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Accounting Test Easy Mode MCQs With Answers
Question # 1
Cash account is a
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Personal account
Nominal account
Real account
Both personal and real account
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Question # 2
When a drawer discounts a bill, he debits
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Bank Account
Interest Account
Drawee Account
Bill Receivable Account
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Question # 3
Goods withdrawn by the proprietor for personal use should be credited to
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Purchase a/c
Drawings a/c
Expenses a/c
Revenue a/c
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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
The Amount of salary paid to Sohail should be debited to
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Sohail's a/c
Cash Account
Salaries a/c
Both a & c
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Question # 6
If the gross profit is Rs. 5000 and the net profit is 35% of the gross profit then the expenses must be
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3250
1250
3750
1750
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Question # 7
A double column cash book is used to record
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Cash transactions only
Cash and bank transaction
Cash, bank and discount transaction
None of these
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Question # 8
Net Sales represent
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Sales - return outwards
Sales - return inwards
Sales - return to supplier
both b and c
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Question # 9
Unfavourable balance means
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Credit Balance in the Pass Book
Credit Balance in the Cash Book
Debit Balance in Bank Statement
Both b and c
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Question # 10
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 # 11
In the preparation of the worksheet the amounts on the trail balance columns are taken directly from
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Journal
Ledger
Trail balance
Transaction
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Question # 12
Admission fee income should be.
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Treated as income
Capitalized
Proportionate to revenue and capitalized
None of these
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Question # 13
Unclaimed dividend is shown as.
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Asset
Liability
Deduction from paid up capital
None of these
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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
Premium on issue of share is a.
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Capital profit
Business loss
Revenue profit
Revenue loss
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Question # 16
Income and expenditure account records the transactions of
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Revenue nature
Capital nature
Revenue and capital nature
None of the these
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Question # 17
If the price required to be paid to the company for the share less than the nominal value of that share, it is called shares.
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At discount
At primium
At par
None of these
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Question # 18
Debit side of income and expenditur eaccount records.
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Expenses and losses
Income and gains
Assets
Liabilities
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Question # 19
The document which contains the fundamental conditions of incorporation and the obejedcts for which the company was formed is called.
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Memorandum of association
Article of association
Prospectus
None of he above
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Question # 20
On the detah of the partner the amount of the joint policy credited to the capital account of.
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Remaining partners capital account
All partners capital accounts
Deceased parners capital account
None of these
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Question # 21
Del-credere commission is allowed to cover.
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Normal losses
Abnormal losses
Loss due to bad debts
None of these
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Question # 22
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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