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Accounting Test Easy Mode MCQs With Answers
Question # 1
Assets which have no physical existence are called
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Tangible assets
Fictitious assets
Liquid assets
Intangible assets
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Question # 2
Income tax paid is a
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Business expense
Revenue for business
Liability of business
Personal expense
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Question # 3
Profit & Loss a/c is prepared to ascertain
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Gross Profit
Net Profit
Gross Loss
Real Profit
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Question # 4
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 # 5
A Journal is generally kept on:
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A columnar basis
A row basis
A single line basis
Vertical basis
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Question # 6
All the time of endorsement of a bill the drawer credits:
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The drawee account
The endorser's personal account
Bill receivable account
Endorser's account
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Question # 7
Journal shows all necessary information regarding.
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The document
A transaction
The accounting
Meeting
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Question # 8
Ledger Records Transaction in a/an
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Chronological Order
Daily order
Arithmetical Order
Analytical Order
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Question # 9
Transportation cost paid for the purchases of Machinery must be debited to
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Transportation cost account
Purchases account
Machinery account
Cash account
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Question # 10
Unfavorable balances mean
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Credit balance in the pass book
Credit balance in the cash book
Debit balance in bank statement
Both b & c
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Question # 11
Contra Refers to
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Same Side
Parallel Side
Opposite Side
None of these
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Question # 12
It is prepared by non-profit making organizations to determine surplus or deficit
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Trading account
Profit and loss account
Receipts and payments account
Income and expenditure account
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Question # 13
Registraion of the firm.
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It is legally necessary
It is optional
It depends on the will of the partners
It depends uopon the will of theemployee
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Question # 14
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 # 15
The charter of the company containing the objects of whihc for company is being formed is called.
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Articles of association
Prospectus
Memorandum of associaton
Notice
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Question # 16
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 # 17
Income and expenditure account shows.
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Surplus or deficit
Not profit or net loss
Capital account
Cash in hand
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