Question # 1

Unearned income is shown as

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Assets

Expenses

Liabilities

Income

Net loss is transferred in balance sheet to

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Capital

Losses

Assets

Deferred losses

The expenses incurred in purchasing land property represent

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Capital expenditures

Revenue loss

Revenue expenditures

Deferred revenue expenditures

The cheque which is returned by the bank unpaid is called

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Cross cheque

Dishonour cheque

Bearer cheque

Order cheque

Cash sales are recorded in

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Sales book

Purchase book

Cash book

Pass book

Expenses paid in advance are called

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Prepaid expenses

Deferred expenses

Expired expenses

Both prepaid & expired expenses

Carriage paid on goods purchased is a

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Direct expense

Opening expense

Indirect expense

General expense

To any business bad debts is

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An asset

An Income

A loss

A liability

Any physical that has money value is

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Transaction

Asset

Intangible asset

Goodwill

A bill of exchange is accepted by

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Debtor

Holder

Creditor

Seller

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

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Simple entry

Skeleton entry

Compound entry

Double entry

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NAT I Commerce Accounting MCQs With Answers

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