Online NAT ICOM Commerce Accounting Test Preparation for Pakistani Students

NAT I Commerce Accounting

Sr. #	Questions	Answers Choice
1	Noting charges are paid when bill is	Honoured Discounted Dishonoured None of these
2	Balance sheet is a statement of	Assets Both first Liabilities None of these
3	Unearned income is shown as	Assets Expenses Liabilities Income
4	Carriage paid on goods purchased is a	Direct expense Opening expense Indirect expense General expense
5	Freight paid on machinery purchased is a	Revenue expenditure Capital expenditure Capital loss Revenue loss
6	Bad debts are shown in the	Trading A/c None of these Profit & Loss A/c Both first
7	In accounting equation assets are equal to	Capital Liabilities Capital + Liabilities Capital + Liabilities
8	Bank reconciliation is prepared by	Bank Creditors Auditor Accountant
9	Which of the following books is called book of original entry:	Cash book Journal Ledger Sales book
10	If more than two accounts are involved in a journal entry it is called	Double entry Contra entry Compound entry Single entry