| 1 |
The first successful step of Double Entry System is |
- A. Leger
- B. Journal
- C. Final Account
- D. Trial Balance
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| 2 |
Trading account is the account which is prepared to determine the: |
- A. Only gross profit of the business
- B. Only gross loss of the business
- C. Gross pro0fit or the gross loss of the business
- D. None of the above
|
| 3 |
Bill receivable account is a: |
- A. Nominal account
- B. Personal account
- C. Real account
- D. Expenses account
|
| 4 |
The book use to record all credit purchases is called: |
- A. Purchases book
- B. Purchase return book
- C. Cash book
- D. Creditor book
|
| 5 |
Left hand side of an account is called |
- A. Debit Side
- B. Credit Side
- C. Both a & b
- D. None of these
|
| 6 |
Personal account are related to: |
- A. Assets and liabilities
- B. Expenses, losses
- C. Customers, creditors etc.
- D. Incomes
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| 7 |
Book-keeping is mainly concerned with: |
- A. Recording of business transactions
- B. Recording classifying and summarizing the recorded data
- C. Interpreting the recorded data
- D. None of the above
|
| 8 |
Salary outstanding account relevant to: |
- A. Representative personal account
- B. Artificial person's account
- C. Natural persons account
- D. Nominal accounts
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| 9 |
If the total of the credit side of an account exceeds that of debit side of the same account, it is called |
- A. Credit Balance
- B. Debit Balance
- C. Balancing
- D. Zero Balance
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| 10 |
A transaction is recorded on the same days as its takes place, so journal is also called: |
- A. A day book
- B. A history book
- C. An entry book
- D. Ledger book
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