Online NAT ICOM Commerce Accounting Test Preparation for Pakistani Students

NAT I Commerce Accounting

Sr. #	Questions	Answers Choice
1	Cheque received but not deposited recorded in cash book is	Cash column Discount column Bank column None of these
2	Transaction which is omitted from record is known as	Errors of omission Errors of principle Errors of commission Compensating errors
3	Payment for freight on raw material purchased is called	Capital payment Deferred revenue payment Revenue payment None of these
4	The expenses incurred in purchasing land property represent	Capital expenditures Revenue loss Revenue expenditures Deferred revenue expenditures
5	Assets which come into existence upon the happening of a certain event are called	Fictitious assets Floating assets Contingent assets Dependent assets
6	Debit balance of cash book is also called	Unfavourable balance Favourable balance Negative balance Both un favourable and favourable balance
7	The book in which small payments like refreshment tissues etc are recorded is called	Main cash book Cash account Petty cash book Both main cash book & petty cash book
8	The process of recording business transactions in the journal is called	Posting Classifying Journalising Entry
9	Modern system of book keeping is	Single entry system Double entry system Modern system None of these
10	A bill of exchange is drawn by a	Debtor Holder Creditor None of these