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Accounting Test Easy Mode MCQs With Answers
Question # 1
If the balance of suspense account is credit then it will be shown in balance sheet on
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Asset side
Asset and liability side
Asset and capital side
Capital and liability side
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Question # 2
Error which affects profit and loss account relates to
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Nominal account
Property account
Personal account
None of these
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Question # 3
Bank account is a:
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Personal account
Real account
Nominal account
None of these
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Question # 4
A document is sent to customer when he returns the goods is called
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Promissory note
Debit note
Currency note
Credit note
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Question # 5
Any difference in trail balance, is transferred to
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Sales account
Nominal account
Purchases account
Suspense account
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Question # 6
Ahmed's cheque endorse to Akbar should be debited to
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Cash account
Cheque account
Akbar's account
Ahmed account
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Question # 7
When a Bill is dishonoured, the holder of the bill goes to an official called
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Inspector
Notary Public
Drawer
Manager
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Question # 8
Both cash purchases as well as credit purchases are recorded in
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Cash book
Purchase book
Purchases account
None of these
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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
Carriage account is a/an
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asset account
revenue account
expenditure A/c
withdrawal account
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Question # 11
The expenses which are incurred for the generation of revenues from the sales of goods are called
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Non-operating expenses
Selling expenses
Operation expenses
Administrative expenses
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Question # 12
Dividend is calculated on.
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Registered capital
Issue Capital
Paid up Capital
Subscribed Capital
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Question # 13
Partnership is formed by the partners.
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Written agreement
Mutual consent
Verbal agreement
None of these
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Question # 14
As per the decision in Garner Va. Murray the solvent partner bring in cash equal to their share of.
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Realization loss
Profit ratio
Capital ratio
None of these
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Question # 15
The consignment inward book or journalis matinained by.
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Consignor
Consignee
Customer
Debtors
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Question # 16
The expense incurred by the oconsignee in connection with the sale of the consignment goods are debited to.
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Consignment account
Cash account
Consignor account
None of these
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Question # 17
The profit on revaluation of assts and liabilities on the retirement of the partners should be credited to the capital account of.
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All the partners
Retiring partner
Remaining partner
None of these
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