Accounting Test Easy Mode

Sr. #	Questions	Answers Choice
1	The accounting system in which accounting entries are made on the basis of amount having become due for payment or receipt, is called	Cash system Accrual or mercantile system Outstanding system None of these
2	All those expenses which have become due but not paid are called	Accrued revenue Prapaid revenue Outstanding expenses Advance expenses
3	The system of accounting in which accounting entries are made only when cash received or paid is known as	Cash system Accrual system Mercantile system Single system
4	A balance sheet is a	Statement of income and expenditure Statement of debtors and creditors Financial statement of a business on a particular date Statement of profit earned by a busniess
5	Expenses related to sale of goods are shown in	Trading account Profit or loss account Balance sheet Sales account

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