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Accounting Test Easy Mode MCQs With Answers
Question # 1
Outstanding expense given in adjustment is called
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An asset
A gain
An expense
A liability
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Question # 2
Which account will be created in the presence of suspense account, if sales book is undercast by Rs. 500
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suspense A/c
sales A/c
cash A/c
none of above
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Question # 3
Cash account is concerned with:
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Real account
Personal account
Nominal account
Capital account
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Question # 4
Octori duty paid on machinery, is an example of
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Revenue expenditure
Recurring expenditure
Capital expenditure
Both a & b
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Question # 5
The amount by which the revenue for a particular period of time exceed from expenses incurred to generate them is called
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Gross income
Net income
Revenue
Expenses
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Question # 6
Net sales - cost of goods sold - operating expenses = ?
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Net purchases
Cost of goods sold available for sale
Net operating income
Gross Profit
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Question # 7
A document given by the seller to the buyer for credit sale of goods or assets is called
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Cash memo
Invoice
Voucher
None of these
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Question # 8
.If the error committed in the capital account, it will affect
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Trading account
Profit and loss account
Trading and profit and loss account
Balance sheet
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Question # 9
A trial balance can be constructed by
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Three Methods
Two Methods
Four Methods
Five Methods
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Question # 10
When cheque received, and deposited into bank, bank account must be
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Credited
Debited
Both debited & credited
None of these
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Question # 11
A double column cash book is used to record
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Cash transactions only
Cash and bank transaction
Cash, bank and discount transaction
None of these
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