More Classes
5th Class
6th Class
7th Class
8th Class
9th Class
10th Class
11th Class
12th Class
NAT I
NAT II
CSS
IQ
General Knowledge
MDCAT
ECAT
GAT General
GAT Subject
Other Links
Go to Home
Online Tests
Accounting Test Easy Mode MCQs With Answers
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
Previous
Skip
Next
Question # 2
A dealing between two persons is called a
Choose an answer
business
transaction
purchases
sales
Previous
Skip
Next
Question # 3
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
Previous
Skip
Next
Question # 4
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
Previous
Skip
Next
Question # 5
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
Previous
Skip
Next
Question # 6
Financial accounting is mainly confined to preparation of:
Choose an answer
Manufacturing statement
Financial statements
Production statement
Sale statement
Previous
Skip
Next
Question # 7
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
Previous
Skip
Next
Question # 8
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
Previous
Skip
Next
Question # 9
Debit Signifies
Choose an answer
Increase in Asset Account
Decrease in Liability Account
Decrease in Capital Account
All of the Above
Previous
Skip
Next
Question # 10
The book in which all cash transaction are primarily recorded is called
Choose an answer
Pass book
Cheque book
Finance book
Cash book
Previous
Skip
Next
Question # 11
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
Previous
Skip
Next
Question # 12
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
Previous
Skip
Next
Question # 13
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.
Previous
Skip
Next
Question # 14
Subcription received during the current year is.
Choose an answer
An income
An expenditure
An asset
An liability.
Previous
Skip
Next
Question # 15
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
Previous
Skip
Next
Question # 16
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
Previous
Skip
Next
Question # 17
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
Previous
Skip
Next
Question # 18
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
Previous
Skip
Next
Question # 19
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
Previous
Skip
Next
Question # 20
According to companies ordinance, single entry system cannot be adopted by,
Choose an answer
Sole proprietorship
Partnership
"a" and "b"
Joint stock companies
Previous
Skip
Next
Question # 21
Maximum numebr of the partners in an ordinary Partinership.
Choose an answer
Ten partners
Twentry partners
Thirty partners
Fourth partners
Previous
Skip
Next
Question # 22
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
Previous
Skip
Next
Back