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Accounting Test Hard Mode MCQs With Answers
Question # 1
Business debts are known as
Choose an answer
Liabilities
Expenses
Assets
Owner's
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Question # 2
A bill of exchange is drawn by a
Choose an answer
Debtor
Holder
Creditor
None of these
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Question # 3
Carriage paid on goods purchased is a
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Direct expense
Opening expense
Indirect expense
General expense
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Question # 4
Which of the following account is increased by debit entries
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Capital A/c
Building A/c
Sales A/c
Purchase return A/c
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Question # 5
Important types of ledger are
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General ledger
Proprietor ledger
Creditors ledger
General ledger & creditor ledger bot
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Question # 6
Pass book is prepared in the book of
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Bank
Guarantor
Customer
None of these
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Question # 7
The book in which small payments like refreshment tissues etc are recorded is called
Choose an answer
Main cash book
Cash account
Petty cash book
Both main cash book & petty cash book
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Question # 8
Credit sales are recorded in
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Cash book
Purchase book
Sales book
Pass book
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Question # 9
Preliminary Exp.Incurred for formation of Joint Stock Company represent.
Choose an answer
Capital loss
Capital Exp.
Revenue loss
Deferred Revenue Exp
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Question # 10
The process of recording business transactions in the journal is called
Choose an answer
Posting
Classifying
Journalising
Entry
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Question # 11
Goods returned to supplier should be credited to:
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Supplier A/c
Purchase return A/c
Sales return A/c
Purchases A/c
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Question # 12
Quick assets are
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Cash in hand
Cash at bank
Debtors
All of the above
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Question # 13
Tenor is the period of time ------------ which a bill becomes payable
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Before
After
Both a and b
None
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Question # 14
Loss which arises due to ----------- is known as abnormal loss
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Breakage of goods
Leakage
Fire
Shrinkage
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Question # 15
Spoiled goods cannot be
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Sold without repairing
Repair and sold as damaged goods
Both A and B
None of above
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Question # 16
The cost of holding the stock in storage is called
Choose an answer
Ordering cost
Material cost
Caring cost
All of the above
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Question # 17
Deferred liabilities are debts which are repayable less than ----------
Choose an answer
One month
Six month
One year
None
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Question # 18
Realisation concept is the concept in which revenue is ------------ at the time when goods are sold or services rendered.
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Recognized
Not recognized
Paid
Received
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Question # 19
Treble column cash book has three columns of:
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Cash, bank and discount
Income, expense and bank
Cash, bank and profit or loss
None
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Question # 20
The technique and process of ascertaining cost is termed as
Choose an answer
Costing
Cost accounting
Calculation of cost
Controlling cost
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Question # 21
Difference in cost of alternative choices is called
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Total costing
Differential costing
Full costing
Variable costing
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Question # 22
Hypothetical cost which are specially computed outside the accounting system for the purpose of decision making is called
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Future cost
Replacement cost
Imputed cost
Sunk cost
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