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Accounting Test Easy Mode MCQs With Answers
Question # 1
Interest paid on loan is
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Abnormal Loss
Financial Expenses
Management Expenses
Maintenance Expenses
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Question # 2
Wages paid for installing a machine should be debited to
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Wages a/c
Cash a/c
Machinery a/c
none of these
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Question # 3
The outflow of funds to meet the running expenses of a business
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Revenue loss
Revenue expenditure
capital expenditure
capital loss
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Question # 4
The first successful step of Double Entry System is
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Leger
Journal
Final Account
Trial Balance
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Question # 5
Left hand side of an account is called
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Debit Side
Credit Side
Both a & b
None of these
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Question # 6
If sales are Rs. 12000 Gross profit is 10% of sales and net profit is 5% of sales then the expenses will be
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1200
600
1800
2400
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Question # 7
When balance of suspense account has debit balance it will be shown in balance sheet on
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Liability side
Capital side
Asset side
Credit side
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Question # 8
Expenses related to sale of goods are shown in
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Trading account
Profit or loss account
Balance sheet
Sales account
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Question # 9
At the time of drawing a bill the drawer credits:
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Debtors account
Creditors account
bill receivable account
Suppliers account
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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
The cash book is a book of
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Compound entry
Original entry
Final entry
Simple entry
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