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Accounting Test Easy Mode MCQs With Answers
Question # 1
Credit Balance of pass book must be equal to debit balance of
Choose an answer
Cash Book
Bank Ledger
Clients other Account
None of these
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Question # 2
A cash account always shows
Choose an answer
Debit Balance
Credit Balance
Both a and b
Nil Balance
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Question # 3
A dealing between two persons is called a
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business
transaction
purchases
sales
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Question # 4
Errors, which do not affect on profit calculation, will have an effect only on
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Trail balance
Balance sheet
Profit or loss account
Trading account
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Question # 5
Written below each entry is the
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Transaction
Voucher no
Narration
Date
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Question # 6
Suspense means
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certainty
uncertainty
surly
none of these
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Question # 7
A credit sale was wrongly passed through purchases book, the rectification of the entry will:
Choose an answer
Increase the net profit by, double amount
Decrease the net profit
Decrease the net profit by double amount
Have no effect on the net profit
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Question # 8
When boan statement shown a debit total balance it means:
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Overdraft as per cash book
Unfavourable balance as per cash book
Favourable balance as per cash book
Overdraft as per bank statement
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Question # 9
All cash purchases and cash sales are recorded in
Choose an answer
Cash book
Purchases book
Sales book
Purchases and sales book
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Question # 10
Which column is prepared in single column cash book?
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Bank Column
Cash Column
Discount Column
All of the Above
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Question # 11
If the error committed in the capital account, it will affect
Choose an answer
trading account
profit & loss account
trading and profit & loss account
balance sheet
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Question # 12
It is prepared by non-profit making organizations to determine surplus or deficit
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Trading account
Profit and loss account
Receipts and payments account
Income and expenditure account
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Question # 13
The account of non trading concern are generally maintained according to.
Choose an answer
Mereantile accounging system
Double entry system of book keeping
Cash accounting system
None of the above
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Question # 14
The amount paid to person who was invited to deliver a lecture in a club is known as.
Choose an answer
Hoorarium
Salary
Wages
None of these
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Question # 15
A partner goes out of a firm due to certain event or reason is known as.
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Retired or out going partner
Junior partner
Senior partner
Minor partner
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Question # 16
Receipt and payment account includes.
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Revenue items
Capital items
Both capital and Revenue items
None of the above
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Question # 17
The part of the issued capital which has been taken up or subscribed by the public is called
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Issued capital
Authorized capital
Subscribed capital
Paid up capital
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Question # 18
We cannot prepare the trial balance and precise balance sheet under,
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Single entry system
Double entry system
"a" and "b"
Barter system
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Question # 19
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 # 20
Bad debt written off always affect the
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Deblor's account
Creditors account
Cash account
All of the above
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Question # 21
A person whoinvest the minor portion of capital in the business and so he has small share in the profit is called.
Choose an answer
Senior partner
Junior partner
quast partner
Nominal patner
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Question # 22
The amount charged as depreciation goes on declining in
Choose an answer
Depletion fund method
Auunity method
Diminishing balance method
Straiight line method
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