Question # 1

Carriage paid on goods sold is a

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Direct expense

Operating expense

General expense

Selling expense

Petty cash book is a branch of

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Pass book

Journal

Cash book

Ledger

Modern system of book keeping is

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Single entry system

Double entry system

Modern system

None of these

Accounting is the language of

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Govt

Trade

Business

Commerce

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

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Cash book

Journal

Ledger

Sales book

Sales return is also called

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Return inward

Return to seller

Return outward

Return inward and return to seller both

If more than two accounts are involved in a journal entry it is called

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Double entry

Contra entry

Compound entry

Single entry

Pass book is prepared in the book of

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Bank

Guarantor

Customer

None of these

Business debts are also called is

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Capital

Liabilities

Drawing

Assets

Transaction which is omitted from record is known as

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Errors of omission

Errors of principle

Errors of commission

Compensating errors

Errors which affect income statement belong to

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Real A/c

Personal A/c

Nominal A/c

None of these

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NAT I Commerce Accounting MCQs With Answers

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