Question # 1

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

Furniture and machinery represent

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Fixed assets

Fictitious assets

Current assets

Intangible assets

The cheque which is returned by the bank unpaid is called

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Cross cheque

Dishonour cheque

Bearer cheque

Order cheque

Nominal accounts are related to:

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Assets

Creditors

Liabilities

Expenses + Income

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

For payment of bill of exchange grace days are

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2 days

3 days

5 days

4 days

Cash sales are recorded in

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Sales book

Purchase book

Cash book

Pass book

A bill of exchange is accepted by

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Debtor

Holder

Creditor

Seller

Which of these is a fixed asset:

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Cash

Plant

Stock

Prepaid expenses

In accounting equation assets are equal to

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Capital

Liabilities

Capital + Liabilities

To any business bad debts is

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An asset

An Income

A loss

A liability

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