Accounting Test Easy Mode

Sr. #	Questions	Answers Choice
1	A credit sale was wrongly passed through purchases book, the rectification of the entry will:	Increase the net profit by, double amount Decrease the net profit Decrease the net profit by double amount Have no effect on the net profit
2	Some expenses are incurred at the time of the sate of an asset. The Amount will be debited to:	Assets account Expenses account Cash account Purchases account
3	The profit which is earned during the ordinary course of business is regarded as:	Capital profit Revenue profit Revenue loss Long term profit
4	Capital contributed by the partners is a:	Revenue receipt Capital receipt Current receipt Deferred receipt
5	Error of posting effects:	One account  Two accounts Three accounts Four accounts

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