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Accounting Test Easy Mode MCQs With Answers
Question # 1
It is used to record cash, bank and discount transactions on debit and credit side
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Single column cash book
Petty cash book
Double column cash book
Treble column cash book
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Question # 2
In the preparation of the worksheet the amounts on the trail balance columns are taken directly from
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Journal
Ledger
Trail balance
Transaction
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Question # 3
Work sheet is also used as a source to prepare ______
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Financial statement
Income statement
Position statement
Bank reconciliation statement
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Question # 4
How many columns are drawn on one side of three column cash book ?
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Five Columns
Six Columns
Seven Columns
Eight Columns
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Question # 5
A prepaid expense is
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An asset
A liability
An expense
An income
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Question # 6
Ahmed's cheque endorse to Akbar should be debited to
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Cash account
Cheque account
Akbar's account
Ahmed account
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Question # 7
When saleable goods are bought in a business are called:
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Sales
Purchase
Assets
Goods
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Question # 8
Cost incurred to generate revenue is called
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Revenue
Cost
Expense
Liability
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Question # 9
Bad debts are
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Deferred expenditure
Revenue expenditure
Capital expenditure
None of these
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Question # 10
The accounts of expenses, incomes, losses and gains
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real accounts
valuation accounts
nominal accounts
personal accounts
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Question # 11
The accounting system in which accounting entries are made on the basis of amount having become due for payment or receipt, is called
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Cash system
Accrual or mercantile system
Outstanding system
None of these
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Question # 12
Income and expenditure account records the transactions of
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Revenue nature
Capital nature
Revenue and capital nature
None of the these
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Question # 13
Partnership is formed by the partners.
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Written agreement
Mutual consent
Verbal agreement
None of these
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Question # 14
The process of writing of intengible assets patent right, good will etc is called.
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Depreciation
Fluctuaton
Amorization
depletion
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Question # 15
How many mathods are available to calculate the profit or loss under single entery system.
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One
Two
Three
Four
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Question # 16
Cash received from the debtors can be find out by preparing.
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Debtors account
Creditors account
Balance sheet
Trial balance
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Question # 17
The amount of share capital which a company is authroxzed to raise is called.
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Subscribed capital
Issued capital
Authorized capital
Paid up capital
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Question # 18
Old prifit sharing ratio minus new profit sharing ratio is equal for.
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Sacrifing ratios
Gaining ratios
Distributing ratios
None of these
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Question # 19
Arithmetical accuracy of the books of accounts cannot be checked under.
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Single Entry system
Double entery system
None entery system
Both a and b
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Question # 20
Depreciation fund method is also known as.
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Sinking fund method
Annuity method
Sum- of year's digit method
None of these
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Question # 21
As per the decision in Garner Va. Murray the solvent partner bring in cash equal to their share of.
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Realization loss
Profit ratio
Capital ratio
None of these
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Question # 22
Opening capital is calculated by taking the difference between,
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Opening assets and closing assets
Opening assets and closing liabilities
Opening assets and Opening liabilities
Closing assets and closing liabilities
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