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Accounting Test Easy Mode MCQs With Answers
Question # 1
Adjusted ______ is used to prepare the income statement and balance sheet
Choose an answer
Trail balance
Ledger
Balance sheet
Bank statement
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Question # 2
A document evidencing cash receipts and payments and forming the basis for making entries in the cash book is called
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Receipt voucher
Cash voucher
payment voucher
Cash memo
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Question # 3
Which one of the following is a direct expense?
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Custom duty
Carriage
Wages
All of above
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Question # 4
A ______ is a large columnar sheet of paper
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Worksheet
Balance sheet
Journal
None of these
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Question # 5
Capitalized expenditure are shown in
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Trading a/c
Profit or loss a/c
Income statement
Balance sheet
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Question # 6
Modern system of bookkeeping is
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single entry system
double entry system
modern system
none of these
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Question # 7
All those expenses which are incurred to convert raw-materials into finished goods are called:
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Direct expenses
Indirect expenses
Administrative expenses
Sales expenses
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Question # 8
All the bills given to the creditors are recorded in
Choose an answer
Creditor's book
Bills payable book
Bills receivable book
Bank book
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Question # 9
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
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Question # 10
Drawings are deducted from
Choose an answer
Sales
Income
Capital
Expenses
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Question # 11
Any mistake in ledger can be easily detected with the help of:
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Journal
Balance sheet
Trial balance
Financial statement
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Question # 12
The Receipt and payment account is the summery of the
Choose an answer
Cash book
Balance sheet
Trqail balance
Proft and loss account
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Question # 13
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
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Question # 14
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
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Question # 15
Under annuity method the amount of depreciation is.
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Increasing every year
Decreasing every year
Fixed for all the year
None of these
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Question # 16
Admission fee income should be.
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Treated as income
Capitalized
Proportionate to revenue and capitalized
None of these
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Question # 17
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
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Question # 18
The relation ship between consignor and consignee is thet of.
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Buyer and seller
Debtorsde creditor
Whole seller or retailer
Principal and agent
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Question # 19
In case of dissolution if there is any undivided profit are reserve should be credited to.
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Partners capital accounts
Realization accounts
Reserve account
Revaluation accounts
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Question # 20
The end or termination of partnership is called.
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Amalgamation
Dissolution
Retirement
Admission
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Question # 21
A paartner who have a major investment in the firm and receive a relatively more profit is called.
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Sleeping partner
Darment partner
Senior partner
Estoppels partner
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Question # 22
Revaluation account is a.
Choose an answer
Real account
Personal account
Cash account
Nominal account
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