Question # 1

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

If the gross profit is Rs. 5000 and the net profit is 35% of the gross profit then the expenses must be

Choose an answer

3250

1250

3750

1750

Which book is used to record all credit purchases?

Choose an answer

Purchases book

Purchases book return

Cash book

Debit note book

For every debit, there is a credit

Choose an answer

going concern concept

dual aspect concept

matching concept

cost concept

When a bill is transferred by the drawer to his creditor, for settlement of his debts, it is called

Choose an answer

Retirement of Bill

Endorsement of a Bill

Discounting of a Bill

Settlement of a Bill

The Principle book of accounts is

Choose an answer

Journal

Ledger

Trial Balance

Balance Sheet

Preliminary expenses incurred before the commencement of business

Choose an answer

revenue expenditure

capital expenditure

deferred revenue expenditure

capital loss

An entry which is recorded on the both sides of cash book is called

Choose an answer

Simple entry

Compound entry

Combined entry

Contra entry

A statement which is used to reconcile the bank balance as per cash book with the balance as per pass book is called

Choose an answer

Bank statement

Income statement

Bank reconciliation statement

Financial statements

From business point of view, Interest on capital is considered as

Choose an answer

An income

An expense

A profit

A liability

An Entry which is recorded on the both sides of cash book is called

Choose an answer

Simple Entry

Compound Entry

Combined Entry

Contra Entry

Distinction between capital and revenue items is important for the preparation

Choose an answer

Balance sheet

Trading and profit or loss a/c

Bank reconciliation statement

Both a & b

Financial accounting is mainly confined to preparation of:

Choose an answer

Manufacturing statement

Financial statements

Production statement

Sale statement

When the goods are returned to the suppliers, an intimation is sent to them is called

Choose an answer

Currency note

Invoice

Debit note

Credit note

One way of avoiding errors in the permanent accounting records is to use a form which is called

Choose an answer

Bank statement

Trail balance

Balance sheet

Work sheet

At the time of drawing a bill the drawer credits:

Choose an answer

Debtors account

Creditors account

bill receivable account

Suppliers account

When cheque received, and deposited into bank, bank account must be

Choose an answer

Credited

Debited

Both debited & credited

None of these

More Classes

Other Links

Accounting Test Easy Mode MCQs With Answers

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer