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Accounting Test Easy Mode MCQs With Answers
Question # 1
In accounting all business transactions are recorded which have:
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Dual aspect
Single aspect
None of the above
Economic aspect
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Question # 2
Net sales - cost of goods sold - operating expenses = ?
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Net purchases
Cost of goods sold available for sale
Net operating income
Gross Profit
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Question # 3
Accounts relating to persons of firms are called:
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Real accounts
Proprietary accounts
Personal accounts
Nominal accounts
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Question # 4
An expenditure, incurred to improve the position of the business is known as
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Deferred expenditure
Revenue expenditure
Capital expenditure
Recurring expenditure
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Question # 5
The balance of petty cash book is a/an
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Asset
Liability
Expense
Income
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Question # 6
A trial balance can be constructed by
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Three Methods
Two Methods
Four Methods
Five Methods
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Question # 7
A schedule of balances of all accounts is called
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Journal
Ledger
Balance Sheet
Trial Balance
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Question # 8
It is used to record cash, bank and discount transactions on debit and credit side
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Single column cash book
Petty cash book
Double column cash book
Treble column cash book
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Question # 9
All those expenses which are incurred to convert raw-materials into finished goods are called:
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Direct expenses
Indirect expenses
Administrative expenses
Sales expenses
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Question # 10
Error due to wrong allocation as expenditure between capital and revenue is regarded as:
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Error of omission
Error of principle
Compensating errors
Error of Commission
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Question # 11
The system of accounting in which accounting entries are made only when cash received or paid is known as
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Cash system
Accrual system
Mercantile system
Single system
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Question # 12
Closing capital in single entry system is calculated by preparing,
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Opening statement of affairs
Closing statement of affairs
Opening balance sheet
Closing balance sheet
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Question # 13
The opening and closing balance of bills Receivable can be calculated by preparing the.
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Total debtors accounts
Total creditors account
Bills Recivable accounts
Salaes accounts
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Question # 14
For the expenses incurred by the consignee on the sale of goods will be credited in the books of the consignor.
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Cash account
Consignee personal account
Consignment account
None of the above
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Question # 15
Which of the following method is suitable for charging depreciation an machinery and furniture.
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Straight line method
Diminishing balance method
Depreciation on fixed method
Annuity method
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Question # 16
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 # 17
In the absence of an agreemetn, interest on loan advanced by the partner to the firm is allowd at the rate of.
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5 persent
6 persent
8 persent
9 persent
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Question # 18
Depreciation written off on fixed assets should be recorded in the.
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Income and expenditure account only
Receipt and payment account only
Receipt and payment account and banalce sheet
Income and expenditure account and balance sheet.
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Question # 19
Due to drawings made during the year, the closing capital will,
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Increase
Decrease
Constant
Multiply
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Question # 20
In non-profit making organization final accounts contains
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Income and expenditure account and balance sheet
Receipts and payments account and balance sheet
Receipts and payments account and statement of affairs
Profit and loss account and balance sheet
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Question # 21
In case of banking business, the numerb of persons must not exceed.
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Ten (10)
Twenty (20)
Tweinty five(25)
Fifty (50)
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Question # 22
Income and expenditure account shows
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Cash in hand
Surplus or deficit
Cash at bank
Capital account
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