Question # 1

The transaction for which non separate book is maintained are recorded in:

Choose an answer

Journal proper

Bills receivable book

Bills payable book

Cash book

The amount invested by the owner in the business to produce revenue is known as

Choose an answer

Income

Asset

Capital

Liability

The person to whom a bill is addressed is the:

Choose an answer

Debtor

Creditor

Holder

Agent

Bank Reconciliation represents

Choose an answer

A Journal

A Ledger

A Statement

both a and c

.If the error committed in the capital account, it will affect

Choose an answer

Trading account

Profit and loss account

Trading and profit and loss account

Balance sheet

Wages paid for the erection of machine debited to wages account is an example of

Choose an answer

Error of omission

Error of commission

Error of principle

None of these

Net profit plus expenses is equal to

Choose an answer

purchases

Cost of goods sold

Capital

Gross profit

A cash account always shows

Choose an answer

Debit Balance

Credit Balance

Both a and b

Nil Balance

Net Sales represent

Choose an answer

Sales - return outwards

Sales - return inwards

Sales - return to supplier

both b and c

Journal is prepared in

Choose an answer

Columnar form

Vertical form

Horizontal form

Row form

From business point of view, interest on capital is considered as

Choose an answer

An income

An Expense

A Profit

A Liability

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