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Accounting Test Easy Mode MCQs With Answers
Question # 1
Assets having some market value
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Fictitious Assets
Real Assets
Unreal Assets
None of these
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Question # 2
The amount of assets, liabilities, capital and drawings are extended form adjusted trail balance to the
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Balance sheet columns
Income statement columns
Cash columns
Bank columns
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Question # 3
Income statement is prepared to ascertain the net result of the business concern under
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British accounting system
American accounting system
Cash system of accounting
None of these
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Question # 4
Capitalized expenditure are shown in
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Trading a/c
Profit or loss a/c
Income statement
Balance sheet
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Question # 5
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 # 6
Allowance for discount on account receivable is calculated on the amount of account receivable
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Before deducting the allowance for doubtful debts
Left after deducting the allowance for doubtful debts
Before deducting the actual bad debts
None of these
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Question # 7
An entry which is recorded on the both sides of cash book is called
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Simple entry
Compound entry
Combined entry
Contra entry
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Question # 8
The Amount of salary paid to Sohail should be debited to
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Sohail's a/c
Cash Account
Salaries a/c
Both a & c
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Question # 9
In case of a debt becoming bad, the amount should be credited to
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Debtor's a/c
Bad Debts a/c
Sales a/c
cash a/c
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Question # 10
All expenses connected with the office and its conduct are called
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Selling expenses
Marketing expenses
Service expenses
Administrative expenses
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Question # 11
کسی شے کے مسلسل اور لگاتار استعمال سے مختتم افادہ میں کمی آتی جاتی ہے بشرطیکہ دیگر امور بدستور ہیں اس قانون کو کہتے ہیں
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قانون تقلیل افادہ مختتم
قانون مساوی افادہ مختتم
قانون طلب
قانون تقلیل حاصل
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Question # 12
The debentures which does not carry any charges o the assets of the company.
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Simple debentures
Mortagage debentures
Redeemable debentures
None of these
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Question # 13
In appearance, the statement of affairs, is similar to a.
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Balance sheet
Profit and loss account
Trading account
Bank Reconciliation statement
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Question # 14
Opening capital is calculated by taking the difference between,
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Opening assets and closing assets
Opening assets and closing liabilities
Opening assets and Opening liabilities
Closing assets and closing liabilities
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Question # 15
On the admission of a new partneer the decreasein the value of assets is debited to.
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Revaluation account
Assets account
Old parner's capital account
New partner capital account
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Question # 16
Where a partner become unsound mind the dissolution is considered as.
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Dissolution by court
Dissolution by Notice
Dissolution by agreement
Compulsory dissolution
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Question # 17
the profit on consignment in the books of the consignor should be deited to.
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Consignnment account
Profit and loss account
Consignee 's account
None of these
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Question # 18
In consignmetn all the expenses either paid by the consiger himself or by the consignee are born by the.
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Consignor
purchaser
Consignee
None of these
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Question # 19
The abnormal loss on consignemnt is credited to.
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Consignment account
Consignment personal account
Profit and loss account
Goods sent on consignemnt account
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Question # 20
Over riding commission is calculated on.
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Cash sales only
Credit sales only
Total sales
None of the above
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Question # 21
Amount received by the concern as per the will of the donor is known as.
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Lagacy
Donation
Subscription
None of these
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Question # 22
In non-profit making organization final accounts contains
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Income and expenditure account and balance sheet
Receipts and payments account and balance sheet
Receipts and payments account and statement of affairs
Profit and loss account and balance sheet
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