Question # 1

Any difference in trail balance, is transferred to

Choose an answer

Sales account

Nominal account

Purchases account

Suspense account

Outstanding expense given in adjustment is called

Choose an answer

An asset

A gain

An expense

A liability

If the balance of suspense account is credit then it will be shown in balance sheet on

Choose an answer

Asset side

Asset and liability side

Asset and capital side

Capital and liability side

Error of principle involves an incorrect allocation of expenditure or receipt between.

Choose an answer

Capital and revenue

Capital and capitalized

Revenue and deferred revenue

Revenue and revenue

Sales returns book periodical total is posted to

Choose an answer

Debit of returns inwards account

Credit of returns inwards account

Debit of returns outwards account

Credit of returns outwards account

Trading account is the account which is prepared to determine the:

Choose an answer

Only gross profit of the business

Only gross loss of the business

Gross pro0fit or the gross loss of the business

None of the above

An expenditure incurred in increasing the efficiency of a fixed asset is called:

Choose an answer

Revenue expenditure

Capital expenditure

Current expenditure

None of these

Which column is prepared in single column cash book?

Choose an answer

Bank Column

Cash Column

Discount Column

All of the Above

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

When boan statement shown a debit total balance it means:

Choose an answer

Overdraft as per cash book

Unfavourable balance as per cash book

Favourable balance as per cash book

Overdraft as per bank statement

Unfavourable balance means

Choose an answer

Credit Balance in the Pass Book

Credit Balance in the Cash Book

Debit Balance in Bank Statement

Both b and c

Lagacies are generally treated as.

Choose an answer

Income

Capitalized

Assets

Liability

The profit on revaluation of assts and liabilities on the retirement of the partners should be credited to the capital account of.

Choose an answer

All the partners

Retiring partner

Remaining partner

None of these

The gradual decrease in the value of the fixex assets due to its use in the business is called.

Choose an answer

Depreciation

Depletion

Amorization

Fluctuation

For the expenses incurred by the consignee on the sale of goods will be credited in the books of the consignor.

Choose an answer

Cash account

Consignee personal account

Consignment account

None of the above

the activities of non -trading concern are managed by the.

Choose an answer

Directors

Member

governing body

Promoters

Premium on issue of share is a.

Choose an answer

Capital profit

Business loss

Revenue profit

Revenue loss

The document which contains the fundamental conditions of incorporation and the obejedcts for which the company was formed is called.

Choose an answer

Memorandum of association

Article of association

Prospectus

None of he above

Which of the following method is suitable for charging depreciation an machinery and furniture.

Choose an answer

Straight line method

Diminishing balance method

Depreciation on fixed method

Annuity method

Income and expenditure account records the transactions of

Choose an answer

Revenue nature

Capital nature

Revenue and capital nature

None of the these

In single entery system only.

Choose an answer

Personal account are maintained

Real account are maintained

Nominal accounts are maintained

None of the above

A partner who is newly admitted to the firm with the consent of all the parties is called.

Choose an answer

Salaried partner

Incoming partner

Junior partner

Minor partner

More Classes

Other Links

Accounting Test Easy Mode MCQs With Answers

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer