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Accounting Test Easy Mode MCQs With Answers
Question # 1
The profit which is earned during the ordinary course of business is regarded as:
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Capital profit
Revenue profit
Revenue loss
Long term profit
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Question # 2
.If the error committed in the capital account, it will affect
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Trading account
Profit and loss account
Trading and profit and loss account
Balance sheet
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Question # 3
Net sales - cost of goods sold - operating expenses = ?
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Net purchases
Cost of goods sold available for sale
Net operating income
Gross Profit
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Question # 4
Capitalized expenditures are shown in
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trading A/c
profit & loss A/c
income statement
balance sheet
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Question # 5
In adjusting the cash balance one of the following is not taken into account:
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Mistakes in the cash book
Mistake in the bank statement
Interest and dividends credited in the bank statement
None of the abvove
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Question # 6
The body of worksheet contains
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Two pairs of money column
Three pairs of money column
Four pairs of money column
Five pairs of money column
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Question # 7
A bill from the point of view of a debtor is called
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Bill Acceptable
Bill Receivable
Bill Payable
None of these
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Question # 8
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 # 9
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 # 10
Cost of redecorating a cinema hall is a
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Capital expenditure
Capital loss
Revenue expenditure
None of these
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Question # 11
Errors of omission affects
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One account
Two account
Three account
None of these
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Question # 12
How many mathods are available to calculate the profit or loss under single entery system.
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One
Two
Three
Four
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Question # 13
The documents which contains the rules and regulation for the internal management of the company is called.
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Prospectus
Articles of assocaition
Memorandum of association
Notice
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Question # 14
A situtation where a company receives a application for a less number of shares than offered to the public for subscription is termed as.
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Under subscription
Over subscription
General subscription
Above subscription
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Question # 15
In the books of consignee the sale of goods by the consigee credited to.
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Sales account
Consignor account
Consignee's account
None of these
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Question # 16
A person who is elected to run the club
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Treasurer
Secretary
Chairperson
President
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Question # 17
The amount of good will broght in cash by nw partner will be credited to old partner in.
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Gaining Ratio
New Ratio
Old Ratio
Sacrifice Ratio
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Question # 18
For the firm, interest on drawing is.
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Expense
Income
Liability
None of these
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Question # 19
It is prepared by non-profit making organizations to determine surplus or deficit
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Trading account
Profit and loss account
Receipts and payments account
Income and expenditure account
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Question # 20
Profit on revalutin is to be caredited to old partners in their
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Sacrificing ratio
New profit shiaring ratio
Old prift sharing ratio
Equal prift sharing ratio
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Question # 21
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 # 22
At the time of dissolution, all the assets of the firm are transfered in the realization account at.
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Market value
Book value
Cost value
Bale value
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