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Accounting Test Easy Mode MCQs With Answers
Question # 1
Accounting principles can be classified in
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three types
two types
five types
six types
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Question # 2
A receipt is revenue in nature, if it relates to:
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Balance sheet
The receipt of accounting year
Small amount
Routine activity of the business
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Question # 3
Expenses paid by a business decrease
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cash
capital
cash & capital
none of these
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Question # 4
Error of carry forward will affect
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Personal accounts
Nominal accounts
Impersonal accounts
None of these
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Question # 5
The document evidencing cash receipts and payments and forming the basis for making entries in the cash book is called:
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Receipt voucher
Payment voucher
Cash voucher
Cash memo
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Question # 6
The ______ is not a part of the permanent accounting record
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worksheet
Journal
Ledger
Trail balance
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Question # 7
The Legal tenor of a bill is
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Sixty Days
One Month
Eighty Days
Ninety Days
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Question # 8
Which of the following discloses the financial position of the business
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Trading account
Profit or loss account
Profit or loss appropriation account
Balance sheet
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Question # 9
The expenses which are incurred for the generation of revenues from the sales of goods are called
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Non-operating expenses
Selling expenses
Operation expenses
Administrative expenses
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Question # 10
The Principle book of accounts is
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Journal
Ledger
Trial Balance
Balance Sheet
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Question # 11
A transaction has been journalized but posted wrongly in the ledger account, it is an:
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Error of positing
Error of principle
Error of omission
Error of commission
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Question # 12
In single entry system both the aspects, debit and credit of a transaction are not recorded soit is.
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Incomplete and unscientific
Complete and scientific
Incompleted and scientific
Complete and unscientific
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Question # 13
The owner of the partnership are called as.
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Member
Partners
Share holder
None of these
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Question # 14
In case of retirement the amount of the general reserve any other profit is credited to all partners in.
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Sacrificing Ratios
New profit sharing ratios
Old prift sharing ratios
Gaining ratios
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Question # 15
The credit balance of retiring partner capital account if not paid in cash should be tranferred to.
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Retiring partners loan account
Retiring partners capital account
Old partner capital account
None of these
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Question # 16
Generatal reserve at the time of dissolution is transferred to
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All partners capital accounts
Realization account
Solvent partners capital account
Insolvent patner's capital account
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Question # 17
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 # 18
Current accout of the partners should be opened when the capitals are.
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Fluctuating
Fixed
Either fixed or fluctuating
Neither fixed or fluctuating
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Question # 19
In case of dissolution, assets sold for cash are debited to.
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Realization account
Cash account
Assets account
None of these
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Question # 20
Non-profit making organization is also known as
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Non-profit seeking concern
Non-trading concern
Trading concern
"a" and "b"
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Question # 21
In case of public company minimum number of members is.
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Six
Seven
Ten
Fifty
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Question # 22
Income and expenditure account is equivalent to the.
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Receipt and payment account
Balance sheet
Cash book
Profit and loss account
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