-
question_answer1)
Double entry systems rule Debit the receiver and credit the giver is applicable to
A)
Personal account done
clear
B)
real account done
clear
C)
Nominal account done
clear
D)
joint account done
clear
View Solution play_arrow
-
question_answer2)
How many columns are there in a journal?
A)
Three done
clear
B)
Four done
clear
C)
Five done
clear
D)
Six done
clear
View Solution play_arrow
-
question_answer3)
No Journal entry is made for
A)
Brokerage done
clear
B)
cash discount done
clear
C)
Trade discount done
clear
D)
commission done
clear
View Solution play_arrow
-
question_answer4)
The main object of ledger is to ascertain
A)
Total sales done
clear
B)
Total purchases done
clear
C)
profit or loss of the business done
clear
D)
Net effect of all the similar nature transactions done
clear
View Solution play_arrow
-
question_answer5)
If a trial balance does not agree, then accountant opens
A)
Drawing account done
clear
B)
suspense account done
clear
C)
Capital account done
clear
D)
nominal account done
clear
View Solution play_arrow
-
question_answer6)
Bad debts account is related to
A)
Personal account done
clear
B)
real account done
clear
C)
Nominal account done
clear
D)
suspense account done
clear
View Solution play_arrow
-
question_answer7)
Balance of the cash book is........
A)
Debit and credit done
clear
B)
debit or credit done
clear
C)
Debit done
clear
D)
credit done
clear
View Solution play_arrow
-
question_answer8)
The book containing a chronological record of transactions is called
A)
Journal done
clear
B)
ledger done
clear
C)
Trial balance done
clear
D)
balance sheet done
clear
View Solution play_arrow
-
question_answer9)
The amount brought in by the proprietor in the business should be credited to
A)
cash account done
clear
B)
capital account done
clear
C)
drawings account done
clear
D)
income account done
clear
View Solution play_arrow
-
question_answer10)
0. r Practice Drawing account of the proprietor is a
A)
personal account done
clear
B)
real account done
clear
C)
nominal account done
clear
D)
None of the above done
clear
View Solution play_arrow
-
question_answer11)
Bank account is a
A)
personal account done
clear
B)
real account done
clear
C)
nominal account done
clear
D)
None of the above done
clear
View Solution play_arrow
-
question_answer12)
Purchases account is a
A)
real account done
clear
B)
nominal account done
clear
C)
personal account done
clear
D)
None of the above done
clear
View Solution play_arrow
-
question_answer13)
The proprietor withdrew cash ` 1000 for his personal use, the account to be debited
A)
capital account done
clear
B)
drawings account done
clear
C)
loan A/c of the proprietor done
clear
D)
trade expenses A/c done
clear
View Solution play_arrow
-
question_answer14)
An example of personal account is
A)
Machinery account done
clear
B)
Purchases account done
clear
C)
Prepaid expenses account done
clear
D)
Stock account done
clear
View Solution play_arrow
-
question_answer15)
Trial balance is a
A)
Ledger account done
clear
B)
statement done
clear
C)
List of debtors done
clear
D)
list of creditors done
clear
View Solution play_arrow
-
question_answer16)
Which of the following items is treated as tangible fixed asset?
A)
Goodwill done
clear
B)
Land and building done
clear
C)
Trade mark done
clear
D)
Copyrights done
clear
View Solution play_arrow
-
question_answer17)
Office equipment purchased on credit will be recorded in the
A)
purchase account done
clear
B)
office equipment account done
clear
C)
goods account done
clear
D)
capital account done
clear
View Solution play_arrow
-
question_answer18)
Outstanding salaries are shown as
A)
an expense done
clear
B)
a liability done
clear
C)
an asset done
clear
D)
a loan done
clear
View Solution play_arrow
-
question_answer19)
An entry with more than one debit and credit is called
A)
opening entry done
clear
B)
transfer entry done
clear
C)
compound entry done
clear
D)
closing entry done
clear
View Solution play_arrow
-
question_answer20)
A loss arising due to fire is
A)
Real Account done
clear
B)
Personal Account done
clear
C)
Suspense Account done
clear
D)
Nominal Account done
clear
View Solution play_arrow
-
question_answer21)
Credit balance of nominal accounts indicates
A)
expenses and losses in business done
clear
B)
profit of the business done
clear
C)
income and gains in the business done
clear
D)
assets of business done
clear
View Solution play_arrow
-
question_answer22)
The return of goods by a customer should be debited to
A)
customer account done
clear
B)
goods account done
clear
C)
sales returns account done
clear
D)
sales account done
clear
View Solution play_arrow
-
question_answer23)
Sales Return Journal is also known as
A)
returns inward journal done
clear
B)
returns outward journal done
clear
C)
purchase journal done
clear
D)
sales journal done
clear
View Solution play_arrow
-
question_answer24)
The process of taking entries from subsidiary Books to ledger is called
A)
journalising done
clear
B)
transferring done
clear
C)
posting done
clear
D)
balancing done
clear
View Solution play_arrow
-
question_answer25)
Any difference in Trail Balance must be entered in
A)
capital account done
clear
B)
suspense account done
clear
C)
nominal account done
clear
D)
drawing account done
clear
View Solution play_arrow
-
question_answer26)
Suspense Account is appearing in Trial Balance is shown in
A)
trading account done
clear
B)
profit and loss account done
clear
C)
balance sheet done
clear
D)
ledger account done
clear
View Solution play_arrow
-
question_answer27)
The discount column in triple cash book records
A)
cash discount done
clear
B)
trade discount done
clear
C)
seasonal discount done
clear
D)
customer discount done
clear
View Solution play_arrow
-
question_answer28)
Ledger is a principle book in which
A)
all accounts are kept done
clear
B)
only personal accounts are kept done
clear
C)
only real accounts are kept done
clear
D)
only nominal accounts are kept done
clear
View Solution play_arrow
-
question_answer29)
The balance of petty cash book is
A)
an asset done
clear
B)
a liability done
clear
C)
an income done
clear
D)
an expenditure done
clear
View Solution play_arrow
-
question_answer30)
Outstanding expenses are shown as
A)
an expense done
clear
B)
an income done
clear
C)
a liability done
clear
D)
an asset done
clear
View Solution play_arrow
-
question_answer31)
Goods sold on credit are recorded in
A)
cash book done
clear
B)
sales book done
clear
C)
sales return book done
clear
D)
journal done
clear
View Solution play_arrow
-
question_answer32)
Goodwill account is a
A)
real account done
clear
B)
nominal account done
clear
C)
personal account done
clear
D)
None of the above done
clear
View Solution play_arrow
-
question_answer33)
Bad debts recovered account is a
A)
personal account done
clear
B)
nominal account done
clear
C)
real account done
clear
D)
None of the above done
clear
View Solution play_arrow
-
question_answer34)
The process of recording a transaction in the journal is called
A)
journalising done
clear
B)
costing done
clear
C)
posting done
clear
D)
tallying done
clear
View Solution play_arrow
-
question_answer35)
Normally...........are balanced.
A)
Personal accounts and nominal accounts done
clear
B)
Real accounts and nominal accounts done
clear
C)
Personal accounts and real accounts done
clear
D)
None of the above done
clear
View Solution play_arrow
-
question_answer36)
Which of the following account has a credit balance?
A)
Carriage inward done
clear
B)
Carriage outward done
clear
C)
Return inward done
clear
D)
Return outward done
clear
View Solution play_arrow
-
question_answer37)
Cash book is used to record
A)
all receipts only done
clear
B)
all payments only done
clear
C)
all cash and credit sales done
clear
D)
all receipts and payments of cash done
clear
View Solution play_arrow
-
question_answer38)
Sales book is used to record
A)
all sales of goods done
clear
B)
all credit sales done
clear
C)
all credit sales of assets other than goods done
clear
D)
all credit sales of goods done
clear
View Solution play_arrow
-
question_answer39)
Which of the following books is not a book of original entry?
A)
The journal done
clear
B)
The ledger done
clear
C)
The cash book done
clear
D)
The bills receivable book done
clear
View Solution play_arrow
-
question_answer40)
The 'impress system' is used in relation to
A)
purchases book done
clear
B)
cash book done
clear
C)
sales book done
clear
D)
petty cash book done
clear
View Solution play_arrow
-
question_answer41)
"Discount allowed for a prompt payment received by a concern". Name the book of original entry would the stated transaction be entered.
A)
journal proper done
clear
B)
cash book done
clear
C)
purchases book done
clear
D)
sales book done
clear
View Solution play_arrow
-
question_answer42)
Which of the following accounts is increased by debit entries?
A)
Machinery account done
clear
B)
Purchase return account done
clear
C)
Discount earned account done
clear
D)
None of the above done
clear
View Solution play_arrow
-
question_answer43)
"Goods, the payment of which is due after 2 months, were sold to M/S Bell and Co. for ` 1000". Name the book of original entry would the stated transaction be entered.
A)
cash book done
clear
B)
purchases book done
clear
C)
sales book done
clear
D)
journal proper done
clear
View Solution play_arrow
-
question_answer44)
The left side of an account is called
A)
debit side done
clear
B)
income side done
clear
C)
credit side done
clear
D)
None of these done
clear
View Solution play_arrow
-
question_answer45)
The right side of an account is called
A)
credit side done
clear
B)
debit side done
clear
C)
income side done
clear
D)
None of these done
clear
View Solution play_arrow
-
question_answer46)
If you purchase goods from Ram on credit then the two accounts involved are
A)
purchases account and goods account done
clear
B)
Rams account and sales account done
clear
C)
purchases account and Rams account done
clear
D)
None of the above done
clear
View Solution play_arrow
-
question_answer47)
If you pay salary to your clerk, the accounts involved are
A)
salary account done
clear
B)
cash account done
clear
C)
Both and done
clear
D)
None of these done
clear
View Solution play_arrow
-
question_answer48)
'Theft by burglars' is an example of
A)
expenses done
clear
B)
assets done
clear
C)
losses done
clear
D)
None of these done
clear
View Solution play_arrow
-
question_answer49)
'Acquiring trade mark' is an example of
A)
expenses done
clear
B)
assets done
clear
C)
losses done
clear
D)
None of these done
clear
View Solution play_arrow
-
question_answer50)
A set of accounts is called
A)
rules done
clear
B)
account books done
clear
C)
procedures done
clear
D)
ledger done
clear
View Solution play_arrow
-
question_answer51)
Both journal and ledger are the important books used under
A)
double entry system done
clear
B)
single entry system done
clear
C)
accrual system done
clear
D)
None of the above done
clear
View Solution play_arrow
-
question_answer52)
Cash book records only one aspect of transaction i.e.
A)
credit done
clear
B)
cash done
clear
C)
Both (a) and (b) done
clear
D)
None of the above done
clear
View Solution play_arrow
-
question_answer53)
Petty cash book is maintained by separate person called
A)
manager done
clear
B)
finance manager done
clear
C)
petty cashier done
clear
D)
None of the above done
clear
View Solution play_arrow
-
question_answer54)
General Journal is also known as
A)
Journal proper done
clear
B)
general accounts done
clear
C)
General ledger done
clear
D)
journal book done
clear
View Solution play_arrow
-
question_answer55)
Bills receivable book is a part of
A)
Ledger done
clear
B)
journal done
clear
C)
Balance sheet done
clear
D)
None of the above done
clear
View Solution play_arrow
-
question_answer56)
Purchase of office furniture on credit is recorded in
A)
purchase book done
clear
B)
general book done
clear
C)
cash book done
clear
D)
None of the above done
clear
View Solution play_arrow
-
question_answer57)
All loses and expenses are
A)
debited done
clear
B)
credited done
clear
C)
Both and done
clear
D)
None of the above done
clear
View Solution play_arrow
-
question_answer58)
Which item is shown on the debit side of a trial balance?
A)
Purchase returns done
clear
B)
Rent outstanding done
clear
C)
Prepaid expenses done
clear
D)
None of the above done
clear
View Solution play_arrow
-
question_answer59)
A customer's cheque returned dishonoured is recorded in
A)
Purchase returns done
clear
B)
sales return book done
clear
C)
Case book done
clear
D)
journal done
clear
View Solution play_arrow
-
question_answer60)
Returns inward from Rahim is entered in
A)
Sales return book done
clear
B)
Purchase return book done
clear
C)
Journal done
clear
D)
None of the above done
clear
View Solution play_arrow
-
question_answer61)
Cash sales are recorded in
A)
Sales book done
clear
B)
cash book done
clear
C)
Journal book done
clear
D)
None of these done
clear
View Solution play_arrow
-
question_answer62)
Returned goods to Bajaj and Co. is recorded in
A)
Purchase return book done
clear
B)
Journal done
clear
C)
Sales return book done
clear
D)
None of the above done
clear
View Solution play_arrow
-
question_answer63)
Sale on account is recorded in
A)
Cash book done
clear
B)
Sale book done
clear
C)
Journal done
clear
D)
None of the above done
clear
View Solution play_arrow
-
question_answer64)
The basic principle i.e. "all expenses are debited and all incomes are credited" applies to
A)
Personal accounts done
clear
B)
Nominal accounts done
clear
C)
Real accounts done
clear
D)
None of the above done
clear
View Solution play_arrow
-
question_answer65)
Personal accounts are related to
A)
The assets and liabilities done
clear
B)
The expenses, losses and incomes done
clear
C)
The customers and suppliers done
clear
D)
The employees and managers done
clear
View Solution play_arrow
-
question_answer66)
M/S Hari and Sons accounts is related to
A)
the capital accounts done
clear
B)
the personal accounts done
clear
C)
the firms accounts done
clear
D)
the real accounts done
clear
View Solution play_arrow
-
question_answer67)
Which of the following is the nominal account?
A)
Goodwill done
clear
B)
Trademark done
clear
C)
Copyright done
clear
D)
Rent done
clear
View Solution play_arrow
-
question_answer68)
Machinery purchased on account is recorded in
A)
purchase book done
clear
B)
cash book done
clear
C)
journal done
clear
D)
None of the above done
clear
View Solution play_arrow
-
question_answer69)
Arrange the following is chronological order about the accounting transactions and events are recorded in the books. |
I. Ledger |
II. Trial Balance |
III. Journal |
IV. Subsidiary Books |
Codes
A)
III. IV, I, II done
clear
B)
III, I, IV, II done
clear
C)
IV, III, II, I done
clear
D)
III, I, II, IV done
clear
View Solution play_arrow
-
question_answer70)
Match the following
List I | List II |
A. | A person who owes something is called | 1. | Ledger |
B. | Balance sheet is not a
.account. | 2. | Personal accounts |
C. | An obligation of business is......... | 3. | Debtor |
D. | The rule Debit the receiver and credit the given is for.......... | 4. | Liability |
Codes
A)
A\[\to \]4, B\[\to \]3, C\[\to \]1, D\[\to \]2 done
clear
B)
A\[\to \]3, B\[\to \]4, C\[\to \]1, D\[\to \]2 done
clear
C)
A\[\to \]3, B\[\to \]1, C\[\to \]4, D\[\to \]2 done
clear
D)
A\[\to \]2, B\[\to \]1, C\[\to \]4, D\[\to \]3 done
clear
View Solution play_arrow