More Classes
5th Class
6th Class
7th Class
8th Class
9th Class
10th Class
11th Class
12th Class
NAT I
NAT II
CSS
IQ
General Knowledge
MDCAT
ECAT
GAT General
GAT Subject
Other Links
Go to Home
Online Tests
Accounting Test Easy Mode MCQs With Answers
Question # 1
Receipts, which are non-recurring by nature, are called
Choose an answer
revenue receipts
current receipts
capital receipts
capital profit
Previous
Skip
Next
Question # 2
Receipts which are non-recurring by nature:
Choose an answer
Capital receipts
Revenue receipts
Short term receipts
Capital profit
Previous
Skip
Next
Question # 3
The person to whom a bill is addressed is the:
Choose an answer
Debtor
Creditor
Holder
Agent
Previous
Skip
Next
Question # 4
If any expense omitted to be recorded it will
Choose an answer
Overstate the profit
Understate the profit
Both a & b
No effect on profit
Previous
Skip
Next
Question # 5
Payment of Rs. 50 to Raheel as wages for repairing machine should be debited to
Choose an answer
Machinery a/c
Repair a/c
Wages a/c
Raheel a/c
Previous
Skip
Next
Question # 6
A receipt is revenue receipt because
Choose an answer
the amount is small
it relates to routine activity of business
it is received in the accounting year
both b, c
Previous
Skip
Next
Question # 7
A bill of exchange is a method of payment on
Choose an answer
Cash Basis
Credit Basis
Reserve Basis
Accommodation Basis
Previous
Skip
Next
Question # 8
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
Previous
Skip
Next
Question # 9
Nominal account are related to:
Choose an answer
Assets and liabilities
Expenses, losses and incomes
Customers, creditors etc
Capital account
Previous
Skip
Next
Question # 10
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
Previous
Skip
Next
Question # 11
The amount of assets, liabilities, capital and drawings are extended form adjusted trail balance to the
Choose an answer
Balance sheet columns
Income statement columns
Cash columns
Bank columns
Previous
Skip
Next
Question # 12
the activities of non -trading concern are managed by the.
Choose an answer
Directors
Member
governing body
Promoters
Previous
Skip
Next
Question # 13
On the admission of a new partneer the decreasein the value of assets is debited to.
Choose an answer
Revaluation account
Assets account
Old parner's capital account
New partner capital account
Previous
Skip
Next
Question # 14
If the credit side of the income oand expenditur eaccount is greater it is termed as.
Choose an answer
Deficit
Surplus
Asset
Liability
Previous
Skip
Next
Question # 15
A partner who takes an active part in the managment of the firm is called.
Choose an answer
Active partner
Sleeping partner
Norminal partner
Quasi partner
Previous
Skip
Next
Question # 16
If some proparty is owned jointly with out any attention to carry on a business it is called.
Choose an answer
Partnership
Co- ownership
Sole ownership
Agency
Previous
Skip
Next
Question # 17
Del-credere commission is allowed to cover.
Choose an answer
Normal losses
Abnormal losses
Loss due to bad debts
None of these
Previous
Skip
Next
Question # 18
The abnormal loss on consignemnt is credited to.
Choose an answer
Consignment account
Consignment personal account
Profit and loss account
Goods sent on consignemnt account
Previous
Skip
Next
Question # 19
The main sources of income of for on -trading concern is.
Choose an answer
Subscriptions
Donations
Sales
Dividends on investment
Previous
Skip
Next
Question # 20
Single entery system is most suitbale where
Choose an answer
Credit transactions are numerous.
Cash transactions are numerous
Cahs and credit transactions both are numerios
None of the above
Previous
Skip
Next
Question # 21
Old prifit sharing ratio minus new profit sharing ratio is equal for.
Choose an answer
Sacrifing ratios
Gaining ratios
Distributing ratios
None of these
Previous
Skip
Next
Question # 22
Debit side of income and expenditur eaccount records.
Choose an answer
Expenses and losses
Income and gains
Assets
Liabilities
Previous
Skip
Next
Back