Question # 1

Gross profit is derived from

Choose an answer

Trading a/c

Profit & Loss a/c

Trial Balance

Balance Sheet

Loss of good by fire should be credited to:

Choose an answer

Purchase account

Sales account

Loss by goods by fire account

Capital account

All those expenses which have become due but not paid are called

Choose an answer

Accrued revenue

Prapaid revenue

Outstanding expenses

Advance expenses

According to accounting equation, capital is equal to

Choose an answer

assets + liabilities

expenses-incomes

liabilities - assets

assets - liabilities

One way of avoiding errors in the permanent accounting records is to use a form which is called

Choose an answer

Bank statement

Trail balance

Balance sheet

Work sheet

A double column cash book is used to record

Choose an answer

Cash transactions only

Cash and bank transaction

Cash, bank and discount transaction

None of these

Income statement is prepared to ascertain the net result of the business concern under

Choose an answer

British accounting system

American accounting system

Cash system of accounting

None of these

Which one of the following is appeared in the balance sheet ?

Choose an answer

revenue expenditure

capital expenditure

deferred revenue

both b,c

Cash of sales is equal to

Choose an answer

Sales - purchases

Purchases - return + closing stock

Opening stock + Purchases (Net) - Closing stock

Sales + Opening stock - (Purchases + Closing stock)

A bill of exchange is a / an

Choose an answer

Promise

Unconditional Order

Request

Conditional Order

A bank reconciliation statement is prepared by:

Choose an answer

banker

Accountant of the business

Statutory auditors

Rigistar

Debit side of income and expenditur eaccount records.

Choose an answer

Expenses and losses

Income and gains

Assets

Liabilities

When the capitals of the partners arr not allowed to change during the life time of the business except in extra ordinary circumslancer then they are called.

Choose an answer

Fluctuating capitals

Fixed capitals

Current capitals

None of these

For the firm, interest on drawing is.

Choose an answer

Expense

Income

Liability

None of these

The end or termination of partnership is called.

Choose an answer

Amalgamation

Dissolution

Retirement

Admission

If the goods will raised at the tim e of admissionof a new partner will be written off in.

Choose an answer

Old prifit sharing ratios

Capitals ratios

New profit - Old ratios

Sacrificing ratios

The unsold stock is valued at

Choose an answer

Original cost of the goods

Market value of the goods

Orginal cost price + proportionate direct expense incutred by the both consignor and consignee

Cost of market pric ewhich wver is the lower.

The persons to whom the goods are dispatched for the purpsoe of sales is called.

Choose an answer

Debtor

Consignee

Consignor

None of these

In single entry system,

Choose an answer

Personal accounts are maintained

Real accounts are maintained

Nominal accounts are maintained

None of the above

Not worth method is equal to.

Choose an answer

Liabilities - assets

Assets- liabilities

Capital + assets

None of these

Income and expenditure accout is usually accompanied by.

Choose an answer

Trail balance

Balance sheet

Income and gains

Liabilities

Maximum numebr of the partners in an ordinary Partinership.

Choose an answer

Ten partners

Twentry partners

Thirty partners

Fourth partners

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