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Accounting Test Easy Mode MCQs With Answers
Question # 1
Which one of the following is a direct expense?
Choose an answer
Custom duty
Carriage
Wages
All of above
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Question # 2
All cash purchases and cash sales are recorded in:
Choose an answer
Sales book
Purchases book
Both a & b
Cash book
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Question # 3
Bad debts are
Choose an answer
Deferred expenditure
Revenue expenditure
Capital expenditure
None of these
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Question # 4
An operating statement is similar to a
Choose an answer
Balance sheet
bank reconciliation statement
Financial statement
Profit or loss statement
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Question # 5
Usually every ______ entry affect both income statement and balance sheet
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Adjusting
Work sheet
Balance sheet
Ledger
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Question # 6
A schedule of balances of all accounts is called
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Journal
Ledger
Balance Sheet
Trial Balance
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Question # 7
Trading account is the account which is prepared to determine the:
Choose an answer
Only gross profit of the business
Only gross loss of the business
Gross pro0fit or the gross loss of the business
None of the above
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Question # 8
A bill which is both drawn and payable within the geographical boundaries of a country
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Foreign Bill
Local Bill
Municipal Bill
Inland Bill
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Question # 9
The const concept applied only to the assets and not to:
Choose an answer
Expenses
Liabilities
Incomes
None of these
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Question # 10
All those expenses which are incurred to convert raw-materials into finished goods are called:
Choose an answer
Direct expenses
Indirect expenses
Administrative expenses
Sales expenses
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Question # 11
Bad debts recovered from debtors should be credited to
Choose an answer
Debtors a/c
Bad debts a/c
Bad debts recovered a/c
Cash a/c
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