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Accounting Test Easy Mode MCQs With Answers
Question # 1
Acceptance to Mr. A was posted to the debit of B's account. The rectification of the entry will.
Choose an answer
Increase the net profit
Decrease the net profit
Have double effect on net profit
Have no effect on net profit
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Question # 2
One way of avoiding errors in the permanent accounting records is to use a form which is called
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Bank statement
Trail balance
Balance sheet
Work sheet
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Question # 3
Retiring a bill under rebate means:
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Making payment for the bill before the due date
Making payment for the bill after the due date
Dishonouring bill
None of the above
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Question # 4
Usually every ______ entry affect both income statement and balance sheet
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Adjusting
Work sheet
Balance sheet
Ledger
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Question # 5
A Ledger is a book in which
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Only Personal & Cash Accounts are Opened
Only Real Accounts are Opened
Only Nominal Accounts are Opened
All Real, Nominal and Personal Accounts are Opened
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Question # 6
Bank for collection is a
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Permanent Account
Fixed Account
Current Account
Temporary Account
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Question # 7
When money is paid to a creditor or supplier a receipt is obtained from him which is called
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Cash voucher
Cash payment
Receipt voucher
Payment voucher
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Question # 8
Error which affects profit and loss account relates to
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Nominal account
Property account
Personal account
None of these
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Question # 9
Expenditure is revenue expenditure because
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It is intended to benefit the current period
The amount involved is small
It is deducted from the gross sale proceeds
None of these
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Question # 10
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 # 11
Modern system of bookkeeping is
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single entry system
double entry system
modern system
none of these
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Question # 12
Those debentures wihch carry no security as to payment of interest or repayment of principal, are known as.
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Morigage debentures
Secured debentures
Simple or naked debentures
None of these
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Question # 13
In appearance, the statement of affairs, is similar to a.
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Balance sheet
Profit and loss account
Trading account
Bank Reconciliation statement
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Question # 14
Closing capital in single entry system is calculated by preparing,
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Opening statement of affairs
Closing statement of affairs
Opening balance sheet
Closing balance sheet
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Question # 15
In case of dissolution, assets sold for cash are debited to.
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Realization account
Cash account
Assets account
None of these
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Question # 16
Arithmetical accuracy of the books of accounts cannot be checked under.
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Single Entry system
Double entery system
None entery system
Both a and b
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Question # 17
In the absence of any agreement Reserve on dissolution of a partnership firm is credited to the partners.
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In capital ratio
In profit sharing ratio
Equality
None of these
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Question # 18
In income and expenditure account
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Expense are recorded on debit side
Revenues are recorded on credit side
Does not start with any opening balance
All of the above
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Question # 19
The closing balance of trade debtors can be located from.
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Total debtors account
Balance sheet
Bils receivable account
Cash book
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Question # 20
Partnership is formed by the partners.
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Written agreement
Mutual consent
Verbal agreement
None of these
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Question # 21
Under single entery system informatoin relating to expenses must be ascertained from the analysis of.
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Debtors account
Creditors account
Sales book
Cash book
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Question # 22
Under annuity method the amount of depreciation is.
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Increasing every year
Decreasing every year
Fixed for all the year
None of these
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