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Accounting Test Easy Mode MCQs With Answers
Question # 1
Financial accounting is mainly confined to preparation of:
Choose an answer
Manufacturing statement
Financial statements
Production statement
Sale statement
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Question # 2
The system of recording transaction based on dual concept is called
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Double account system
Double entry system
Single entry system
Management system
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Question # 3
Receipts, which are non-recurring by nature, are called
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revenue receipts
current receipts
capital receipts
capital profit
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Question # 4
The Amount of salary paid to Sohail should be debited to
Choose an answer
Sohail's a/c
Cash Account
Salaries a/c
Both a & c
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Question # 5
It is prepared to determine the net profit or net loss
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Trading account
Profit or loss account
Cash book
Balance sheet
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Question # 6
All those expenses which are incurred to convert raw-materials into finished goods are called:
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Direct expenses
Indirect expenses
Administrative expenses
Sales expenses
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Question # 7
The periodical total of purchases book is posted to the
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Debit of purchases account
Credit of purchases account
Credit of cash account
Debit of sales account
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Question # 8
Capital contributed by the partners is a:
Choose an answer
Revenue receipt
Capital receipt
Current receipt
Deferred receipt
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Question # 9
The payments side of the cash book is undercast by Rs. 200, when overdraft as per bank statement i s the starting points:
Choose an answer
Rs. 200 will be deducted
Rs. 200 will be added
Rs. 400 will be added
Rs. 400 will be deducted
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Question # 10
When bank column of a cash book shows a credit balance, it means:
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Cash balance
Bank balance
Under draft
Over draft
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Question # 11
The accounting system in which accounting entries are made on the basis of amount having become due for payment or receipt, is called
Choose an answer
Cash system
Accrual or mercantile system
Outstanding system
None of these
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