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Accounting Test Easy Mode MCQs With Answers
Question # 1
A ______ is a large columnar sheet of paper
Choose an answer
Worksheet
Balance sheet
Journal
None of these
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Question # 2
Credit Balance of pass book must be equal to debit balance of
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Cash Book
Bank Ledger
Clients other Account
None of these
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Question # 3
Double entry means
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entry in two sets of books
entry at two dates
entry for two aspects of a transaction
recording twice in journal
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Question # 4
Nominal account are related to:
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Assets and liabilities
Expenses, losses and incomes
Customers, creditors etc
Capital account
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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
When cash is paid to creditors it will decrease
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cash
capital
debtor
cash & creditors
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Question # 7
Pass book is prepared by
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Debtor
Creditor
Banker
Customer
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Question # 8
A statement which is prepared to know the financial position of a business on a particular date, is called
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Balance sheet
Statement of condition
Position statement
All of above
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Question # 9
Any difference in trail balance, is transferred to
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Sales account
Nominal account
Purchases account
Suspense account
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Question # 10
When a Bill is dishonoured, the holder of the bill goes to an official called
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Inspector
Notary Public
Drawer
Manager
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Question # 11
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 # 12
Share capital int he balance sheet is known as.
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Asset
Liability
Income
Reserve
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Question # 13
Income and expenditur eaccount is prepared at the
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Start of the year
Mid of the year
End of the year
At the start and ed of the year
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Question # 14
The amount of good will broght in cash by nw partner will be credited to old partner in.
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Gaining Ratio
New Ratio
Old Ratio
Sacrifice Ratio
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Question # 15
In case of public company minimum number of members is.
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Six
Seven
Ten
Fifty
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Question # 16
Subscription Received in advance is.
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An income
An assets
Liability
An expenditure
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Question # 17
Under single entry system sometimes,
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Double aspects of a transaction are recorded
Single aspect of a transaction is recorded
No aspect of a transaction is recorded
All of the above
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Question # 18
To make provision for the replacement of the assets. the method is to be ysed is.
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Written down value method
Annuity method
Sinking fund method
Insurance policy method
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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
Partner's capital are affected due to.
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Admission of a partner
Retirement of the partner
Death of a partner
All of the above
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Question # 21
In cash of net worth method of sigle entery system net profikt is ascertained by.
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Prepareing the trading and profit and account
By cimparing the capitals in the beginning and at the end of the accounting period.
Capital closing + Drawing - fresh capital - opening capital
Capital opening+ Drawing - fresh capital-closing stock
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Question # 22
The sum total of the nominal vaue of shares of company is called is.
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Issued capital
Subscribed capital
Share capital
Called up capital
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