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Accounting Test Easy Mode MCQs With Answers
Question # 1
Accounting principles can be classified in
Choose an answer
three types
two types
five types
six types
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Question # 2
Goods withdrawn by the proprietor for personal use should be credited to
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Purchase a/c
Drawings a/c
Expenses a/c
Revenue a/c
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Question # 3
Net loss is always
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Equal to gross loss
More than gross loss
Less than gross loss
None of these
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Question # 4
Purchased goods on credit and for cash will affect
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cash & goods
cash & creditors
cash creditors & owner's equity
cash goods and creditors
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Question # 5
Error of carry forward will affect
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Personal accounts
Nominal accounts
Impersonal accounts
None of these
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Question # 6
Capitalized expenditures are shown in
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trading A/c
profit & loss A/c
income statement
balance sheet
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Question # 7
Income tax paid is a
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Business Expense
Business Revenue
Business Liability
Personal Expense
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Question # 8
A bank reconciliation statement is prepared by:
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banker
Accountant of the business
Statutory auditors
Rigistar
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Question # 9
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 # 10
Journal means
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Weekly
Monthly
Yearly
Daily
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Question # 11
The money with which business is started is known as:
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Capital
Creditor
Income
Debtor
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