance
Balancing
Zero Balance
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Question # 10
Octori duty paid on machinery, is an example of
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Revenue expenditure
Recurring expenditure
Capital expenditure
Both a & b
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Question # 11
If the balance of suspense account is credit then it will be shown in balance sheet on
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Asset side
Asset and liability side
Asset and capital side
Capital and liability side
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Question # 12
A situation where a company receives a application for a large number of shares than offered to the public for subscription is termed as.
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Under subscription
Over subscription
General subscription
Above subscription
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Question # 13
The maximum number of memebr in case of private limited comapny can be.
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Forty
Fifty
Sixty
No restriction on maximum number
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Question # 14
Registered company is
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2
3
4
5
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Question # 15
Income and expenditur eaccount is prepared on.
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Cash basis
Accrual basis
Cahs of accural basis
None of these
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Question # 16
The account of non trading concern are generally maintained according to.
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Mereantile accounging system
Double entry system of book keeping
Cash accounting system
None of the above
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Question # 17
The end or termination of partnership is called.
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Amalgamation
Dissolution
Retirement
Admission
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Question # 18
Over riding commission is calculated on.
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Cash sales only
Credit sales only
Total sales
None of the above
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Question # 19
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 # 20
The consignee acts entirely on behalf of the
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Debtors
Creditors
Customer
Principal or consignor
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Question # 21
On the detah of the partner the amount of the joint policy credited to the capital account of.
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Remaining partners capital account
All partners capital accounts
Deceased parners capital account
None of these
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Question # 22
In consginee's books the payment of expense by consignee should be debited to
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Consignment account
Consignnors account
Cash account
None of these
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