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Accounting Test Easy Mode MCQs With Answers

Question # 1

If a transaction has been completely omitted from the Journal it will be considered

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Error of commission

Error of principle

Error of omission

None of these

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Question # 2

Some expenses are incurred at the time of the sate of an asset. The Amount will be debited to:

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Assets account

Expenses account

Cash account

Purchases account

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Question # 3

If any expense omitted to be recorded it will

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Overstate the profit

Understate the profit

Both a & b

No effect on profit

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Question # 4

Net Profit is transferred to

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Trading Account

Balance Sheet

Capital a/c

Trial Balance

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Question # 5

Which of the following discloses the financial position of the business

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Trading account

Profit or loss account

Profit or loss appropriation account

Balance sheet

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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

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 # 8

According to accounting equation, capital is equal to

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assets + liabilities

expenses-incomes

liabilities - assets

assets - liabilities

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Question # 9

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 # 10

Errors, which do not affect on profit calculation, will have an effect only on

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Trail balance

Balance sheet

Profit or loss account

Trading account

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Question # 11

A bill of exchange is a method of payment on

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Cash Basis

Credit Basis

Reserve Basis

Accommodation Basis

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