Question # 1

Subsidiary books are called books of

Choose an answer

Original entry

Secondary entry

Final entry

Basic entry

The errors in which amount have occurred on the opposite sides of two or more accounts and have concealed themselves in the net result, are:

Choose an answer

Error of principle

Errors of omission

Errors of commission

Compensating error

Error which affects profit and loss account relates to

Choose an answer

Nominal account

Property account

Personal account

None of these

Which book is used to record all credit purchases?

Choose an answer

Purchases book

Purchases book return

Cash book

Debit note book

Events which are related with money are called:

Choose an answer

Monetary events

Non - monetary events

None-social events

Political events

The const concept applied only to the assets and not to:

Choose an answer

Expenses

Liabilities

Incomes

None of these

Record of business transaction in the journal is called

Choose an answer

Detail

Summary

Narration

Entry

When ban column of a cash book shows a debit balance it means:

Choose an answer

Overdraft as per bank

Unfavourable balance as per cash book

Favourable balance as per cash book

Favourable balance as per pass book

A document is sent to customer when he returns the goods is called

Choose an answer

Promissory note

Debit note

Currency note

Credit note

A bill of exchange contains:

Choose an answer

An unconditional order

A promise

A request

A conditional order

The account of depreciation of building of Rs. 30,000 at 5% p.a. will be

Choose an answer

Rs. 20,00

Rs. 15,00

Rs. 25,00

Rs. 5,00

Revaluation loss should be debited to.

Choose an answer

Revaluation account

All partners capital account

Old partners capital accounts

New partners capital account

In appearance, the statement of affairs, is similar to a.

Choose an answer

Balance sheet

Profit and loss account

Trading account

Bank Reconciliation statement

Capital is obtained by deductin liabiliities from.

Choose an answer

Expenditures

Receipt

Assets

Incomes

In non-profit making organization final accounts contains

Choose an answer

Income and expenditure account and balance sheet

Receipts and payments account and balance sheet

Receipts and payments account and statement of affairs

Profit and loss account and balance sheet

Excess of assets over liabilities is an indication of.

Choose an answer

Solvency

Insolvency

Deficiency

Loss

Double entry system means

Choose an answer

The recording of same things twice

Double accounting

The two sides of every transaction are recorded

Entry at two dates

Consignee is.

Choose an answer

A principal

An agent

A debtor

A creditor

A statement of assets and liabilities is prepared under the single entery system is called.

Choose an answer

Balance sheet

Financial statement

Statement of affair

Cash transaction

The documents which contains the rules and regulation for the internal management of the company is called.

Choose an answer

Prospectus

Articles of assocaition

Memorandum of association

Notice

Donation receivedin heavy amount are treated as.

Choose an answer

Revenue

Capitaized

Liability

Assets

According to the decision in Garner Va. Murray rule the loss due to insolvency of a partner is be shared by solvent, partner in the.

Choose an answer

Capital ratios

Profit sharing ratios

Equal ratios

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