Question # 1

Cash purchases are recorded in large organizations in

Choose an answer

Purchase day book

General journal

Purchase journal

Cash book

Accounting principle are generally based on

Choose an answer

Theory

Subjectively

Practicability

None of these

Credit sales are recorded in

Choose an answer

Cash book

Purchase book

Sales book

Pass book

Net loss is transferred in balance sheet to

Choose an answer

Capital

Losses

Assets

Deferred losses

The discount which is calculated on list price of goods is called

Choose an answer

Trade discount

Rebate

Cash discount

None of these

Pass book is prepared in the book of

Choose an answer

Bank

Guarantor

Customer

None of these

Petty cash book is a branch of

Choose an answer

Pass book

Journal

Cash book

Ledger

Trial balance is prepared to detect

Choose an answer

Errors of omission

Compensating errors

Errors of commission

Errors of principles

Nominal accounts are related to:

Choose an answer

Assets

Creditors

Liabilities

Expenses + Income

Modern system of book keeping is

Choose an answer

Single entry system

Double entry system

Modern system

None of these

The process of recording business transactions in the journal is called

Choose an answer

Posting

Classifying

Journalising

Entry

More Classes

Other Links

NAT I Commerce Accounting MCQs With Answers

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer