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Accounting Test Easy Mode MCQs With Answers
Question # 1
Receipts, which are non-recurring by nature, are called
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revenue receipts
current receipts
capital receipts
capital profit
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Question # 2
The cash book is a
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Subsidiary Journal
Ledger Account
Subsidiary Journal and Ledger
Trial Balance
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Question # 3
An expenditure which is incurred again and again is a:
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Capital expenditure
Future expenditure
Deferred expenditure
Revenue expenditure
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Question # 4
All revenue expenditure are taken to
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Trading a/c
Trading & profit or Loss a/c
Profit or loss a/c
Balance sheet
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Question # 5
A double column cash book is used to record
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Cash transactions only
Cash and bank transaction
Cash, bank and discount transaction
None of these
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Question # 6
Distinction between capital and revenue items is important for the preparation
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Balance sheet
Trading and profit or loss a/c
Bank reconciliation statement
Both a & b
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Question # 7
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 # 8
Any difference in trial balance is transferred to
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sales account
nominal account
purchases account
suspense account
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Question # 9
Any mistake in ledger can be easily detected with the help of:
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Journal
Balance sheet
Trial balance
Financial statement
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Question # 10
Goods sold to Ali for Rs. 50,000 recorded in purchases day book will affect
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purchases A/c
sales account
purchases, sales & Ali account
purchases & sales account
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Question # 11
A book which is used to record small expenses is called
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Expenses book
Cash book
Petty cash book
Purchases book
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Question # 12
Bad debt written off always affect the
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Deblor's account
Creditors account
Cash account
All of the above
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Question # 13
If the good will raised at the time of retirement of a partner is to be written off, then the capital accounts of the remaiing partners are debited in.
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Capital ratio
Old profit sharing ratio
New profit shiaring ratio
None of these
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Question # 14
Revaluation account is a.
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Real account
Personal account
Cash account
Nominal account
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Question # 15
Under single entry system sometimes,
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Double aspects of a transaction are recorded
Single aspect of a transaction is recorded
No aspect of a transaction is recorded
All of the above
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Question # 16
Premium on issue of share is a.
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Capital profit
Business loss
Revenue profit
Revenue loss
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Question # 17
In single entrey system statements of assets and liabilities is called.
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Balance sheet
Statement of Affair
Trial balance
Income statement
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Question # 18
If the credit side of the income oand expenditur eaccount is greater it is termed as.
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Deficit
Surplus
Asset
Liability
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Question # 19
Purchase of sports material for the club should be treated as.
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Expense
Assets
Income
Liability
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Question # 20
Revaluation loss should be debited to.
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Revaluation account
All partners capital account
Old partners capital accounts
New partners capital account
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Question # 21
In single entry system ledger contains the accounts of,
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Debtors, creditors and cash
Wages and carriage
Salaries and insurance
Assets and liabilities
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Question # 22
Commission due to the consignee is calculated on.
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Credit sales only
Cash sales only
Total sales
None of these
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