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Accounting Test Easy Mode MCQs With Answers
Question # 1
The gross amount of goods sold or services performed during an accounting period is known as
Choose an answer
Purchase
Sale
Gross profit
Net profit
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Question # 2
If any expense omitted to be recorded it will
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Overstate the profit
Understate the profit
Both a & b
No effect on profit
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Question # 3
The process of recording business transaction in the journal is called
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Posting
Journalizing
Classifying
Entry
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Question # 4
For every debit, there is a credit
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going concern concept
dual aspect concept
matching concept
cost concept
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Question # 5
The accounts of assets and properties
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nominal accounts
real accounts
personal accounts
valuation accounts
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Question # 6
Disagreement in balances may arise owing to mistake or mistakes in the:
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Cash book only
Bank statement
Cash book or bank statement
Bank column of the cash book only
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Question # 7
Retiring a bill under rebate means:
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Making payment for the bill before the due date
Making payment for the bill after the due date
Dishonouring bill
None of the above
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Question # 8
Bad debts are business
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Expenses
Liabilities
Assets
Revenue
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Question # 9
Worksheet contains ______ pairs of money columns
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Five
Four
Three
Two
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Question # 10
Any expenditure incurred to increase the earning capacity of a business
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capital expenditure
capital loss
revenue loss
revenue expenditure
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Question # 11
.The cash book is a
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Subsidiary journal
Ledger account
Subsidiary journal and ledger
Trial balance
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Question # 12
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 # 13
When the incoming partner pays the firm for good willin cash the amount should be debited to firms books to.
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Good will accounts
Cash Account
Capital account of the incoming partner
All of the above
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Question # 14
Another name of diminishing balance method of depreciation is the
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Reducing balance method
Sinking fund method
Straight line mehod
Revaluation method
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Question # 15
Amount of to the out going partner is shown in the balance sheet as his.
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Liability
Loan
Capital
Assets
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Question # 16
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 # 17
Income and expenditure account is usually accompanied by.
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Trail balance
Balance sheet
Cash book
None of these
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Question # 18
The company formed by teh means of Royal Charter is called.
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Public limited company
Private limited company
Charterd company
Registered company
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Question # 19
Capital fun of non trading concern is equal to.
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Assets + Income
Assets + Liabilities
Expenditure + Liabilities.
Assets - Liabilities
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Question # 20
Receipt and payment account starts with the.
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Opening balance
Ending balance
Beginning or ending balance
None of these
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Question # 21
Under diminhing balance method, depreciationis calculated on.
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The original cost
The scrape value
Book value
All of the above
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Question # 22
The figure of the credit purchase can be worked out.
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Total debtors account
Total creditors account
Cash book
Balance sheet
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