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Accounting Test Hard Mode MCQs With Answers
Question # 1
The book meant for recording all cash transactions is called
Choose an answer
Purchase book
Cash book
Sales book
Pass book
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Question # 2
Debit balance of cash book is also called
Choose an answer
Unfavourable balance
Favourable balance
Negative balance
Both un favourable and favourable balance
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Question # 3
The amount of cash or goods with drawn by the proprietor for personal use is called:
Choose an answer
Expenses
Revenue
Capital
Drawings
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Question # 4
Freight paid on machinery purchased is a
Choose an answer
Revenue expenditure
Capital expenditure
Capital loss
Revenue loss
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Question # 5
Business debts are known as
Choose an answer
Liabilities
Expenses
Assets
Owner's
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Question # 6
Which of these accounts is increased by credit entries:
Choose an answer
Machinery A/c
Rent A/c
Sales A/c
Purchase A/c
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Question # 7
Balance sheet is a statement of
Choose an answer
Assets
Both first
Liabilities
None of these
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Question # 8
Any activity undertaken for the purpose of earning profit is called
Choose an answer
Dealing
Business
Performance
Duties
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Question # 9
Which of these is a fixed asset:
Choose an answer
Cash
Plant
Stock
Prepaid expenses
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Question # 10
Accounting is called of business:
Choose an answer
Heart
Ear
Tongue
Eye
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Question # 11
Nominal accounts are related to:
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Assets
Creditors
Liabilities
Expenses + Income
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Question # 12
Hypothetical cost which are specially computed outside the accounting system for the purpose of decision making is called
Choose an answer
Future cost
Replacement cost
Imputed cost
Sunk cost
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Question # 13
Which one is not include in factory overhead?
Choose an answer
Power hear & light
Indirect labour cost
Depreciation of plant
Salary of accountant
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Question # 14
What are accrued expenses?
Choose an answer
The expenses that have been incurred during current year and paid till the end of current year
The expenses that have been incurred previous year and paid in the current year
The expenses that have been incurred during current year and not paid till the end of current year
The expenses that have been incurred previous year and not paid till the end of current year
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Question # 15
What is accumulated depreciation?
Choose an answer
Depreciation expense of the current year
Sum of all depreciations in different accounting year
Depreciations of previous accounting year
None
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Question # 16
Costs whose consumption may be identified with specific production units in called
Choose an answer
Direct labour cost
Indirect labour cost
Direct material cost
Indirect material cost
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Question # 17
A--------------- is an account in which those transaction are entered which cannot be placed to their accounts
Choose an answer
Nominal account
Suspense account
Personal account
Debtor account
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Question # 18
Deferred liabilities are debts which are repayable less than ----------
Choose an answer
One month
Six month
One year
None
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Question # 19
According to possible for an event or transaction which is not measurable in terms of money
Choose an answer
True
False
May be
None
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Question # 20
How many types of inventories are in cost of goods sold statement?
Choose an answer
1
2
3
4
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Question # 21
Difference in cost of alternative choices is called
Choose an answer
Total costing
Differential costing
Full costing
Variable costing
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Question # 22
In bill of exchange, the party who accepts a bill is known as:
Choose an answer
Drawer
Drawee
Payee
Third party
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