Question # 1

A bill of exchange is accepted by

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Debtor

Holder

Creditor

Seller

The discount which is calculated on list price of goods is called

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Trade discount

Rebate

Cash discount

None of these

The modern system of book keeping is based on:

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Double account system

Single entry system

Single account system

Double entry system

Errors which affect income statement belong to

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Real A/c

Personal A/c

Nominal A/c

None of these

Accounting principle are generally based on

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Theory

Subjectively

Practicability

None of these

Stationary is classified into

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Factory supplies

Sales supplies

Office supplies

Trade supplies

Nominal accounts are related to:

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Assets

Creditors

Liabilities

Expenses + Income

Goods returned by a customer should be debited to

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Sales A/c

Customer A/c

Purchase A/c

Sales return A/c

Bad debts are shown in the

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Trading A/c

None of these

Profit & Loss A/c

Both first

Cash sales are recorded in

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Sales book

Purchase book

Cash book

Pass book

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NAT I Commerce Accounting MCQs With Answers

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