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Accounting Test Easy Mode MCQs With Answers
Question # 1
When cheque received, and deposited into bank, bank account must be
Choose an answer
Credited
Debited
Both debited & credited
None of these
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Question # 2
It is used to record only cash receipts and payments
Choose an answer
Single column cash book
Double column cash book
Treble column cash book
Sales book
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Question # 3
Bank reconciliation statement is prepared by
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Banker
Customers Accountant
Auditor
Manager
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Question # 4
Which cash is paid or received in an exchange the transaction is called:
Choose an answer
Sale transaction
Cash transaction
Credit transaction
None of the above
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Question # 5
Errors is casting of subsidiary books are called as
Choose an answer
Error of omission
Compensating error
Error of posting
Clerical errors
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Question # 6
All those expenses which have not become due but paid in advance are called
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Accrued expenses
Outstanding expenses
Prepaid expenses
Payable expenses
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Question # 7
The recording of transaction chronologically in the book of accounts is called:
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Summarizing
Classifying
Recording
None of above
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Question # 8
The excess of credit column over debit column in income statement is called
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Net loss
Net profit
Cash balance
Gross profit
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Question # 9
The accounts of assets and properties
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nominal accounts
real accounts
personal accounts
valuation accounts
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Question # 10
Errors of affect one account can be
Choose an answer
Errors of principle
Errors of posting
Errors of omission
None of these
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Question # 11
Any difference in trial balance is transferred to
Choose an answer
sales account
nominal account
purchases account
suspense account
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Question # 12
The dividend paid to the shareeholders duirng the financial year is.
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Redeemable debentures
Irredeemable debentures
Repayable debebtures
None of these
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Question # 13
According to companies ordinance, single entry system cannot be adopted by,
Choose an answer
Sole proprietorship
Partnership
"a" and "b"
Joint stock companies
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Question # 14
The income and expenditure account begins with.
Choose an answer
Opening debit balance
Opening credit balance
Opening balance
None of these
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Question # 15
The persons who have entered in partnership are collctive called.
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A firm
Agents
Partners
Promoters
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Question # 16
A person whoinvest the minor portion of capital in the business and so he has small share in the profit is called.
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Senior partner
Junior partner
quast partner
Nominal patner
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Question # 17
A paatner who invests capital inthe business but does not take active part in the conduct of the business is called.
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Active partner
Sleeping partner
Secrete partner
None of these
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Question # 18
The investment in partners capital accounts is to be credited to.
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Partners capital accounts
Profit and loss account
Interest account
None of these
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Question # 19
If the debit side of the income and expenditure account is greater thanthe credit sideit is termed as.
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Surplus
Deficit
Assets
Liabilities
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Question # 20
In the books of consignor on reciving advance in cash from consignee should be debited to.
Choose an answer
Cash account
Consignee account
Consignment account
None of these
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Question # 21
Income and expenditure account shows.
Choose an answer
Surplus or deficit
Not profit or net loss
Capital account
Cash in hand
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Question # 22
Amount received by the way of gift from any person or organization is called.
Choose an answer
Donation
Subscription
Legacy
None of these
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