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Accounting Test Easy Mode MCQs With Answers
Question # 1
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 # 2
An operating statement is similar to a
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Balance sheet
bank reconciliation statement
Financial statement
Profit or loss statement
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Question # 3
Gross profit represents
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Opening stock + purchases
closing stock + direct expenses - sales
closing stock-purchases-direct expenses + sales
purchases - sales
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Question # 4
A copy of the customer's account in the bank's ledger is called:
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Deposit statement
Balance statement
Bank statement
Customer
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Question # 5
Income tax paid is a
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Business expense
Revenue for business
Liability of business
Personal expense
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Question # 6
Errors is casting of subsidiary books are called as
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Error of omission
Compensating error
Error of posting
Clerical errors
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Question # 7
The gross amount of goods sold or services performed during an accounting period is known as
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Purchase
Sale
Gross profit
Net profit
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Question # 8
Wages paid of installing a machine should be debited to
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Wages a/c
cash a/c
Machinery a/c
None of these
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Question # 9
A bill of exchange is a / an
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Promise
Unconditional Order
Request
Conditional Order
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Question # 10
All those expenses which have become due but not paid are called
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Accrued revenue
Prapaid revenue
Outstanding expenses
Advance expenses
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Question # 11
The Legal tenor of a bill is
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Sixty Days
One Month
Eighty Days
Ninety Days
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Question # 12
The owner wquity in a company is commonly called.
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Shareholder equity
promotors equity
Directors equity
None of these
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Question # 13
Realizaton account is a.
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Nominal account
Real account
Personal account
Cash account
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Question # 14
Consignment signifies.
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Goods despatched by the owner to his agent
Goods forwarded by the creditor to his debtor
Goods forwarded from one place to another
Goods sent by the owner to his agent for the purpose of sale.
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Question # 15
Consignee account is of the natur eof.
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Personal account
Nominal account
Real account
None of these
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Question # 16
A certificat issue by the company under its seal acknowledging a debt due by it to its holder, is called.
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Debenture
Certificate of commencement
Acknowledge certificate
Noen of these
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Question # 17
The income through admissionfee shoul dbe.
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Capitalized
Treated as revenue
Treated as liability
An expenses
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Question # 18
On the addimissionof a new partner the increase int he value of assets is debited
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Revaluation account
Assets account
Old partners capital account
New partners capital account
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Question # 19
The debentures which are payable to bearere, are termed as.
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None transfereble
Registered debentures
Bearer debentures
Non - bearere debentures
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Question # 20
Old prifit sharing ratio minus new profit sharing ratio is equal for.
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Sacrifing ratios
Gaining ratios
Distributing ratios
None of these
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Question # 21
The term Depletion is used with reference to.
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Tangible assets
Intangible assets
Current assets
Fixex assets
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Question # 22
Subscription Received in advance is.
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An income
An assets
Liability
An expenditure
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