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Accounting Test Easy Mode MCQs With Answers
Question # 1
Patent is an example of
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Assets
Liabilities
Income
Expense
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Question # 2
A bill of exchange is a / an
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Promise
Unconditional Order
Request
Conditional Order
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Question # 3
A ______ is a large columnar sheet of paper
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Worksheet
Balance sheet
Journal
None of these
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Question # 4
Some expenses are incurred at the time of the sate of an asset. The Amount will be debited to:
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Assets account
Expenses account
Cash account
Purchases account
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Question # 5
______ 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 # 6
Bank reconciliation statement is prepared by
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Banker
Customers Accountant
Auditor
Manager
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Question # 7
A transaction is recorded on the same days as its takes place, so journal is also called:
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A day book
A history book
An entry book
Ledger book
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Question # 8
Cost incurred to generate revenue is called
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Revenue
Cost
Expense
Liability
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Question # 9
Cash paid to Naeem will affect
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cash & capital
cash & creditor
cash and debtors
cash & goods
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Question # 10
Stock is trade is a
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Current asset
Non-current asset
Quick asset
Intangible asset
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Question # 11
The transactions, the effect of which is not exhausted with in the current accounting year are called
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Revenue transaction
Capital transaction
Current transaction
Monetary transaction
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Question # 12
Partnership is formed under the act of.
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1984
1932
1912
1962
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Question # 13
Donation receivedin heavy amount are treated as.
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Revenue
Capitaized
Liability
Assets
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Question # 14
The consignee acts entirely on behalf of the
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Debtors
Creditors
Customer
Principal or consignor
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Question # 15
The system in whihc accounting records are not kept strictly according to the double entery principle of book keeping is called.
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Single , entery system
Accrual system
Double enterysystem
Cash system
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Question # 16
A situation where a company receives a application for a large number of shares than offered to the public for subscription is termed as.
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Under subscription
Over subscription
General subscription
Above subscription
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Question # 17
A paartner who have a major investment in the firm and receive a relatively more profit is called.
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Sleeping partner
Darment partner
Senior partner
Estoppels partner
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Question # 18
On the dissolution of the partnership unrecorded assets if takes away by the partners is debited to.
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Realization account
Partners capital account
Assets account
None of these
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Question # 19
On the admission of a new partneer the decreasein the value of assets is debited to.
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Revaluation account
Assets account
Old parner's capital account
New partner capital account
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Question # 20
The account of non trading concern are generally maintained according to.
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Mereantile accounging system
Double entry system of book keeping
Cash accounting system
None of the above
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Question # 21
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 # 22
Profit of revaluation should be credited to.
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Revaluation account
Liabilites accounts
Old partners capital accounts
Assets accounts
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