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Online Tests
Accounting Test Easy Mode MCQs With Answers
Question # 1
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 # 2
Accounting records of a business enterprise are required by
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management of the business
outsiders
all of the above
none of the above
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Question # 3
A schedule of balances of all accounts is called
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Journal
Ledger
Balance Sheet
Trial Balance
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Question # 4
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 # 5
All the transactions related to credit sales are recorded in
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Sales returns book
Sales book
Cash book
Credit note book
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Question # 6
The errors in which amount have occurred on the opposite sides of two or more accounts and have concealed themselves in the net result, are:
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Error of principle
Errors of omission
Errors of commission
Compensating error
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Question # 7
Carriage account is a/an
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asset account
revenue account
expenditure A/c
withdrawal account
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Question # 8
Journal is prepared in
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Columnar form
Vertical form
Horizontal form
Row form
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Question # 9
Retiring a bill under rebate means
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Payment of Bill Before Due Date
Payment of Bill After due date
Discounting of a Bill
Dishonouring of a Bill
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Question # 10
Wages paid for the construction of building is an example of
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Revenue expenditure
Capital expenditure
Recurring expenditure
Short-term expenditure
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Question # 11
.If the error committed in the capital account, it will affect
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Trading account
Profit and loss account
Trading and profit and loss account
Balance sheet
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Question # 12
Acceptance received durinthe period must be debited to bills receivable account and credited to.
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Total bills receivable account
Total debtors account
total cash account
Total bills receivabel account
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Question # 13
Dell creder commission is calculated on.
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Total sales
Cash sales
Credit sales
None of these
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Question # 14
The rules and regulation foverning the internal management and administration of the company are called.
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Memorandum of assocaition
Articles of association
Prospectus
None of these
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Question # 15
The toal amount of capital, in case of company is divided into small units, these units are called.
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Bonds
Cheque
Share
Reserve
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Question # 16
When the goods sent on consignment are sold by the consignee the account to be debited is.
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Cash account
Consignee personal account
Consignment account
None of these
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Question # 17
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 # 18
When a firm dissolved with the consent of all the partners it is called.
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Dissolution by notice
Dissolution by agreement
Dissolution by court
Compulsory dissolution
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Question # 19
The balance of revaluation accoun tis transferred to the old partners capital accounts in their.
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Sacrificing ratio
Old profit shairng ratio
New profit sharing ratio
Equal profit shairng ratio
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Question # 20
The amount of good will broght in cash by nw partner will be credited to old partner in.
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Gaining Ratio
New Ratio
Old Ratio
Sacrifice Ratio
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Question # 21
Example of non-profit making organization
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Fan factory
Sugar industry
Hospital
Shoe factory
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Question # 22
The balance of realization account is transferred to the capital accounts of the partners in.
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Capital ratio
Equality
Interest ratio
Profit sharing ratio
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