Question # 1

A document given by the seller to the buyer for credit sale of goods or assets is called

Choose an answer

Cash memo

Invoice

Voucher

None of these

In case of a debt becoming bad, the amount should be credited to

Choose an answer

Debtor's a/c

Bad Debts a/c

Sales a/c

cash a/c

Unfavorable balances mean

Choose an answer

Credit balance in the pass book

Credit balance in the cash book

Debit balance in bank statement

Both b & c

The excess of credit column over debit column in income statement is called

Choose an answer

Net loss

Net profit

Cash balance

Gross profit

Net profit plus expenses is equal to

Choose an answer

purchases

Cost of goods sold

Capital

Gross profit

The book use to record all credit purchases is called:

Choose an answer

Purchases book

Purchase return book

Cash book

Creditor book

Bad debts are business

Choose an answer

Expenses

Liabilities

Assets

Revenue

Assets come into existence upon the happening of a certain event, are called:

Choose an answer

Fixed assets

Fictitious assets

Floating assets

Contingent assets

All the acceptances received from the debtors are recorded in

Choose an answer

Cash book

Bills payable book

Debtor's book

Bills receivable book

Expenditure is a capital expenditure because

Choose an answer

The amount involved is heavy

It is the personal expenditure of the owner out of his capital

It is intended to benefit the future period

It is a recurring expenditure

It is used to record cash, bank and discount transactions on debit and credit side

Choose an answer

Single column cash book

Petty cash book

Double column cash book

Treble column cash book

If the debit side of the income and expenditure account is greater thanthe credit sideit is termed as.

Choose an answer

Surplus

Deficit

Assets

Liabilities

The closing balance of trade debtors can be located from.

Choose an answer

Total debtors account

Balance sheet

Bils receivable account

Cash book

Single entry systme can bot be maintained by.

Choose an answer

Sole owner

Partnership concern

Joint stock companies

All of the above

The income through admissionfee shoul dbe.

Choose an answer

Capitalized

Treated as revenue

Treated as liability

An expenses

In the absence of any agreement Reserve on dissolution of a partnership firm is credited to the partners.

Choose an answer

In capital ratio

In profit sharing ratio

Equality

None of these

A situation where a company receives more application than actual number of shares offered to the public for subscriptions is termed as.

Choose an answer

Oversubscription

Udner subscription

No subscripition

None of these

Debit side of income and expenditur eaccount records.

Choose an answer

Expenses and losses

Income and gains

Assets

Liabilities

Which of the following method is suitable for charging depreciation an machinery and furniture.

Choose an answer

Straight line method

Diminishing balance method

Depreciation on fixed method

Annuity method

In increased net worth method, profit or loss is calculated by preparing,

Choose an answer

Income and expenditure account

Profit and loss account

Statement of profit or loss

Balance sheet

The figure of the bills receivable can be worked out from.

Choose an answer

Total debtors account

Total creditors account

Trail balance

Balance sheet

In single entry it is not possible to prepare

Choose an answer

Trial balance

Trading account

Profit and loss account

Balance sheet

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