| 1 |
Nominal account are related to: |
- A. Assets and liabilities
- B. Expenses, losses and incomes
- C. Customers, creditors etc
- D. Capital account
|
| 2 |
A bank reconciliation statement is prepared by: |
- A. banker
- B. Accountant of the business
- C. Statutory auditors
- D. Rigistar
|
| 3 |
The act of withdrawing a bill of exchange from circulation when it had been paid before the due date |
- A. Renewal of a Bill
- B. Discounting of a Bill
- C. Endorsement of a Bill
- D. Retiring of a Bill
|
| 4 |
At the time of drawing a bill the drawer credits: |
- A. Debtors account
- B. Creditors account
- C. bill receivable account
- D. Suppliers account
|
| 5 |
The concept of conservation will have the effect of: |
- A. Understatement of assets
- B. Under statement of liabilities
- C. Overstatement of assets
- D. None of the above
|
| 6 |
When is a drawee is declared insolvent which account is to be debited in the books of drawer |
- A. Deficiency a/c
- B. Bad Debts a/c
- C. Solvency a/c
- D. None of these
|
| 7 |
When a drawee honours his acceptance, he will credit |
- A. Capital Account
- B. Drawer Account
- C. Bill Payable Account
- D. Cash Account
|
| 8 |
Which cash is paid or received in an exchange the transaction is called: |
- A. Sale transaction
- B. Cash transaction
- C. Credit transaction
- D. None of the above
|
| 9 |
A bill from the point of view of a debtor is called |
- A. Bill Acceptable
- B. Bill Receivable
- C. Bill Payable
- D. None of these
|
| 10 |
When a bill is transferred by the drawer to his creditor, for settlement of his debts, it is called |
- A. Retirement of Bill
- B. Endorsement of a Bill
- C. Discounting of a Bill
- D. Settlement of a Bill
|