Question # 1

Retiring a bill under rebate means:

Choose an answer

Making payment for the bill before the due date

Making payment for the bill after the due date

Dishonouring bill

None of the above

A bill of exchange is drawn by:

Choose an answer

A debtor

A creditor

A holder

Endorsee

Expired cost of fixed assets means

Choose an answer

Appreciation

Amortization

Depreciation

None of these

The recording of transaction chronologically in the book of accounts is called:

Choose an answer

Summarizing

Classifying

Recording

None of above

Real accounts are related to:

Choose an answer

Assets

Expenses, losses and incomes

Customers, creditors

Incomes

Wages paid for the construction of building is an example of

Choose an answer

Revenue expenditure

Capital expenditure

Recurring expenditure

Short-term expenditure

Worksheet contains ______ pairs of money columns

Choose an answer

Five

Four

Three

Two

When saleable goods are bought in a business are called:

Choose an answer

Sales

Purchase

Assets

Goods

When boan statement shown a debit total balance it means:

Choose an answer

Overdraft as per cash book

Unfavourable balance as per cash book

Favourable balance as per cash book

Overdraft as per bank statement

Bad debts are business

Choose an answer

Expenses

Liabilities

Assets

Revenue

A sale of Rs. 1000 to Farid, was credited to his account, it will affect

Choose an answer

Sales account

Farid account

Cash account

Both a & b

Gaining ratios are equal to.

Choose an answer

New Ratio - Old ratio

Old ratio- New ratio

New Ratio + old ratios

Capital ratios- New Ratios

The amount paid to person who was invited to deliver a lecture in a club is known as.

Choose an answer

Hoorarium

Salary

Wages

None of these

Due to drawings made during the year, the closing capital will,

Choose an answer

Increase

Decrease

Constant

Multiply

Cash book is prepared to find out the figure of.

Choose an answer

Opening capital

Crosing cash balance

Net profit

Finaincial position

The asses which have physical existence are called.

Choose an answer

Intangible assets

Intangible fixed assets

Tangible fixed assets

Both tangible or intangible 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

In case of los on revaluation of assets and liabilities should be debited to.

Choose an answer

Retiring partners capital accounts

All partners capital accounts

Remaining patners capitala account

None of these

In case of del creder commission the liability of bad debts is on

Choose an answer

Consignee

Consignor

Both on consignee and consignor

None of the above

In single entrey system statements of assets and liabilities is called.

Choose an answer

Balance sheet

Statement of Affair

Trial balance

Income statement

To calculate the true net profit or net loss in single entry system it is necessary that the amount of fresh capital should be subtracted from,

Choose an answer

Adjusted closing capital

Closing capital

Cash in hand

Cash at bank

The maximum number of memebr in case of private limited comapny can be.

Choose an answer

Forty

Fifty

Sixty

No restriction on maximum number

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