Question # 1

When a drawer discounts a bill, he debits

Choose an answer

Bank Account

Interest Account

Drawee Account

Bill Receivable Account

All those expenses which have not become due but paid in advance are called

Choose an answer

Accrued expenses

Outstanding expenses

Prepaid expenses

Payable expenses

For every debit, there is a credit

Choose an answer

going concern concept

dual aspect concept

matching concept

cost concept

A copy of the customer's account in the bank's ledger is called:

Choose an answer

Deposit statement

Balance statement

Bank statement

Customer

Net loss is always

Choose an answer

Equal to gross loss

More than gross loss

Less than gross loss

None of these

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

When a bill is transferred by the drawer to his creditor, for settlement of his debts, it is called

Choose an answer

Retirement of Bill

Endorsement of a Bill

Discounting of a Bill

Settlement of a Bill

A bill of exchange contains:

Choose an answer

An unconditional order

A promise

A request

A conditional order

Credit Balance of pass book must be equal to debit balance of

Choose an answer

Cash Book

Bank Ledger

Clients other Account

None of these

Error of principle arises when

Choose an answer

Any transaction is incorrectly recorded, either wholly or partially

Any transaction is left wholly or partially

Any transaction is affects one account

Any transaction is recorded in fundamentally incorrect manner

Error of principle involves an incorrect allocation of expenditure or receipt between.

Choose an answer

Capital and revenue

Capital and capitalized

Revenue and deferred revenue

Revenue and revenue

A paartner who have a major investment in the firm and receive a relatively more profit is called.

Choose an answer

Sleeping partner

Darment partner

Senior partner

Estoppels partner

The consignment outward books or journal is maintained by.

Choose an answer

Customers

Consignor

Consignee

Debtors

Investment in partnership is made byintroducing.

Choose an answer

Cash

Non cash assets

Cash or non cash assets

None of these

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

Non-profit seeking organizations prepare

Choose an answer

Manufacturing account

Trading account

Income and expenditure account

Profit and loss account

In case of public company minimum number of members is.

Choose an answer

Six

Seven

Ten

Fifty

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