Online NAT ICOM Commerce Accounting Test Preparation for Pakistani Students

NAT I Commerce Accounting

Sr. #	Questions	Answers Choice
1	Errors which affect income statement belong to	Real A/c Personal A/c Nominal A/c None of these
2	Preliminary Exp.Incurred for formation of Joint Stock Company represent.	Capital loss Capital Exp. Revenue loss Deferred Revenue Exp
3	Net loss is transferred in balance sheet to	Capital Losses Assets Deferred losses
4	Operating expenses represent	G.P- Operative Exp Selling + General Exp Selling administrative Exp.D) All of these
5	Bank reconciliation represents	Ledger Statement Journal Both ledger and statement
6	Petty cash book is a branch of	Pass book Journal Cash book Ledger
7	Cash purchases are recorded in large organizations in	Purchase day book General journal Purchase journal Cash book
8	Trail balance shows	Complete accuracy Arithmetical accuracy Whole accuracy Full accuracy
9	Important types of ledger are	General ledger Proprietor ledger Creditors ledger General ledger & creditor ledger bot
10	Compound entry affected at least	Two account One account Three account Four account