Question # 1

A trial balance can be constructed by

Choose an answer

Three Methods

Two Methods

Four Methods

Five Methods

A basis of business languages

Choose an answer

accounting

bookkeeping

transaction

cost accounting

An expenditure, incurred to improve the position of the business is known as

Choose an answer

Deferred expenditure

Revenue expenditure

Capital expenditure

Recurring expenditure

A cash account always shows

Choose an answer

Debit Balance

Credit Balance

Both a and b

Nil Balance

All the acceptances received from the debtors are recorded in

Choose an answer

Cash book

Bills payable book

Debtor's book

Bills receivable book

Premium on issue of shares of a company represents

Choose an answer

capital loss

capital profit

capital payment

none of these

A gradual decrease in the value of fixed assets is called

Choose an answer

Reduction

Revaluation

Deprecation

None of these

A prepaid expense is

Choose an answer

An asset

A liability

An expense

An income

Heavy expenditure on advertisement for making a new product is a

Choose an answer

Revenue expenditure

Deferred expenditure

Capital loss

Non-recurring expenditure

Accounting records of a business enterprise are required by

Choose an answer

management of the business

outsiders

all of the above

none of the above

Disagreement in balances may arise owing to mistake or mistakes in the:

Choose an answer

Cash book only

Bank statement

Cash book or bank statement

Bank column of the cash book only

Non-profit seeking organization income and expenditure account performs the same function as profit seeking organization's

Choose an answer

Trading and profit and loss account

Balance sheet

Bank account

Petty cash book

In the absence of any agreement Reserve on dissolution of a partnership firm is credited to the partners.

Choose an answer

In capital ratio

In profit sharing ratio

Equality

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

Depreciation fund method is also known as.

Choose an answer

Sinking fund method

Annuity method

Sum- of year's digit method

None of these

In single entry system both the aspects, debit and credit of a transaction are not recorded soit is.

Choose an answer

Incomplete and unscientific

Complete and scientific

Incompleted and scientific

Complete and unscientific

In income and expenditure account

Choose an answer

Expense are recorded on debit side

Revenues are recorded on credit side

Does not start with any opening balance

All of the above

An additional commission paid to the consignee who gurantees the payment in case of credit sale, is called.

Choose an answer

Bonus

Commission

Del creder commision

Credit commission

The persons who have entered two partnership are individually called.

Choose an answer

Agents

Partners

A firm

Vendor

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

Choose an answer

Realization account

Cash account

Assets account

None of these

The partnership may come to an end due to the

Choose an answer

Death of a partner

Involvency of a partner

Both of the above

None of these

The rules and regulation foverning the internal management and administration of the company are called.

Choose an answer

Memorandum of assocaition

Articles of association

Prospectus

None of these

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