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Online Tests
Accounting Test Easy Mode MCQs With Answers
Question # 1
Assets which have no physical existence are called
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Tangible assets
Fictitious assets
Liquid assets
Intangible assets
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Question # 2
Gross profit equals to
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Net profit minus expenses
Sales minus closing stock
Purchases minus closing stock
Sales minus cost of goods sold
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Question # 3
Personal account are related to:
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Assets and liabilities
Expenses, losses
Customers, creditors etc.
Incomes
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Question # 4
Net sales are equal to sales minus
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Returns inwards
Returns outwards
Cost of goods sold
carriage on sales
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Question # 5
A bill of exchange is drawn by
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Debtor
Creditor
Endorser
Endorsee
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Question # 6
Assets having some market value
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Fictitious Assets
Real Assets
Unreal Assets
None of these
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Question # 7
The money can be deposited into bank by means of
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Cash book
Cheque book
Pay-in-slip book
Pass book
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Question # 8
Error due to wrong allocation as expenditure between capital and revenue is regarded as:
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Error of omission
Error of principle
Compensating errors
Error of Commission
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Question # 9
Profit or loss appropriation account is not prepared in the case of
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Partnership
Joint stock company
Sole tradership
Partnership at will
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Question # 10
Cost incurred to generate revenue is called
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Revenue
Cost
Expense
Liability
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Question # 11
Wages paid for the construction of building is an example of
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Revenue expenditure
Capital expenditure
Recurring expenditure
Short-term expenditure
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Question # 12
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 # 13
Under the straight line method of charging depreciation, the amount of deperciation .
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Decrease every year
Increase every year
Remain constant every year
None of the above
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Question # 14
Abnormal loss arises due to.
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Natural causes
Evaporation drying breaking in bulk
Pilferage , theft fire etc.
Some unavoidable causes
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Question # 15
In single entry system both the aspects, debit and credit of a transaction are not recorded soit is.
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Incomplete and unscientific
Complete and scientific
Incompleted and scientific
Complete and unscientific
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Question # 16
A company in which memebr gives a guarantee to contribute a specified sum to the company of its being wound up is called.
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Limited company
Un limited company
Company limited by guarantee
Chartered company
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Question # 17
A situation where a company receives more application than actual number of shares offered to the public for subscriptions is termed as.
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Oversubscription
Udner subscription
No subscripition
None of these
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Question # 18
The shares of public limited company are.
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Not refundable
Not tanserable
Transferable
No allotable
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Question # 19
In case of private company minimum numebr of sharaeholders are.
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Six
Seven
Ten
Two
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Question # 20
If any partner takes over any asset at the time of dissolution then it should be debited to.
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Partner's capital accounts
Realization account
Cash account
None of these
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Question # 21
Receipts and payments accounts records transaction relating to.
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Current year
Past year
future year
All of the above
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Question # 22
The document which contains the fundamental conditions of incorporation and the obejedcts for which the company was formed is called.
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Memorandum of association
Article of association
Prospectus
None of he above
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