| 1 |
The first successful step of Double Entry System is |
- A. Leger
- B. Journal
- C. Final Account
- D. Trial Balance
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| 2 |
Which of the following normally has a credit balance |
- A. Machinery a/c
- B. Purchases a/c
- C. Stock a/c
- D. Sales a/c
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| 3 |
Transaction are recorded data wise, so journal is also called: |
- A. Entry book
- B. Transaction book
- C. Chronological book
- D. Voucher
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| 4 |
In case of a debt becoming bad, the amount should be credited to |
- A. Debtor's a/c
- B. Bad Debts a/c
- C. Sales a/c
- D. cash a/c
|
| 5 |
Bank account is a: |
- A. Personal account
- B. Real account
- C. Nominal account
- D. None of these
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| 6 |
Left hand side of an account is called |
- A. Debit Side
- B. Credit Side
- C. Both a & b
- D. None of these
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| 7 |
A table lost by fire should be debited to |
- A. Table a/c
- B. Furniture a/c
- C. Loss by Fire a/c
- D. Purchases a/c
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| 8 |
A bill of exchange is drawn by: |
- A. A debtor
- B. A creditor
- C. A holder
- D. Endorsee
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| 9 |
Debit Signifies |
- A. Increase in Asset Account
- B. Decrease in Liability Account
- C. Decrease in Capital Account
- D. All of the Above
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| 10 |
All the transactions recorded to credit sales are recorded in: |
- A. Sale return book
- B. Sales book
- C. Cash book
- D. Debtor's book
|