Online NAT ICOM Commerce Accounting Test Preparation for Pakistani Students

NAT I Commerce Accounting

Sr. #	Questions	Answers Choice
1	Stationary is classified into	Factory supplies Sales supplies Office supplies Trade supplies
2	Any physical that has money value is	Transaction Asset Intangible asset Goodwill
3	Bad debt arises from	Sale on account Account receivable Cash sales Account payable
4	Pass book is prepared in the book of	Bank Guarantor Customer None of these
5	The purchase of machinery on account would:	Increase one asset and decrease another asset Increase an asset and decrease liability Increase an asset and increase capital Increase an asset and increase a liability
6	Any activity undertaken for the purpose of earning profit is called	Dealing Business Performance Duties
7	Expenses paid in advance are called	Prepaid expenses Deferred expenses Expired expenses Both prepaid & expired expenses
8	If more than two accounts are involved in one transaction the journal entry is called	Simple entry Skeleton entry Compound entry Double entry
9	Carriage paid on goods sold is a	Direct expense Operating expense General expense Selling expense
10	A bill of exchange is accepted by	Debtor Holder Creditor Seller