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Accounting Test Easy Mode MCQs With Answers
Question # 1
Deprecation is
Choose an answer
A Liability
A loss
An expense
Both b & c
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Question # 2
Position statement is similar to a
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Trial balance
Balance sheet
Financial statement
Bank reconciliation statement
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Question # 3
Expired cost of fixed assets means
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Appreciation
Amortization
Depreciation
None of these
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Question # 4
Expenditure is a capital expenditure because
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The amount involved is heavy
It is the personal expenditure of the owner out of his capital
It is intended to benefit the future period
It is a recurring expenditure
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Question # 5
The body of worksheet contains
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Two pairs of money column
Three pairs of money column
Four pairs of money column
Five pairs of money column
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Question # 6
Any activity undertaken for the purpose of earning profit is called:
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Performance
Dealing
Business
Duties
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Question # 7
Depreciation of fixed assets used in the business is an example of
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capital expenditure
Revenue expenditure
Deferred expenditure
None of these
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Question # 8
A book which is used to record small expenses is called
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Expenses book
Cash book
Petty cash book
Purchases book
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Question # 9
Net Profit is transferred to
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Trading Account
Balance Sheet
Capital a/c
Trial Balance
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Question # 10
Contain all residual account
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Debtors Ledger
Creditors Ledger
General Ledger
Cash Ledger
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Question # 11
Credit Balance of pass book must be equal to debit balance of
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Cash Book
Bank Ledger
Clients other Account
None of these
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Question # 12
In single entry system,
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Personal accounts are maintained
Real accounts are maintained
Nominal accounts are maintained
None of the above
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Question # 13
The amount charged to depreciation goes on declining in.
Choose an answer
Diminishing balance method
Fixex instaliment method
Annuity method
Depreciation fund method
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Question # 14
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 # 15
The documents which contains the rules and regulation for the internal management of the company is called.
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Prospectus
Articles of assocaition
Memorandum of association
Notice
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Question # 16
Receipts and payments account records the transactions of
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Revenue nature
Capital nature
Revenue and capital nature
None of these
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Question # 17
Opening capital is calculated by taking the difference between,
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Opening assets and closing assets
Opening assets and closing liabilities
Opening assets and Opening liabilities
Closing assets and closing liabilities
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Question # 18
Under single entry system sometimes,
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Double aspects of a transaction are recorded
Single aspect of a transaction is recorded
No aspect of a transaction is recorded
All of the above
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Question # 19
Debenture holders are.
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Creditors
Owners
Customers of the company
Debtors
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Question # 20
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 # 21
If any partner takes the responsibility to pay the liabilities of the firm at the time of dissolution then it should be credited to.
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Partner's capital account
Realization account
Liabilities accounts
Cash accounts
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Question # 22
Under single entery system informatoin relating to expenses must be ascertained from the analysis of.
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Debtors account
Creditors account
Sales book
Cash book
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