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Accounting Test Hard Mode MCQs With Answers
Question # 1
Accounting is called of business:
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Heart
Ear
Tongue
Eye
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Question # 2
Cash purchases are recorded in large organizations in
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Purchase day book
General journal
Purchase journal
Cash book
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Question # 3
Accounting is the language of
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Govt
Trade
Business
Commerce
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Question # 4
The process of recording business transactions in the journal is called
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Posting
Classifying
Journalising
Entry
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Question # 5
The person who draws a bill of exchange is known as
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Drawer
Payee
Drawee
Bank
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Question # 6
Discount received is a
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Asset
Revenue
Liability
Expenses
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Question # 7
If more than two accounts are involved in a journal entry it is called
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Double entry
Contra entry
Compound entry
Single entry
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Question # 8
Any physical that has money value is
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Transaction
Asset
Intangible asset
Goodwill
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Question # 9
The amount of cash or goods with drawn by the proprietor for personal use is called:
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Expenses
Revenue
Capital
Drawings
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Question # 10
Which of these accounts is increased by credit entries:
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Machinery A/c
Rent A/c
Sales A/c
Purchase A/c
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Question # 11
Accounting is the
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Art
Science
Both
None
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Question # 12
The cost of holding the stock in storage is called
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Ordering cost
Material cost
Caring cost
All of the above
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Question # 13
How many branches are there in accounting?
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1
3
2
4
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Question # 14
Depreciation expenditure is a
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Fixed cost
Variable cost
Semi-variable cost
Step fixed cost
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Question # 15
Doubtful debt are:
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Definite loss to the business
Definite profit to the business
Expected loss to the business
Expected profit to the business
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Question # 16
Goodwill is ----------- for company.
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Intangible asset
Fixed asset
Current asset
Quick asset
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Question # 17
If spoiled good are considered as abnormal part of production process then debited to
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Work in process
General expense
F-o-H control
None of above
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Question # 18
What is accounting period?
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It is a time for which business prepares its financial statements
It is time for which business prepares its profit and loss statement
It is a time for which business prepares its balance sheet
None
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Question # 19
Which one is not accounting convention?
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Materiality
Full disclosure
Consistency
Going concern
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Question # 20
The primary object of non-profit organizations is
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Not to earn profit
Work for the welfare of society
Buy/sell goods
A and B but not C
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