Question # 1

Adjusted ______ is used to prepare the income statement and balance sheet

Choose an answer

Trail balance

Ledger

Balance sheet

Bank statement

A document evidencing cash receipts and payments and forming the basis for making entries in the cash book is called

Choose an answer

Receipt voucher

Cash voucher

payment voucher

Cash memo

Which one of the following is a direct expense?

Choose an answer

Custom duty

Carriage

Wages

All of above

A ______ is a large columnar sheet of paper

Choose an answer

Worksheet

Balance sheet

Journal

None of these

Capitalized expenditure are shown in

Choose an answer

Trading a/c

Profit or loss a/c

Income statement

Balance sheet

Modern system of bookkeeping is

Choose an answer

single entry system

double entry system

modern system

none of these

All those expenses which are incurred to convert raw-materials into finished goods are called:

Choose an answer

Direct expenses

Indirect expenses

Administrative expenses

Sales expenses

All the bills given to the creditors are recorded in

Choose an answer

Creditor's book

Bills payable book

Bills receivable book

Bank book

The transaction for which non separate book is maintained are recorded in:

Choose an answer

Journal proper

Bills receivable book

Bills payable book

Cash book

Drawings are deducted from

Choose an answer

Sales

Income

Capital

Expenses

Any mistake in ledger can be easily detected with the help of:

Choose an answer

Journal

Balance sheet

Trial balance

Financial statement

The Receipt and payment account is the summery of the

Choose an answer

Cash book

Balance sheet

Trqail balance

Proft and loss account

In consginee's books the payment of expense by consignee should be debited to

Choose an answer

Consignment account

Consignnors account

Cash account

None of these

The profit on the revaluation of the assets and liabilities o the retirement of the partner should be credited to.

Choose an answer

All partners capital accounts

Only retiring partners capitals accounts

Remaiingng partners capital account

None of these

Under annuity method the amount of depreciation is.

Choose an answer

Increasing every year

Decreasing every year

Fixed for all the year

None of these

Admission fee income should be.

Choose an answer

Treated as income

Capitalized

Proportionate to revenue and capitalized

None of these

On the addimissionof a new partner the increase int he value of assets is debited

Choose an answer

Revaluation account

Assets account

Old partners capital account

New partners capital account

The relation ship between consignor and consignee is thet of.

Choose an answer

Buyer and seller

Debtorsde creditor

Whole seller or retailer

Principal and agent

In case of dissolution if there is any undivided profit are reserve should be credited to.

Choose an answer

Partners capital accounts

Realization accounts

Reserve account

Revaluation accounts

The end or termination of partnership is called.

Choose an answer

Amalgamation

Dissolution

Retirement

Admission

A paartner who have a major investment in the firm and receive a relatively more profit is called.

Choose an answer

Sleeping partner

Darment partner

Senior partner

Estoppels partner

Revaluation account is a.

Choose an answer

Real account

Personal account

Cash account

Nominal account

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

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer