1 |
When bank column of a cash book shows a credit balance, it means: |
- A. Cash balance
- B. Bank balance
- C. Under draft
- D. Over draft
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2 |
The person to whom bill is transferred will become |
- A. Endorser
- B. Creditor
- C. Debtor
- D. Endorsee
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3 |
When a drawer discounts a bill, he debits |
- A. Bank Account
- B. Interest Account
- C. Drawee Account
- D. Bill Receivable Account
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4 |
Any activity undertaken for the purpose of earning profit is called: |
- A. Performance
- B. Dealing
- C. Business
- D. Duties
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5 |
All those expenses which are incurred to convert raw-materials into finished goods are called: |
- A. Direct expenses
- B. Indirect expenses
- C. Administrative expenses
- D. Sales expenses
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6 |
Narration is always written: |
- A. Above each entry
- B. Below each entry
- C. Between of each entry
- D. None of these
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7 |
When a bill is discharged the acceptor debits: |
- A. Creditors account
- B. Cash account
- C. Bill payable account
- D. Bill receivable account
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8 |
Interest on renewal of a bill is the expense of |
- A. Drawer
- B. Drawee
- C. Holder
- D. Endorsee
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9 |
A bill of exchange is a / an |
- A. Promise
- B. Unconditional Order
- C. Request
- D. Conditional Order
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10 |
A Journal is generally kept on: |
- A. A columnar basis
- B. A row basis
- C. A single line basis
- D. Vertical basis
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