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Accounting Test Easy Mode MCQs With Answers
Question # 1
The book which is used to record all goods returned to us by our customers is called
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Returns outwards book
Returns inwards book
Sales book
Cash book
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Question # 2
The money can be deposited into bank by means of
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Cash book
Cheque book
Pay-in-slip book
Pass book
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Question # 3
The person to whom a bill is addressed is the:
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Debtor
Creditor
Holder
Agent
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Question # 4
An expenditure, which is temporarily increase the profit making capacity of the business is called
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Deferred expenditure
Capital expenditure
Revenue expenditure
Non-recurring expenditure
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Question # 5
Receipts which are non-recurring by nature:
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Capital receipts
Revenue receipts
Short term receipts
Capital profit
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Question # 6
A revenue expenditure, the benefit of which is not confined to one accounting year is called
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Non-current expenditure
Revenue expenditure
Future expenditure
Deferred expenditure
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Question # 7
Cash of sales is equal to
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Sales - purchases
Purchases - return + closing stock
Opening stock + Purchases (Net) - Closing stock
Sales + Opening stock - (Purchases + Closing stock)
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Question # 8
Expenditure is a capital expenditure because
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The amount involved is heavy
It is the personal expenditure of the owner out of his capital
It is intended to benefit the future period
It is a recurring expenditure
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Question # 9
Assets which have no physical existence are called
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Tangible assets
Fictitious assets
Liquid assets
Intangible assets
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Question # 10
Credit purchases are recorded in
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Purchases book
Creditors book
Cash book
Purchases returns book
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Question # 11
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 # 12
The book in which all cash transactions are primarily recorded is called
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Cheque Book
Pass Book
Cash Book
Finance Book
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Question # 13
It is the price of goods sold or services provided by a business to its customers
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Asset
Cost
Capital
Revenue
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Question # 14
A bill of exchange is drawn by
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Debtor
Creditor
Endorser
Endorsee
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Question # 15
A balance sheet is a
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Statement of income and expenditure
Statement of debtors and creditors
Financial statement of a business on a particular date
Statement of profit earned by a busniess
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Question # 16
Bank for collection is a
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Permanent Account
Fixed Account
Current Account
Temporary Account
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Question # 17
Drawings are deducted from
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Sales
Income
Capital
Expenses
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