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Accounting Test Easy Mode MCQs With Answers
Question # 1
An Entry which is recorded on the both sides of cash book is called
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Simple Entry
Compound Entry
Combined Entry
Contra Entry
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Question # 2
Cash paid to Naeem will affect
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cash & capital
cash & creditor
cash and debtors
cash & goods
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Question # 3
Financial statement is prepared from the amount given in
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Trail balance columns
Adjustments columns
Cash columns
Adjusted trail balance columns
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Question # 4
Gross profit is derived from
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Trading a/c
Profit & Loss a/c
Trial Balance
Balance Sheet
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Question # 5
Which of the following discloses the financial position of the business:
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Trading account
Profit and loss account
Profit and loss appropriation account
Balance sheet
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Question # 6
Gross profit equals to
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Net profit minus expenses
Sales minus closing stock
Purchases minus closing stock
Sales minus cost of goods sold
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Question # 7
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 # 8
When cash is paid to creditors it will decrease
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cash
capital
debtor
cash & creditors
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Question # 9
The debts, the recovery or realization of which is uncertain are known as
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Bad bets
Doubtful debts
Provision for doubtful debts
Loan
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Question # 10
The favourable balance of bank statement is
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Credit Balance
Debit Balance
Zero Balance
Both b and c
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Question # 11
All revenue expenditure are taken to
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Trading a/c
Trading & profit or Loss a/c
Profit or loss a/c
Balance sheet
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Question # 12
The persons who have entered two partnership are individually called.
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Agents
Partners
A firm
Vendor
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Question # 13
Receipts and payments account records the transactions of
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Revenue nature
Capital nature
Revenue and capital nature
None of these
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Question # 14
Good will is.
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Tangible asset
Imtamgon;e asset
Wasting assets
Frictious assets
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Question # 15
Which of the following method is suitable for charging depreciation an machinery and furniture.
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Straight line method
Diminishing balance method
Depreciation on fixed method
Annuity method
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Question # 16
Un recorded liability when paid on dissolution of the firmis debited to.
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Realization account
Liability account
Partners capital account
None of these
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Question # 17
Unclaimed dividend is shown as.
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Asset
Liability
Deduction from paid up capital
None of these
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