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Accounting Test Easy Mode MCQs With Answers
Question # 1
Interest on renewal of a bill is the expense of
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Drawer
Drawee
Holder
Endorsee
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Question # 2
An expenditure, which is completely exhausted with in the current accounting period is known as
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Deferred expenditure
Revenue expenditure
Future expenditure
Non-recurring expenditure
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Question # 3
When money is paid to a creditor or supplier a receipt is obtained from him which is called
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Cash voucher
Cash payment
Receipt voucher
Payment voucher
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Question # 4
Subsidiary books are called the book of:
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Original entry
Secondary entry
Temporary entry
Basic entry
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Question # 5
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 # 6
Octori duty paid on machinery, is an example of
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Revenue expenditure
Recurring expenditure
Capital expenditure
Both a & b
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Question # 7
Expenses paid by a business decrease
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cash
capital
cash & capital
none of these
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Question # 8
A cash account always shows
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Debit balance
Credit balance
Both debit and credit balance
Nil balance
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Question # 9
An expenditure, which increases the utility or productive capacity of an asset is treated as
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Revenue expenditure
Capital expenditure
Deferred expenditure
None of these
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Question # 10
Which one of the following is appeared in the balance sheet
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Revenue expenditure
Capital expenditure
Deferred expenditure
Both b & c
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Question # 11
Financial accounting is mainly confined to preparation of:
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Manufacturing statement
Financial statements
Production statement
Sale statement
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Question # 12
In case of retirement of a partners full good will is credited to the account of.
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Only retring partner
Only remaining partners
All partners
None of these
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Question # 13
Single entry systme can bot be maintained by.
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Sole owner
Partnership concern
Joint stock companies
All of the above
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Question # 14
All transactions relating to non-profit seeking concerns are recorded in the books of account strictly according to
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Single entry system
Double entry system
Treble entry system
"a" and "b"
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Question # 15
Non-profit making organization is also known as
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Non-profit seeking concern
Non-trading concern
Trading concern
"a" and "b"
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Question # 16
A partner, who hasnot attained the age of majority is called.
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Junior partner
Minor partner
Nominal patner
Quasi Partner
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Question # 17
Liability of the partners in partnership is.
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Limited
Unlimited
Limited up to the extent of their capitals
Depend on the will of the partners
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Question # 18
When a new partner is admitted with out the consent of the old partner.
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Partnership will be dissolved
Will value
Agreed value
None of these
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Question # 19
In case of dissolution if there is any undivided profit are reserve should be credited to.
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Partners capital accounts
Realization accounts
Reserve account
Revaluation accounts
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Question # 20
Admission fee income should be.
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Treated as income
Capitalized
Proportionate to revenue and capitalized
None of these
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Question # 21
The term Depletion is used with reference to.
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Tangible assets
Intangible assets
Current assets
Fixex assets
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Question # 22
The depreciation charged to motor car account will be debited to.
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Depreciation account
Motor car account
Cash account
None of these
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