Question # 1

Receipts, which are non-recurring by nature, are called

Choose an answer

revenue receipts

current receipts

capital receipts

capital profit

The cash book is a

Choose an answer

Subsidiary Journal

Ledger Account

Subsidiary Journal and Ledger

Trial Balance

An expenditure which is incurred again and again is a:

Choose an answer

Capital expenditure

Future expenditure

Deferred expenditure

Revenue expenditure

All revenue expenditure are taken to

Choose an answer

Trading a/c

Trading & profit or Loss a/c

Profit or loss a/c

Balance sheet

A double column cash book is used to record

Choose an answer

Cash transactions only

Cash and bank transaction

Cash, bank and discount transaction

None of these

Distinction between capital and revenue items is important for the preparation

Choose an answer

Balance sheet

Trading and profit or loss a/c

Bank reconciliation statement

Both a & b

An expenditure, which is completely exhausted with in the current accounting period is known as

Choose an answer

Deferred expenditure

Revenue expenditure

Future expenditure

Non-recurring expenditure

Any difference in trial balance is transferred to

Choose an answer

sales account

nominal account

purchases account

suspense account

Any mistake in ledger can be easily detected with the help of:

Choose an answer

Journal

Balance sheet

Trial balance

Financial statement

Goods sold to Ali for Rs. 50,000 recorded in purchases day book will affect

Choose an answer

purchases A/c

sales account

purchases, sales & Ali account

purchases & sales account

A book which is used to record small expenses is called

Choose an answer

Expenses book

Cash book

Petty cash book

Purchases book

Bad debt written off always affect the

Choose an answer

Deblor's account

Creditors account

Cash account

All of the above

If the good will raised at the time of retirement of a partner is to be written off, then the capital accounts of the remaiing partners are debited in.

Choose an answer

Capital ratio

Old profit sharing ratio

New profit shiaring ratio

None of these

Revaluation account is a.

Choose an answer

Real account

Personal account

Cash account

Nominal account

Under single entry system sometimes,

Choose an answer

Double aspects of a transaction are recorded

Single aspect of a transaction is recorded

No aspect of a transaction is recorded

All of the above

Premium on issue of share is a.

Choose an answer

Capital profit

Business loss

Revenue profit

Revenue loss

In single entrey system statements of assets and liabilities is called.

Choose an answer

Balance sheet

Statement of Affair

Trial balance

Income statement

If the credit side of the income oand expenditur eaccount is greater it is termed as.

Choose an answer

Deficit

Surplus

Asset

Liability

Purchase of sports material for the club should be treated as.

Choose an answer

Expense

Assets

Income

Liability

Revaluation loss should be debited to.

Choose an answer

Revaluation account

All partners capital account

Old partners capital accounts

New partners capital account

In single entry system ledger contains the accounts of,

Choose an answer

Debtors, creditors and cash

Wages and carriage

Salaries and insurance

Assets and liabilities

Commission due to the consignee is calculated on.

Choose an answer

Credit sales only

Cash sales only

Total sales

None of these

More Classes

Other Links

Accounting Test Easy Mode MCQs With Answers

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer