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Online Tests
Accounting Test Easy Mode MCQs With Answers
Question # 1
Wrong allocation of capital and revenue items of expenses represents
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error of casting
error of principle
compensation error
error of commission
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Question # 2
The capital profit should be transferred to:
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Profit and loss account
Trading account
Balance Sheet
Both Trading and profit and loss account and balance sheet
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Question # 3
How many parties are involved in case of Discounting of a bill ?
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Two
Three
Four
None of these
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Question # 4
The effect of drawing on accounting equation is
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decrease in assets and decrease in liabilities
increase in both assets & liabilities
decrease in assets and increase in capital
none of these
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Question # 5
An expenditure, which is completely exhausted with in the current accounting period is known as
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Deferred expenditure
Revenue expenditure
Future expenditure
Non-recurring expenditure
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Question # 6
Loss of good by fire should be credited to:
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Purchase account
Sales account
Loss by goods by fire account
Capital account
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Question # 7
Income statement is prepared to ascertain the net result of the business concern under
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British accounting system
American accounting system
Cash system of accounting
None of these
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Question # 8
Preliminary expenses paid in the formation of a company is a
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Capital expenditure
Deferred expenditure
Revenue expenditure
Capital loss
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Question # 9
The amount of assets, liabilities, capital and drawings are extended form adjusted trail balance to the
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Balance sheet columns
Income statement columns
Cash columns
Bank columns
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Question # 10
A sale of Rs. 1000 to Farid, was credited to his account, it will affect
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Sales account
Farid account
Cash account
Both a & b
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Question # 11
Our cheque to Babar & Bros, returned dishonoured should be credited to
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Cheque Account
Cash Account
Bank Account
Babar & Bros A/c
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Question # 12
Income and expenditur eaccount is prepared on.
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Cash basis
Accrual basis
Cahs of accural basis
None of these
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Question # 13
The main sources of income of for on -trading concern is.
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Subscriptions
Donations
Sales
Dividends on investment
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Question # 14
The closing balance of trade debtors can be located from.
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Total debtors account
Balance sheet
Bils receivable account
Cash book
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Question # 15
Abnormal loss arises due to.
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Natural causes
Evaporation drying breaking in bulk
Pilferage , theft fire etc.
Some unavoidable causes
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Question # 16
Subscription otstanding in the beginning are shown in the
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Trading account
Income and expenditure account
Balance sheet
Profit and loss account
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Question # 17
Receipt and payment account includes.
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Revenue items
Capital items
Both capital and Revenue items
None of the above
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Question # 18
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 # 19
The toal amount of capital, in case of company is divided into small units, these units are called.
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Bonds
Cheque
Share
Reserve
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Question # 20
Income and expenditure account shows
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Cash in hand
Surplus or deficit
Cash at bank
Capital account
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Question # 21
All transactions relating to non-profit seeking concerns are recorded in the books of account strictly according to
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Single entry system
Double entry system
Treble entry system
"a" and "b"
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Question # 22
The losses arise in consignment transactions, such as loss of goods in transit, theft, goods damaged or destroyed by fire etc are.
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Normal losses
Additional loss
Abnormal losses
Both abnormal and normal loss
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