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Accounting Test Easy Mode MCQs With Answers
Question # 1
Premium on issue of shares of a company represents
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capital loss
capital profit
capital payment
none of these
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Question # 2
At the time of drawing a bill the drawer credits:
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Debtors account
Creditors account
bill receivable account
Suppliers account
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Question # 3
Errors of omission affects
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One account
Two account
Three account
None of these
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Question # 4
Receipts, which are non-recurring by nature, are called
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revenue receipts
current receipts
capital receipts
capital profit
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Question # 5
Ahmed's cheque endorse to Akbar should be debited to
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Cash account
Cheque account
Akbar's account
Ahmed account
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Question # 6
Cash of sales is equal to
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Sales - purchases
Purchases - return + closing stock
Opening stock + Purchases (Net) - Closing stock
Sales + Opening stock - (Purchases + Closing stock)
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Question # 7
The Amount of salary paid to Sohail should be debited to
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Sohail's a/c
Cash Account
Salaries a/c
Both a & c
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Question # 8
All revenue expenditure are taken to
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Trading a/c
Trading & profit or Loss a/c
Profit or loss a/c
Balance sheet
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Question # 9
Contra Refers to
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Same Side
Parallel Side
Opposite Side
None of these
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Question # 10
A bill of exchange is a method of payment on
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Cash Basis
Credit Basis
Reserve Basis
Accommodation Basis
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Question # 11
Unfavorable balances mean
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Credit balance in the pass book
Credit balance in the cash book
Debit balance in bank statement
Both b & c
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Question # 12
Another name of diminishing balance method of depreciation is the
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Reducing balance method
Sinking fund method
Straight line mehod
Revaluation method
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Question # 13
The gaining ratio are calculated on.
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Admissionof a partner
Death of a partner
Retirement of a partner
None of these
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Question # 14
The main sources of income of for on -trading concern is.
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Subscriptions
Donations
Sales
Dividends on investment
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Question # 15
The asses which have physical existence are called.
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Intangible assets
Intangible fixed assets
Tangible fixed assets
Both tangible or intangible assets
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Question # 16
The toal amount of capital, in case of company is divided into small units, these units are called.
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Bonds
Cheque
Share
Reserve
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Question # 17
The amount of share capital which a company is authroxzed to raise is called.
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Subscribed capital
Issued capital
Authorized capital
Paid up capital
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Question # 18
Kind of company is.
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2
3
4
5
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Question # 19
The total amount recived by the company out of the totla called up amount is known as the.
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Called up capital
Paid up capital
Issued capital
Reserve capital
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Question # 20
Amount of to the out going partner is shown in the balance sheet as his.
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Liability
Loan
Capital
Assets
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Question # 21
In case of private company minimum numebr of sharaeholders are.
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Six
Seven
Ten
Two
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Question # 22
Good will is.
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Tangible asset
Imtamgon;e asset
Wasting assets
Frictious assets
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