| 1 |
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
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| 2 |
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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| 3 |
A trial balance can be constructed by |
- A. Three Methods
- B. Two Methods
- C. Four Methods
- D. Five Methods
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| 4 |
A table lost by fire should be debited to |
- A. Table a/c
- B. Furniture a/c
- C. Loss by Fire a/c
- D. Purchases a/c
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| 5 |
Ledger Records Transaction in a/an |
- A. Chronological Order
- B. Daily order
- C. Arithmetical Order
- D. Analytical Order
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| 6 |
Contain all residual account |
- A. Debtors Ledger
- B. Creditors Ledger
- C. General Ledger
- D. Cash Ledger
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| 7 |
A schedule of balances of all accounts is called |
- A. Journal
- B. Ledger
- C. Balance Sheet
- D. Trial Balance
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| 8 |
The first successful step of Double Entry System is |
- A. Leger
- B. Journal
- C. Final Account
- D. Trial Balance
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| 9 |
Which of the following normally has a credit balance |
- A. Machinery a/c
- B. Purchases a/c
- C. Stock a/c
- D. Sales a/c
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| 10 |
A Ledger is a book in which |
- A. Only Personal & Cash Accounts are Opened
- B. Only Real Accounts are Opened
- C. Only Nominal Accounts are Opened
- D. All Real, Nominal and Personal Accounts are Opened
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