Question # 1

Credit sales are recorded in

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Cash book

Purchase book

Sales book

Pass book

Accounting is the language of

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Govt

Trade

Business

Commerce

In accounting equation assets are equal to

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Capital

Liabilities

Capital + Liabilities

Discount received is a

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Asset

Revenue

Liability

Expenses

Favourable bank balances means

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Credit balance of cash book

Debit balance of cash book

Debit balance of pass book

None of these

Journal is prepared in

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Columnar form

Vertical form

Horizontal form

Raw form

The modern system of book keeping is based on:

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Double account system

Single entry system

Single account system

Double entry system

Payment for freight on raw material purchased is called

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Capital payment

Deferred revenue payment

Revenue payment

None of these

Modern system of book keeping is

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Single entry system

Double entry system

Modern system

None of these

Bank reconciliation represents

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Ledger

Statement

Journal

Both ledger and statement

The errors which cancel themselves out are called

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Errors of omission

Compensating errors

Errors of commission

None of these

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NAT I Commerce Accounting MCQs With Answers

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