Question # 1

The person to whom goods are sold on credit is called

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Seller

Creditor

Debtor

Buyer

The process of recording business transactions in the journal is called

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Posting

Classifying

Journalising

Entry

Which of these accounts is increased by credit entries:

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Machinery A/c

Rent A/c

Sales A/c

Purchase A/c

Journal is prepared in

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Columnar form

Vertical form

Horizontal form

Raw form

Net loss is transferred in balance sheet to

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Capital

Losses

Assets

Deferred losses

Accounting principle are generally based on

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Theory

Subjectively

Practicability

None of these

A bill of exchange is accepted by:

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Drawer

Payee

Drawee

Bank

Noting charges are paid when bill is

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Honoured

Discounted

Dishonoured

None of these

Bank reconciliation is prepared by

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Bank

Creditors

Auditor

Accountant

For payment of bill of exchange grace days are

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2 days

3 days

5 days

4 days

The person who draws a bill of exchange is known as

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Drawer

Payee

Drawee

Bank

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