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Accounting Test Easy Mode MCQs With Answers
Question # 1
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 # 2
If the balance of suspense account is credit then it will be shown in balance sheet on
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Asset side
Asset and liability side
Asset and capital side
Capital and liability side
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Question # 3
Expenditure is a capital expenditure because
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The amount involved is heavy
It is the personal expenditure of the owner out of his capital
It is intended to benefit the future period
It is a recurring expenditure
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Question # 4
It is used to record cash, bank and discount transactions on debit and credit side
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Single column cash book
Petty cash book
Double column cash book
Treble column cash book
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Question # 5
Usually every ______ entry affect both income statement and balance sheet
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Adjusting
Work sheet
Balance sheet
Ledger
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Question # 6
If goods purchased from Rahim for Rs. 499, credited to Rehman's account for Rs. 499. this is an
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Error of commission
Error of principle
Compensating error
Error of principle
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Question # 7
______ must be prepaid for testing ledger accounts, adjusting entries and financial statement
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Work sheet
Balance sheet
Bank statement
Trail balance
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Question # 8
The amount by which the revenue for a particular period of time exceed from expenses incurred to generate them is called
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Gross income
Net income
Revenue
Expenses
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Question # 9
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 # 10
Any expenditure incurred to increase the earning capacity of a business
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capital expenditure
capital loss
revenue loss
revenue expenditure
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Question # 11
Distinction between capital and revenue items is important for the preparation
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Balance sheet
Trading and profit or loss a/c
Bank reconciliation statement
Both a & b
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Question # 12
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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Question # 13
Consignee is.
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A principal
An agent
A debtor
A creditor
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Question # 14
Ordinary shares are also known as.
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Equity shares
Deffered shares
Bonus shares
Preference shares
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Question # 15
For the commission due to the consignee on the sales of goods in the books of the consignor will be credited to.
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Commission account
Consignee's personal account
Consignement account
None of these
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Question # 16
In case of dissolution, assets sold for cash are debited to.
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Realization account
Cash account
Assets account
None of these
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Question # 17
If all the partners but one is solvent it is.
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Compulsory dissolution of firm
Dissolution by agreement
Or may not cause dissolution
None of these
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Question # 18
Dell creder commission is calculated on.
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Total sales
Cash sales
Credit sales
None of these
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Question # 19
To calculate the true net profit or net loss in single entry system it is necessary that the amount of fresh capital should be subtracted from,
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Adjusted closing capital
Closing capital
Cash in hand
Cash at bank
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Question # 20
Donation receivedin heavy amount are treated as.
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Revenue
Capitaized
Liability
Assets
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Question # 21
Receipt and payment account starts with the.
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Opening balance
Ending balance
Beginning or ending balance
None of these
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Question # 22
The shares of public limited company are.
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Not refundable
Not tanserable
Transferable
No allotable
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