Question # 1

A document is sent to customer when he returns the goods is called

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Promissory note

Debit note

Currency note

Credit note

Net Sales represent

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Sales - return outwards

Sales - return inwards

Sales - return to supplier

both b and c

A receipt is revenue in nature, if it relates to:

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Balance sheet

The receipt of accounting year

Small amount

Routine activity of the business

Error of posting effects:

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One account

Two accounts

Three accounts

Four accounts

At the time of drawing a bill the drawer credits:

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Debtors account

Creditors account

bill receivable account

Suppliers account

Net Profit is transferred to

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Trading Account

Balance Sheet

Capital a/c

Trial Balance

The process of totaling the data at the end of the period is called

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posting

casting

compensating

recording

Cost of goods sold is equal to

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sales - purchases

purchases + closing stock - returns outwards

Opening stock - closing stock + purchase + returns inwards

Opening stock + purchases - returns outwards - closing stock

Financial accounting is mainly confined to preparation of:

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Manufacturing statement

Financial statements

Production statement

Sale statement

Raw material destroyed in fire represents

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capital loss

revenue loss

normal loss

both b, c

The book in which all cash transactions are primarily recorded is called

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Cheque Book

Pass Book

Cash Book

Finance Book

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Accounting Test Easy Mode MCQs With Answers

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