Online NAT ICOM Commerce Accounting Test Preparation for Pakistani Students

NAT I Commerce Accounting

Sr. #	Questions	Answers Choice
1	Which of theses assets is an intangible asset	Building Cash Furniture Good will
2	For payment of bill of exchange grace days are	2 days 3 days 5 days 4 days
3	Cash and goods invested by the proprietor in business is called	Investment Capital Drawings None of these
4	The cheque which is returned by the bank unpaid is called	Cross cheque Dishonour cheque Bearer cheque Order cheque
5	Trial balance is prepared to detect	Errors of omission Compensating errors Errors of commission Errors of principles
6	The entry which is recorded on the both sides of three column cash book is called	Single entry Compound entry Double entry Contra entry
7	The book meant for recording all cash transactions is called	Purchase book Cash book Sales book Pass book
8	The discount which is calculated on list price of goods is called	Trade discount Rebate Cash discount None of these
9	The amount of cash or goods with drawn by the proprietor for personal use is called:	Expenses Revenue Capital Drawings
10	The errors which cancel themselves out are called	Errors of omission Compensating errors Errors of commission None of these