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Accounting Test Easy Mode MCQs With Answers
Question # 1
The person to whom bill is transferred will become
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Endorser
Creditor
Debtor
Endorsee
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Question # 2
When a drawer discounts a bill, he debits
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Bank Account
Interest Account
Drawee Account
Bill Receivable Account
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Question # 3
Allowance for doubtful debts normally has a
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Debit balance
Credit balance
Both debit & credit balance
None of these
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Question # 4
The balance of the trading account is the transferred to:
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Profit and loss account
Balance sheet
Work sheet
Position statement
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Question # 5
Stock is trade is a
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Current asset
Non-current asset
Quick asset
Intangible asset
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Question # 6
The credit purchases were wrongly recorded in sales book, the rectification of entry
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Increase the net profit by double amount
Decrease the net profit by double amount
Decrease the net profit
Increase the net profit
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Question # 7
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 # 8
Cheques issued to a creditor but not presented for payment are called
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Un Credited Cheques
Uncollected Cheques
Un Presented Cheques
Dishonoured Cheques
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Question # 9
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 # 10
The process of totaling the data at the end of the period is called
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Posting
Casting
Compensating
Recording
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Question # 11
When cash is received from debtor or customer, generally a receipt is issued to the debtor which is called
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Payment voucher
Receipt voucher
Cash voucher
None of these
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