Question # 1

Expenses paid in advance are called

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Prepaid expenses

Deferred expenses

Expired expenses

Both prepaid & expired expenses

The process of recording business transactions in the journal is called

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Posting

Classifying

Journalising

Entry

The science and art of correctly recording business dealing in a set of books is called

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Book keeping

Auditing

Accounting

Recording

The errors which cancel themselves out are called

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Errors of omission

Compensating errors

Errors of commission

None of these

Petty cash book is a branch of

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Pass book

Journal

Cash book

Ledger

Pass book is prepared in the book of

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Bank

Guarantor

Customer

None of these

Goods returned by a customer should be debited to

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Sales A/c

Customer A/c

Purchase A/c

Sales return A/c

A bill of exchange is accepted by

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Debtor

Holder

Creditor

Seller

Which of theses assets is an intangible asset

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Building

Cash

Furniture

Good will

Modern system of book keeping is

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Single entry system

Double entry system

Modern system

None of these

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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