| 1 |
When cash is paid to creditors it will decrease |
- A. cash
- B. capital
- C. debtor
- D. cash & creditors
|
| 2 |
The recording of transaction chronologically in the book of accounts is called: |
- A. Summarizing
- B. Classifying
- C. Recording
- D. None of above
|
| 3 |
A copy of the customer's account in the bank's ledger is called: |
- A. Deposit statement
- B. Balance statement
- C. Bank statement
- D. Customer
|
| 4 |
An expenditure incurred to the increases the profit earning of the concern is a: |
- A. Revenue expenditure
- B. Current expenditure
- C. Capital receipt
- D. Capital expenditure
|
| 5 |
Events which are related with money are called: |
- A. Monetary events
- B. Non - monetary events
- C. None-social events
- D. Political events
|
| 6 |
The accounts of assets and properties |
- A. nominal accounts
- B. real accounts
- C. personal accounts
- D. valuation accounts
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| 7 |
A dealing between two persons is called a |
- A. business
- B. transaction
- C. purchases
- D. sales
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| 8 |
Goods returned by customers are |
- A. purchases
- B. purchases returns
- C. sales returns
- D. sales
|
| 9 |
Double entry means |
- A. entry in two sets of books
- B. entry at two dates
- C. entry for two aspects of a transaction
- D. recording twice in journal
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| 10 |
For every debit, there is a credit |
- A. going concern concept
- B. dual aspect concept
- C. matching concept
- D. cost concept
|