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NAT I Commerce Accounting MCQs With Answers

Question # 1

The purchase of machinery on account would:

Choose an answer

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

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Question # 2

The amount of salaries paid to javed should be credited to

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Javed A/c

Cash A/c

Salaries A/c

None of these

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Question # 3

Which of these accounts is increased by credit entries:

Choose an answer

Machinery A/c

Rent A/c

Sales A/c

Purchase A/c

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Question # 4

Discount received is a

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Asset

Revenue

Liability

Expenses

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Question # 5

Expenses paid in advance are called

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Prepaid expenses

Deferred expenses

Expired expenses

Both prepaid & expired expenses

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Question # 6

Which of the following books is called book of original entry:

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Cash book

Journal

Ledger

Sales book

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Question # 7

If more than two accounts are involved in one transaction the journal entry is called

Choose an answer

Simple entry

Skeleton entry

Compound entry

Double entry

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Question # 8

The book in which small payments like refreshment tissues etc are recorded is called

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Main cash book

Cash account

Petty cash book

Both main cash book & petty cash book

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Question # 9

Assets which come into existence upon the happening of a certain event are called

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Fictitious assets

Floating assets

Contingent assets

Dependent assets

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Question # 10

Any activity undertaken for the purpose of earning profit is called

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Dealing

Business

Performance

Duties

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Question # 11

Which of these is a fixed asset:

Choose an answer

Cash

Plant

Stock

Prepaid expenses

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