Question # 1

Our cheque to Ali & Bros, returned dishonored should be credited to

Choose an answer

Cheque account

Cash account

Bank account

Ali & Bros account

The Principle book of accounts is

Choose an answer

Journal

Ledger

Trial Balance

Balance Sheet

The book which is used to record all goods returned to us by our customers is called

Choose an answer

Returns outwards book

Returns inwards book

Sales book

Cash book

Expenses related to sale of goods are shown in

Choose an answer

Trading account

Profit or loss account

Balance sheet

Sales account

Discount deducted from the catalogue or list price is called:

Choose an answer

Trade discount

Cash discount

Catalogue discount

Credit discount

Wages paid of installing a machine should be debited to

Choose an answer

Wages a/c

cash a/c

Machinery a/c

None of these

An expenditure, which is incurred to increase to profit earning capacity of a business concern, is called

Choose an answer

Deferred expenditure

Current expenditure

Capital expenditure

Recurring expenditure

If a transaction has been completely omitted from the Journal it will be considered

Choose an answer

Error of commission

Error of principle

Error of omission

None of these

The book in which all cash transactions are primarily recorded is called

Choose an answer

Cheque Book

Pass Book

Cash Book

Finance Book

Real accounts are related to:

Choose an answer

Assets

Expenses, losses and incomes

Customers, creditors

Incomes

A document evidencing cash receipts and payments and forming the basis for making entries in the cash book is called

Choose an answer

Receipt voucher

Cash voucher

payment voucher

Cash memo

The shares of public limited company are.

Choose an answer

Not refundable

Not tanserable

Transferable

No allotable

A partner, who hasnot attained the age of majority is called.

Choose an answer

Junior partner

Minor partner

Nominal patner

Quasi Partner

In receipt and payments account

Choose an answer

No narration is written

No ledger reference is recorded

Daily cash balance cannot be ascertained

All of the above

Donation receivedin heavy amount are treated as.

Choose an answer

Revenue

Capitaized

Liability

Assets

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

Income and expenditure account records the transactions of

Choose an answer

Revenue nature

Capital nature

Revenue and capital nature

None of the these

A situtation where a company receives a application for a less number of shares than offered to the public for subscription is termed as.

Choose an answer

Under subscription

Over subscription

General subscription

Above subscription

The depreciation charged to motor car account will be debited to.

Choose an answer

Depreciation account

Motor car account

Cash account

None of these

Non-profit seeking organizations prepare

Choose an answer

Manufacturing account

Trading account

Income and expenditure account

Profit and loss account

Income and expenditure account is equivalent to the.

Choose an answer

Receipt and payment account

Balance sheet

Cash book

Profit and loss account

Surplus balance cna be shown in the balnce sheet as.

Choose an answer

Asset

Liability

Owner's equity

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