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Accounting Test Easy Mode MCQs With Answers
Question # 1
Net profit is equal to
Choose an answer
Gross profit - expenses
Sales - Cost of goods sold
Sales - expenses
Capital - expenses
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Question # 2
The gross amount of goods sold or services performed during an accounting period is known as
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Purchase
Sale
Gross profit
Net profit
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Question # 3
Book used to record petty expenses and receipts
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Single Column Cash Book
Petty Cash Book
Double Column Cash Book
Treble Column Cash Book
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Question # 4
Ahmad's account is an example of
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real account
personal A/c
nominal account
none of these
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Question # 5
All the bills given to the creditors are recorded in
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Creditor's book
Bills payable book
Bills receivable book
Bank book
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Question # 6
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 # 7
Sales are equal to
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Cost of goods sold + Profit
Gross profit - cost of goods sold
Cost of goods sold - gross profit
None of these
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Question # 8
Income received in advance during the year is
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Prepaid Expenses
Accrued Income
Advance Expenses
Advance Income
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Question # 9
How many columns are drawn on one side of three column cash book ?
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Five Columns
Six Columns
Seven Columns
Eight Columns
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Question # 10
A table lost by fire should be debited to
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Table a/c
Furniture a/c
Loss by Fire a/c
Purchases a/c
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Question # 11
A Ledger is a book in which
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Only Personal & Cash Accounts are Opened
Only Real Accounts are Opened
Only Nominal Accounts are Opened
All Real, Nominal and Personal Accounts are Opened
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Question # 12
the loss whihc arises due to natural causes such as evaporation etc is called.
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Abnormal loss
Normal loss
Additional loss
None of these
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Question # 13
Income and expenditure account records the transactions of
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Revenue nature
Capital nature
Revenue and capital nature
None of the these
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Question # 14
The consignee acts entirely on behalf of the
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Debtors
Creditors
Customer
Principal or consignor
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Question # 15
A partner does not take an acitive partner is the managment firm is called.
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Active partner
Sinior partner
Darment of sleeping partner
Nominal partner
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Question # 16
Partnership is formed by the partners.
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Written agreement
Mutual consent
Verbal agreement
None of these
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Question # 17
The face value of the share is also known as.
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Book value
Par value
Market value
None of these
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Question # 18
According to the decision in Garner Va. Murray rule the loss due to insolvency of a partner is be shared by solvent, partner in the.
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Capital ratios
Profit sharing ratios
Equal ratios
None of these
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Question # 19
The maximum number of member in case of public limited company can be
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Forty
Fifty
Sixty
No restriction on maximum number
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Question # 20
Non-profit making organization is also known as
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Non-profit seeking concern
Non-trading concern
Trading concern
"a" and "b"
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Question # 21
Good will is.
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Tangible asset
Imtamgon;e asset
Wasting assets
Frictious assets
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Question # 22
The balance of revaluation accoun tis transferred to the old partners capital accounts in their.
Choose an answer
Sacrificing ratio
Old profit shairng ratio
New profit sharing ratio
Equal profit shairng ratio
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