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Accounting Test Easy Mode MCQs With Answers
Question # 1
Any difference in trail balance, is transferred to
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Sales account
Nominal account
Purchases account
Suspense account
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Question # 2
Profit & Loss a/c is prepared to ascertain
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Gross Profit
Net Profit
Gross Loss
Real Profit
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Question # 3
The favourable balance of bank statement is
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Credit Balance
Debit Balance
Zero Balance
Both b and c
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Question # 4
Ahmed's cheque endorse to Akbar should be debited to
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Cash account
Cheque account
Akbar's account
Ahmed account
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Question # 5
All the acceptances received from the debtors are recorded in
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Cash book
Bills payable book
Debtor's book
Bills receivable book
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Question # 6
Which one of the following is appeared in the balance sheet
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Revenue expenditure
Capital expenditure
Deferred expenditure
Both b & c
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Question # 7
Accounts relating to persons of firms are called:
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Real accounts
Proprietary accounts
Personal accounts
Nominal accounts
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Question # 8
The process of totaling the data at the end of the period is called
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posting
casting
compensating
recording
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Question # 9
______ is prepared to avoid errors in the permanent records of accounting
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Work sheet
Ledger
Bank statement
Balance sheet
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Question # 10
Error of posting effects:
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One account
Two accounts
Three accounts
Four accounts
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Question # 11
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 # 12
Single entry system contains,
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A daybook or general journal
A cash book
Ledger accounts for individual customers and creditors
All of the above
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Question # 13
In the absence of an agreemetn, interest on loan advanced by the partner to the firm is allowd at the rate of.
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5 persent
6 persent
8 persent
9 persent
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Question # 14
If any partner takes the responsibility to pay the liabilities of the firm at the time of dissolution then it should be credited to.
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Partner's capital account
Realization account
Liabilities accounts
Cash accounts
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Question # 15
Donation receivedin heavy amount are treated as.
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Revenue
Capitaized
Liability
Assets
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Question # 16
The investment in partners capital accounts is to be credited to.
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Partners capital accounts
Profit and loss account
Interest account
None of these
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Question # 17
Registered company is
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2
3
4
5
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Question # 18
Net worth is equal to,
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Assets - Liabilities
Liabilities - Assets
Liabilities + Capital
Capital + Assets
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Question # 19
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 # 20
A prospectus for subscription of shares can be issued only by.
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Public company
A private company
Both public and private company
None of these
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Question # 21
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 # 22
Under diminhing balance method, depreciationis calculated on.
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The original cost
The scrape value
Book value
All of the above
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