Online NAT ICOM Commerce Accounting Test Preparation for Pakistani Students

NAT I Commerce Accounting

Sr. #	Questions	Answers Choice
1	Business debts are known as	Liabilities Expenses Assets Owner's
2	Journal is prepared in	Columnar form Vertical form Horizontal form Raw form
3	Bill receivable and debtor are	Long term assets Fictitious assets Fixed assets Current assets
4	Furniture and machinery represent	Fixed assets Fictitious assets Current assets Intangible assets
5	Accounting principle are generally based on	Theory Subjectively Practicability None of these
6	Sales return is also called	Return inward Return to seller Return outward Return inward and return to seller both
7	Business debts are also called is	Capital Liabilities Drawing Assets
8	The science and art of correctly recording business dealing in a set of books is called	Book keeping Auditing Accounting Recording
9	Prepaid expenses are	Expense Liability Asset None of these
10	Favourable bank balances means	Credit balance of cash book Debit balance of cash book Debit balance of pass book None of these