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Online Tests
Accounting Test Easy Mode MCQs With Answers
Question # 1
The valuation of closing stock is at
Choose an answer
Cost price
Market price
Cost or market price whichever is lower
Cost or market price whichever is higher
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Question # 2
An operating statement is similar to a
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Balance sheet
bank reconciliation statement
Financial statement
Profit or loss statement
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Question # 3
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 # 4
Error due to wrong allocation as expenditure between capital and revenue is regarded as:
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Error of omission
Error of principle
Compensating errors
Error of Commission
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Question # 5
______ must be prepaid for testing ledger accounts, adjusting entries and financial statement
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Work sheet
Balance sheet
Bank statement
Trail balance
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Question # 6
The favorable balance of cash book bank column is
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Credit balance
Debit balance
Both debit and credit balance
None of these
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Question # 7
Accounting principles can be classified in
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three types
two types
five types
six types
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Question # 8
The ______ is not a part of the permanent accounting record
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worksheet
Journal
Ledger
Trail balance
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Question # 9
When cheque received, and deposited into bank, bank account must be
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Credited
Debited
Both debited & credited
None of these
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Question # 10
When a drawee honours his acceptance, he will credit
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Capital Account
Drawer Account
Bill Payable Account
Cash Account
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Question # 11
Loss of good by fire should be credited to:
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Purchase account
Sales account
Loss by goods by fire account
Capital account
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Question # 12
The amount of share capital with which a company is registered is called.
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Authorized capital
Issued capital
Paid up capital
Called up capital
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Question # 13
Income and expenditure account records the transactions of
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Revenue nature
Capital nature
Revenue and capital nature
None of the these
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Question # 14
Cash paid to creditors can be woked out from.
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Debtora account
Creditors account
Balance sheet
None of theses
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Question # 15
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 # 16
The credit balacne of the retained earnings statement represents.
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Undisturbed Profit
Divided declared
Profit distributed
None of these
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Question # 17
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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Question # 18
The liability of the shareholder of a public limited company is.
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Unlimited
Limited
Compulsory
None of these
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Question # 19
The amount of share capital which a company is authroxzed to raise is called.
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Subscribed capital
Issued capital
Authorized capital
Paid up capital
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Question # 20
A partner goes out of a firm due to certain event or reason is known as.
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Retired or out going partner
Junior partner
Senior partner
Minor partner
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Question # 21
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 # 22
The method is specially suited to natural surces is said to be
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Annuity method
Depletion method
Revalution method
Sum of digit method
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