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
The balance of the trading account is the transferred to:
Choose an answer
Profit and loss account
Balance sheet
Work sheet
Position statement
Previous
Skip
Next
Question # 2
All the transactions recorded to credit sales are recorded in:
Choose an answer
Sale return book
Sales book
Cash book
Debtor's book
Previous
Skip
Next
Question # 3
An entry which is recorded on the both sides of cash book is called
Choose an answer
Simple entry
Compound entry
Combined entry
Contra entry
Previous
Skip
Next
Question # 4
A revenue expenditure, the benefit of which is not confined to one accounting year is called
Choose an answer
Non-current expenditure
Revenue expenditure
Future expenditure
Deferred expenditure
Previous
Skip
Next
Question # 5
Net loss is always
Choose an answer
Equal to gross loss
More than gross loss
Less than gross loss
None of these
Previous
Skip
Next
Question # 6
Error due to wrong allocation as expenditure between capital and revenue is regarded as:
Choose an answer
Error of omission
Error of principle
Compensating errors
Error of Commission
Previous
Skip
Next
Question # 7
Goodwill, patent, copyright and trade mark are
Choose an answer
Wasting assets
Intangible assets
Fictitious assets
Liquid assets
Previous
Skip
Next
Question # 8
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 # 9
The const concept applied only to the assets and not to:
Choose an answer
Expenses
Liabilities
Incomes
None of these
Previous
Skip
Next
Question # 10
Bill receivable account is a:
Choose an answer
Nominal account
Personal account
Real account
Expenses account
Previous
Skip
Next
Question # 11
The rules of the debiting the receiving and crediting the giver is applicable to:
Choose an answer
Persona account
Real account
Nominal account
Expense account
Previous
Skip
Next
Question # 12
Profit and loss on revalution at the time of retirement must be transerred to the partners in.
Choose an answer
Capital ratio
Old prifit sharing ratio
New profit sharing ratio
Gaining ratio
Previous
Skip
Next
Question # 13
The assets which have not got physical existence are called.
Choose an answer
Intangible assets
Intangible fixed assets
Current assets
Tangible fixed assets
Previous
Skip
Next
Question # 14
In the absence of an agreemetn, interest on loan advanced by the partner to the firm is allowd at the rate of.
Choose an answer
5 persent
6 persent
8 persent
9 persent
Previous
Skip
Next
Question # 15
Donation receivedin heavy amount are treated as.
Choose an answer
Revenue
Capitaized
Liability
Assets
Previous
Skip
Next
Question # 16
North worth of an organizaton means the excess of its total assets over total.
Choose an answer
Liabilities
Income
Expenses
None of the above
Previous
Skip
Next
Question # 17
In single entry system ledger contains the accounts of,
Choose an answer
Debtors, creditors and cash
Wages and carriage
Salaries and insurance
Assets and liabilities
Previous
Skip
Next
Question # 18
Abnormal loss arises due to.
Choose an answer
Natural causes
Evaporation drying breaking in bulk
Pilferage , theft fire etc.
Some unavoidable causes
Previous
Skip
Next
Question # 19
A person whoinvest the minor portion of capital in the business and so he has small share in the profit is called.
Choose an answer
Senior partner
Junior partner
quast partner
Nominal patner
Previous
Skip
Next
Question # 20
A statement of assets and liabilities is prepared under the single entery system is called.
Choose an answer
Balance sheet
Financial statement
Statement of affair
Cash transaction
Previous
Skip
Next
Question # 21
When the goods sent on consignment are sold by the consignee the account to be debited is.
Choose an answer
Cash account
Consignee personal account
Consignment account
None of these
Previous
Skip
Next
Question # 22
The amount of assets may rise of fell on account of.
Choose an answer
Depreciation
Fluctuation
Depletion
Amortization
Previous
Skip
Next
Back