Question # 1

The creditor of the business are called:

Choose an answer

Assets

Liabilities

Capital

Income

All the time of endorsement of a bill the drawer credits:

Choose an answer

The drawee account

The endorser's personal account

Bill receivable account

Endorser's account

Heavy expenditure on advertisement for making a new product is a

Choose an answer

Revenue expenditure

Deferred expenditure

Capital loss

Non-recurring expenditure

A bill of exchange is a / an

Choose an answer

Promise

Unconditional Order

Request

Conditional Order

Goods purchased from Robin have been posted to Rahim account, it is an:

Choose an answer

Error of omission

Error of casting

Error of posting

Error of commission

Petty cash book is a branch of

Choose an answer

Pass Book

Cash Book

Journal

Ledger

Income tax paid is a

Choose an answer

Business Expense

Business Revenue

Business Liability

Personal Expense

All expenses connected with the office and its conduct are called

Choose an answer

Selling expenses

Marketing expenses

Service expenses

Administrative expenses

Allowance for doubtful debts normally has a

Choose an answer

Debit balance

Credit balance

Both debit & credit balance

None of these

Record of business transaction in the journal is called

Choose an answer

Detail

Summary

Narration

Entry

The person to whom a bill is addressed is the:

Choose an answer

Debtor

Creditor

Holder

Agent

Interest on drawing is debited to.

Choose an answer

Partners capital accounts

Profit and loss account

Interest account

None of these

The figure of the credit purchase can be worked out.

Choose an answer

Total debtors account

Total creditors account

Cash book

Balance sheet

The abnormal loss on consignemnt is credited to.

Choose an answer

Consignment account

Consignment personal account

Profit and loss account

Goods sent on consignemnt account

A company in which memebr gives a guarantee to contribute a specified sum to the company of its being wound up is called.

Choose an answer

Limited company

Un limited company

Company limited by guarantee

Chartered company

Depreciation written off on fixed assets should be recorded in the.

Choose an answer

Income and expenditure account only

Receipt and payment account only

Receipt and payment account and banalce sheet

Income and expenditure account and balance sheet.

In case of dissolution, assets sold for cash are debited to

Choose an answer

Realization account

Cash account

Assets account

None of these

For the firm, interest on drawing is.

Choose an answer

Expense

Income

Liability

None of these

The consignment outward books or journal is maintained by.

Choose an answer

Customers

Consignor

Consignee

Debtors

For the stock unsoled with the consignee wil the debited in the books of the consignor.

Choose an answer

Stock on consignment account

Consignment

Consignee account

None of the above

Non-profit seeking organization income and expenditure account performs the same function as profit seeking organization's

Choose an answer

Trading and profit and loss account

Balance sheet

Bank account

Petty cash book

On the dissolution of the partnership unrecorded assets if takes away by the partners is debited to.

Choose an answer

Realization account

Partners capital account

Assets account

None of these

More Classes

Other Links

Accounting Test Easy Mode MCQs With Answers

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer