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Online Tests
Accounting Test Easy Mode MCQs With Answers
Question # 1
Ahmad's account is an example of
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real account
personal A/c
nominal account
none of these
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Question # 2
Contain all residual account
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Debtors Ledger
Creditors Ledger
General Ledger
Cash Ledger
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Question # 3
The book in which all cash transactions are primarily recorded is called
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Cheque Book
Pass Book
Cash Book
Finance Book
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Question # 4
A many buy Rs. 40,000 worth good and sells them for Rs. 50,000. His gross profit is:
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Rs.10,000
Rs.20,000
Rs,30,000
Rs. 40,000
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Question # 5
Journal means
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Weekly
Monthly
Yearly
Daily
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Question # 6
The periodical total of purchases returns book is posted to
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Debit of returns outwards account
Credit of returns inwards account
Debit of returns inwards accounts
Credit of returns outwards account
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Question # 7
One way of avoiding errors in the permanent accounting records is to use a form which is called
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Bank statement
Trail balance
Balance sheet
Work sheet
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Question # 8
From business point of view, interest on capital is considered as
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An income
An Expense
A Profit
A Liability
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Question # 9
Bank for collection is a
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Permanent Account
Fixed Account
Current Account
Temporary Account
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Question # 10
Left hand side of an account is called
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Debit Side
Credit Side
Both a & b
None of these
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Question # 11
Any difference in trial balance is transferred to
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sales account
nominal account
purchases account
suspense account
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Question # 12
On retirement of a partner the share of a retiring partner is taken by.
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Remaining partner
New partner
Legal representator or retiring partner
None of these
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Question # 13
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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Question # 14
An income and expenditure account is.
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Normal account
Real account
Persoanl account
None of these
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Question # 15
Receipt and payment account is prepared at the.
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Start of the year
End of the year
Mid of the financeial year
None of these
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Question # 16
Depreciation fund method is also known as.
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Sinking fund method
Annuity method
Sum- of year's digit method
None of these
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Question # 17
General reserve at the time of admission of anew partner is credited.
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New partner capital account
General reserve account
Old parners capital account
All partners capital account
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Question # 18
A company in which memebr gives a guarantee to contribute a specified sum to the company of its being wound up is called.
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Limited company
Un limited company
Company limited by guarantee
Chartered company
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Question # 19
The main sources of income of for on -trading concern is.
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Subscriptions
Donations
Sales
Dividends on investment
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Question # 20
The which is calculated at the time of retirment of partner is
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Gaining ratio
Serching ratio
Capita ratio
New ratio
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Question # 21
Income and expenditur eaccount is prepared on.
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Cash basis
Accrual basis
Cahs of accural basis
None of these
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Question # 22
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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