Question # 1

An error completely omitted to be entered in the journal

Choose an answer

partial error

error of posting

error of casting

complete error

The revenue that has not become due, but received in cash in current year is known as

Choose an answer

Revenue received in advance

Accrued revenue

Unearned revenue

Both a & c

Accommodation bills are drawn accepted and endorsed

Choose an answer

Without any Consideration

for some Consideration

for Quarter Consideration

none of the above

The time after which the bill is to be paid

Choose an answer

Grace Days

Tenor

Due Date

Extra Days

Contain all residual account

Choose an answer

Debtors Ledger

Creditors Ledger

General Ledger

Cash Ledger

Net profit is always

Choose an answer

Equal to gross profit

More than gross profit

Less than gross profit

None of these

A receipt is revenue receipt because

Choose an answer

the amount is small

it relates to routine activity of business

it is received in the accounting year

both b, c

Premium on issue of shares of a company represents

Choose an answer

capital loss

capital profit

capital payment

none of these

Allowance for doubtful debts normally has a

Choose an answer

Debit balance

Credit balance

Both debit & credit balance

None of these

The statement which contains the explanation of different in cash book and bank statement is known as:

Choose an answer

Bank statement

Cash statement

Balance statement

Bank reconciliation statement

An expenditure incurred to the increases the profit earning of the concern is a:

Choose an answer

Revenue expenditure

Current expenditure

Capital receipt

Capital expenditure

When a firm dissolved with the consent of all the partners it is called.

Choose an answer

Dissolution by notice

Dissolution by agreement

Dissolution by court

Compulsory dissolution

the loss whihc arises due to natural causes such as evaporation etc is called.

Choose an answer

Abnormal loss

Normal loss

Additional loss

None of these

Which of the following term is used for the depreciation of wasting assets such as timber tree, mines, oil wells etc.

Choose an answer

Depreciation

Depletion

Amortization

None of these

The expense incurred by the oconsignee in connection with the sale of the consignment goods are debited to.

Choose an answer

Consignment account

Cash account

Consignor account

None of these

Teh single entry system of book keeping is generay followed by

Choose an answer

Small business concern

Large Business concern

Non trading concern

None of these

In case of dissolution, assets sold for cash are debited to.

Choose an answer

Realization account

Cash account

Assets account

None of these

Single entry system is generally adopted by,

Choose an answer

Small business concerns

Large business concerns

Medium business concerns

All of the above

Amount of to the out going partner is shown in the balance sheet as his.

Choose an answer

Liability

Loan

Capital

Assets

A partner who is newly admitted to the firm with the consent of all the parties is called.

Choose an answer

Salaried partner

Incoming partner

Junior partner

Minor partner

premium on issue of shares is shown in.

Choose an answer

Assets side of balance sheet

Liabilities side of balance sheet

Trading account

Profit and loss account

In case of Garner Vs. Murray rule, the decision was given is.

Choose an answer

Mr. Justice james

Mr Garner

Mr. Justice joyee

Mr. Murray

More Classes

Other Links

Accounting Test Easy Mode MCQs With Answers

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer