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Accounting Test Easy Mode MCQs With Answers
Question # 1
Bank account is a:
Choose an answer
Personal account
Real account
Nominal account
None of these
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Question # 2
Book used to record petty expenses and receipts
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Single Column Cash Book
Petty Cash Book
Double Column Cash Book
Treble Column Cash Book
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Question # 3
A cash account always shows
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Debit Balance
Credit Balance
Both a and b
Nil Balance
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Question # 4
A receipt is revenue receipt because
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the amount is small
it relates to routine activity of business
it is received in the accounting year
both b, c
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Question # 5
Any expenditure incurred to increase the earning capacity of a business
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capital expenditure
capital loss
revenue loss
revenue expenditure
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Question # 6
Wrong allocation of capital and revenue items of expenses represents
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error of casting
error of principle
compensation error
error of commission
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Question # 7
The act result of the business activities is shown by:
Choose an answer
Profit and loss account
Profit and loss appropriation account
Trading account
Balance sheet
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Question # 8
Assets which have no physical existence are called
Choose an answer
Tangible assets
Fictitious assets
Liquid assets
Intangible assets
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Question # 9
Which one of the following in used to simplify work, to be done at the end of period
Choose an answer
Balance sheet
Income sheet
Bank statement
Work sheet
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Question # 10
Net Sales represent
Choose an answer
Sales - return outwards
Sales - return inwards
Sales - return to supplier
both b and c
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Question # 11
Which of the following normally has a credit balance
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Machinery a/c
Purchases a/c
Stock a/c
Sales a/c
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Question # 12
All cash purchases and cash sales are recorded in
Choose an answer
Cash book
Purchases book
Sales book
Purchases and sales book
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Question # 13
For every debit, there is a credit
Choose an answer
going concern concept
dual aspect concept
matching concept
cost concept
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Question # 14
The money with which business is started is known as:
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Capital
Creditor
Income
Debtor
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Question # 15
Goodwill, patent, copyright are classified as
Choose an answer
Current Assets
Fixed Assets
Tangible Assets
Wasting Assets
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Question # 16
In case of a debt becoming bad, the amount should be credited to
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Debtor's a/c
Bad Debts a/c
Sales a/c
cash a/c
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Question # 17
In the preparation of worksheet the amounts in the trail balance are taken directly form the ______
Choose an answer
Ledger
Trail balance
Balance sheet
None of these
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