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Accounting Test Easy Mode MCQs With Answers
Question # 1
An entry which is recorded on the both sides of cash book is called
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Simple entry
Compound entry
Combined entry
Contra entry
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Question # 2
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 # 3
Allowance for discount on account receivable is calculated on the amount of account receivable
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Before deducting the allowance for doubtful debts
Left after deducting the allowance for doubtful debts
Before deducting the actual bad debts
None of these
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Question # 4
It is the price of goods sold or services provided by a business to its customers
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Asset
Cost
Capital
Revenue
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Question # 5
Net profit is always
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Equal to gross profit
More than gross profit
Less than gross profit
None of these
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Question # 6
An expenditure, which is incurred to increase to profit earning capacity of a business concern, is called
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Deferred expenditure
Current expenditure
Capital expenditure
Recurring expenditure
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Question # 7
کسی شے کے مسلسل اور لگاتار استعمال سے مختتم افادہ میں کمی آتی جاتی ہے بشرطیکہ دیگر امور بدستور ہیں اس قانون کو کہتے ہیں
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قانون تقلیل افادہ مختتم
قانون مساوی افادہ مختتم
قانون طلب
قانون تقلیل حاصل
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Question # 8
Preliminary expenses incurred before the commencement of business
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revenue expenditure
capital expenditure
deferred revenue expenditure
capital loss
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Question # 9
Nominal account are related to:
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Assets and liabilities
Expenses, losses and incomes
Customers, creditors etc
Capital account
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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
When a bill is transferred by the drawer to his creditor, for settlement of his debts, it is called
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Retirement of Bill
Endorsement of a Bill
Discounting of a Bill
Settlement of a Bill
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Question # 12
Consignment signifies.
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Goods despatched by the owner to his agent
Goods forwarded by the creditor to his debtor
Goods forwarded from one place to another
Goods sent by the owner to his agent for the purpose of sale.
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Question # 13
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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Question # 14
The person who sends the goods to his agent for the purpose of sale is called.
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Consignor
Consignee
Debtor
Creditor
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Question # 15
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 # 16
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 # 17
Amount due to the deceased partner is generally transferred to
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Executor's loan
Profit and loss accounts
Capital account
None of thess
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Question # 18
A new partner may be admitted to a partnership.
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With the consent of all the partners
With the consent of any one of the partners
With consent of two third the old partners
Without the consent of old partners
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Question # 19
The income and expenditure account begins with.
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Opening debit balance
Opening credit balance
Opening balance
None of these
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Question # 20
Single entry system is suitable where,
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Small amount of cash transactions are more
Large amount of cash transaction are more
Smallamount of cash transaction are more
Largeamount of cash transaction are more
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Question # 21
Partner's capital are affected due to.
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Admission of a partner
Retirement of the partner
Death of a partner
All of the above
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Question # 22
If the cash sales are missing they are to be ascertained by the construction of.
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Debtors account
Creditors account
Cash account
None of these
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