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Accounting Test Easy Mode MCQs With Answers
Question # 1
Errors, which do not affect on profit calculation, will have an effect only on
Choose an answer
Trail balance
Balance sheet
Profit or loss account
Trading account
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Question # 2
The excess of gross profit on sale over total operating expenses is called:
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Cost of goods sold
Gross profit
Net profit
None-operating income
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Question # 3
Our cheque to Ali & Bros, returned dishonored should be credited to
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Cheque account
Cash account
Bank account
Ali & Bros account
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Question # 4
Goods withdrawn by the proprietor for personal use should be credited to
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Purchase a/c
Drawings a/c
Expenses a/c
Revenue a/c
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Question # 5
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 # 6
Pass book is prepared by
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Debtor
Creditor
Banker
Customer
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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
Interest paid on loan is
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Abnormal Loss
Financial Expenses
Management Expenses
Maintenance Expenses
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Question # 9
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 # 10
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 # 11
A gradual decrease in the value of fixed assets is called
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Reduction
Revaluation
Deprecation
None of these
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Question # 12
Excess of liablilities over assets is an indication of .
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Solvency
Insolvency
Surplus
Profit
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Question # 13
Joint life policy account after the maturity of the policy shoul dbe transferred to the capital accounts of the partners in.
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Capital ratios
Old profit sharing ratios
New profit sharing ratio
Gaining ratios
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Question # 14
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 # 15
Admission fee income should be.
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Treated as income
Capitalized
Proportionate to revenue and capitalized
None of these
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Question # 16
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 # 17
A paatner who invests capital inthe business but does not take active part in the conduct of the business is called.
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Active partner
Sleeping partner
Secrete partner
None of these
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Question # 18
Generatal reserve at the time of dissolution is transferred to
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All partners capital accounts
Realization account
Solvent partners capital account
Insolvent patner's capital account
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Question # 19
premium on issue of shares is shown in.
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Assets side of balance sheet
Liabilities side of balance sheet
Trading account
Profit and loss account
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Question # 20
Debentures holders are.
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Creditors of the company
Owners of the company
Customer of the company
None of these
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Question # 21
Cash received from the debtors can be find out by preparing.
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Debtors account
Creditors account
Balance sheet
Trial balance
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Question # 22
Sacrificing rations are equal to.
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Capital Ratios- New ratios
Old ratios - New ratios
New ratio - old ratios
None of these
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