Question # 1

When money is paid to a creditor or supplier a receipt is obtained from him which is called

Choose an answer

Cash voucher

Cash payment

Receipt voucher

Payment voucher

Depreciation of fixed assets used in the business is an example of

Choose an answer

capital expenditure

Revenue expenditure

Deferred expenditure

None of these

A ______ is a large columnar sheet of paper

Choose an answer

Worksheet

Balance sheet

Journal

None of these

A sheet which minimizes the chances of errors to the maximum possible extent is called

Choose an answer

Balance sheet

Work sheet

Paper sheet

Income statement

If a transaction has been completely omitted from the Journal it will be considered

Choose an answer

Error of commission

Error of principle

Error of omission

None of these

Cash of sales is equal to

Choose an answer

Sales - purchases

Purchases - return + closing stock

Opening stock + Purchases (Net) - Closing stock

Sales + Opening stock - (Purchases + Closing stock)

Bad debts recovered from debtors should be credited to

Choose an answer

Debtors a/c

Bad debts a/c

Bad debts recovered a/c

Cash a/c

Any expenditure incurred to increase the earning capacity of a business

Choose an answer

capital expenditure

capital loss

revenue loss

revenue expenditure

A table lost by fire should be debited to

Choose an answer

Table a/c

Furniture a/c

Loss by Fire a/c

Purchases a/c

Interest on drawing is debited to

Choose an answer

Capital

Drawings

Sundry Creditors

Outstanding expense

Pass book is prepared by

Choose an answer

Debtor

Creditor

Banker

Customer

In case of banking business, the numerb of persons must not exceed.

Choose an answer

Ten (10)

Twenty (20)

Tweinty five(25)

Fifty (50)

the activities of non -trading concern are managed by the.

Choose an answer

Directors

Member

governing body

Promoters

Debit side of income and expenditur eaccount records.

Choose an answer

Expenses and losses

Income and gains

Assets

Liabilities

The documents which contains the rules and regulation for the internal management of the company is called.

Choose an answer

Prospectus

Articles of assocaition

Memorandum of association

Notice

the term depreciationis used with reference to.

Choose an answer

Tangible assets

Intangible asets

Current assets

Fixed assets

When the incoming partner pays the firm for good willin cash the amount should be debited to firms books to.

Choose an answer

Good will accounts

Cash Account

Capital account of the incoming partner

All of the above

The partnership may come to an end due to the

Choose an answer

Death of a partner

Involvency of a partner

Both of the above

None of these

A partner does not take an acitive partner is the managment firm is called.

Choose an answer

Active partner

Sinior partner

Darment of sleeping partner

Nominal partner

In the absence of an agreement partners shall

Choose an answer

Be paid salaries

Not to be paid the salaries

Be paid salaries by the consent of the pariners

Be paid salaris to thos who worked for the firm

In the absence of an partnership agreement the pfofit and losses are divided by the partners in the ratio of.

Choose an answer

Capitals

Profit and loss ratios

Equality

Time devoted by each partner

Depreciation caused by some external amoutn of anual depreciation gradully.

Choose an answer

Increase

Decrease

Remain constant

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