| 1 |
Debit Signifies |
- A. Increase in Asset Account
- B. Decrease in Liability Account
- C. Decrease in Capital Account
- D. All of the Above
|
| 2 |
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
|
| 3 |
Bill receivable account is a: |
- A. Nominal account
- B. Personal account
- C. Real account
- D. Expenses account
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| 4 |
Ledger Records Transaction in a/an |
- A. Chronological Order
- B. Daily order
- C. Arithmetical Order
- D. Analytical Order
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| 5 |
The process of recording business transaction in the journal is called |
- A. Posting
- B. Journalizing
- C. Classifying
- D. Entry
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| 6 |
Left hand side of an account is called |
- A. Debit Side
- B. Credit Side
- C. Both a & b
- D. None of these
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| 7 |
The Amount of salary paid to Sohail should be debited to |
- A. Sohail's a/c
- B. Cash Account
- C. Salaries a/c
- D. Both a & c
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| 8 |
Personal account are related to: |
- A. Assets and liabilities
- B. Expenses, losses
- C. Customers, creditors etc.
- D. Incomes
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| 9 |
A bill of exchange is drawn by: |
- A. A debtor
- B. A creditor
- C. A holder
- D. Endorsee
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| 10 |
Record of business transaction in the journal is called |
- A. Detail
- B. Summary
- C. Narration
- D. Entry
|