Question # 1

Sales return is also called

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Return inward

Return to seller

Return outward

Return inward and return to seller both

Any activity undertaken for the purpose of earning profit is called

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Dealing

Business

Performance

Duties

A bill of exchange is drawn by a

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Debtor

Holder

Creditor

None of these

Bill receivable and debtor are

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Long term assets

Fictitious assets

Fixed assets

Current assets

Trail balance shows

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Complete accuracy

Arithmetical accuracy

Whole accuracy

Full accuracy

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

The expenses incurred in purchasing land property represent

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Capital expenditures

Revenue loss

Revenue expenditures

Deferred revenue expenditures

Furniture and machinery represent

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Fixed assets

Fictitious assets

Current assets

Intangible assets

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

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Cash book

Journal

Ledger

Sales book

Nominal accounts are related to:

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Assets

Creditors

Liabilities

Expenses + Income

Modern system of book keeping is

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Single entry system

Double entry system

Modern system

None of these

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NAT I Commerce Accounting MCQs With Answers

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