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Accounting Test Easy Mode MCQs With Answers
Question # 1
A statement which i prepared to ascertain the net income or net loss for a specific accounting period is called
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Position statement
Statement of condition
Financial statement
Bank reconciliation statement
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Question # 2
Wages paid of installing a machine should be debited to
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Wages a/c
cash a/c
Machinery a/c
None of these
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Question # 3
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 # 4
Accounts relating to persons of firms are called:
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Real accounts
Proprietary accounts
Personal accounts
Nominal accounts
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Question # 5
Adjusted ______ is used to prepare the income statement and balance sheet
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Trail balance
Ledger
Balance sheet
Bank statement
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Question # 6
If sales return for Rs. 3,000 were incorrectly included in sales book, gross profit will be
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overstated by Rs. 3,000
understated by Rs. 6,000
understated by Rs. 3,000
overstated by Rs. 6,000
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Question # 7
Goodwill, patent, copyright are classified as
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Current Assets
Fixed Assets
Tangible Assets
Wasting Assets
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Question # 8
Which one of the following is appeared in the balance sheet
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Revenue expenditure
Capital expenditure
Deferred expenditure
Both b & c
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Question # 9
Distinction between capital and revenue items is important for the preparation
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Balance sheet
Trading and profit or loss a/c
Bank reconciliation statement
Both a & b
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Question # 10
Cash account is a:
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Personal account
Real account
Nominal account
Both real and personal account
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Question # 11
The cash book is a book of
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Compound entry
Original entry
Final entry
Simple entry
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