Question # 1

Cheques issued to a creditor but not presented for payment are called

Choose an answer

Un Credited Cheques

Uncollected Cheques

Un Presented Cheques

Dishonoured Cheques

A dealing between two persons is called a

Choose an answer

business

transaction

purchases

sales

If goods purchased from Rahim for Rs. 499, credited to Rehman's account for Rs. 499. this is an

Choose an answer

Error of commission

Error of principle

Compensating error

Error of principle

A transaction has been journalized but posted wrongly in the ledger account, it is an:

Choose an answer

Error of positing

Error of principle

Error of omission

Error of commission

When ban column of a cash book shows a debit balance it means:

Choose an answer

Overdraft as per bank

Unfavourable balance as per cash book

Favourable balance as per cash book

Favourable balance as per pass book

Financial accounting is mainly confined to preparation of:

Choose an answer

Manufacturing statement

Financial statements

Production statement

Sale statement

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

The expenses which are incurred for the generation of revenues from the sales of goods are called

Choose an answer

Non-operating expenses

Selling expenses

Operation expenses

Administrative expenses

Debit Signifies

Choose an answer

Increase in Asset Account

Decrease in Liability Account

Decrease in Capital Account

All of the Above

The book in which all cash transaction are primarily recorded is called

Choose an answer

Pass book

Cheque book

Finance book

Cash book

All the time of endorsement of a bill the drawer credits:

Choose an answer

The drawee account

The endorser's personal account

Bill receivable account

Endorser's account

Which of the following method is suitable for charging depreciation an machinery and furniture.

Choose an answer

Straight line method

Diminishing balance method

Depreciation on fixed method

Annuity method

Depreciation written off on fixed assets should be recorded in the.

Choose an answer

Income and expenditure account only

Receipt and payment account only

Receipt and payment account and banalce sheet

Income and expenditure account and balance sheet.

Subcription received during the current year is.

Choose an answer

An income

An expenditure

An asset

An liability.

When the cash is received from the sale of the goods by the consigneee on behalf the consignor then it will be debited to.

Choose an answer

Cash account

Consignor 's personal account

Consignment account

None of these

If any partner takes the responsibility to pay the liabilities of the firm at the time of dissolution then it should be credited to.

Choose an answer

Partner's capital account

Realization account

Liabilities accounts

Cash accounts

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

According to the decision in Garner Va. Murray rule the loss due to insolvency of a partner is be shared by solvent, partner in the.

Choose an answer

Capital ratios

Profit sharing ratios

Equal ratios

None of these

Joint life policy account after the maturity of the policy shoul dbe transferred to the capital accounts of the partners in.

Choose an answer

Capital ratios

Old profit sharing ratios

New profit sharing ratio

Gaining ratios

According to companies ordinance, single entry system cannot be adopted by,

Choose an answer

Sole proprietorship

Partnership

"a" and "b"

Joint stock companies

Maximum numebr of the partners in an ordinary Partinership.

Choose an answer

Ten partners

Twentry partners

Thirty partners

Fourth partners

Depreciation arise because of

Choose an answer

Due to fall in the market value of fixex assets

Due to physical wear and tear of the assets

Due to fall in the market value

None of these

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