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Accounting Test Easy Mode MCQs With Answers
Question # 1
An entry which is recorded on the both sides of cash book is called
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Simple entry
Compound entry
Combined entry
Contra entry
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Question # 2
If the error committed in the capital account, it will affect
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trading account
profit & loss account
trading and profit & loss account
balance sheet
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Question # 3
.The cash book is a
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Subsidiary journal
Ledger account
Subsidiary journal and ledger
Trial balance
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Question # 4
An expenditure, which is completely exhausted with in the current accounting period is known as
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Deferred expenditure
Revenue expenditure
Future expenditure
Non-recurring expenditure
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Question # 5
A receipt is revenue receipt because
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the amount is small
it relates to routine activity of business
it is received in the accounting year
both b, c
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Question # 6
Which one of the following in used to simplify work, to be done at the end of period
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Balance sheet
Income sheet
Bank statement
Work sheet
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Question # 7
Income tax paid is a
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Business expense
Revenue for business
Liability of business
Personal expense
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Question # 8
The account of depreciation of building of Rs. 30,000 at 5% p.a. will be
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Rs. 20,00
Rs. 15,00
Rs. 25,00
Rs. 5,00
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Question # 9
______ 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 # 10
______ simplifies work to be done at the end of the period
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Work sheet
Ledger
Trail balance
Balance sheet
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Question # 11
When boan statement shown a debit total balance it means:
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Overdraft as per cash book
Unfavourable balance as per cash book
Favourable balance as per cash book
Overdraft as per bank statement
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Question # 12
The profit on the revaluation of the assets and liabilities o the retirement of the partner should be credited to.
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All partners capital accounts
Only retiring partners capitals accounts
Remaiingng partners capital account
None of these
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Question # 13
Revaluation loss should be debited to.
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Revaluation account
All partners capital account
Old partners capital accounts
New partners capital account
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Question # 14
A partner, who hasnot attained the age of majority is called.
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Junior partner
Minor partner
Nominal patner
Quasi Partner
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Question # 15
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 # 16
Depreciation is
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An Income
An expense
A loss
A liability
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Question # 17
Commission due to the consignee is calculated on.
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Credit sales only
Cash sales only
Total sales
None of these
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Question # 18
A situation where a company receives more application than actual number of shares offered to the public for subscriptions is termed as.
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Oversubscription
Udner subscription
No subscripition
None of these
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Question # 19
The balance of revaluation accoun tis transferred to the old partners capital accounts in their.
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Sacrificing ratio
Old profit shairng ratio
New profit sharing ratio
Equal profit shairng ratio
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Question # 20
In case of private company minimum numebr of sharaeholders are.
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Six
Seven
Ten
Two
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Question # 21
If any partner takes over any asset at the time of dissolution then it should be debited to.
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Partner's capital accounts
Realization account
Cash account
None of these
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Question # 22
Capital of the partners are maintained under.
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Fixed capital method
Fluctuating method
By any two of the above
None of the above
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