Question # 1

Which of the following account is increased by debit entries

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Capital A/c

Building A/c

Sales A/c

Purchase return A/c

A bill of exchange is drawn by a

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Debtor

Holder

Creditor

None of these

Bad debt arises from

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Sale on account

Account receivable

Cash sales

Account payable

Cash and goods invested by the proprietor in business is called

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Investment

Capital

Drawings

None of these

In accounting equation assets are equal to

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Capital

Liabilities

Capital + Liabilities

Trial balance is prepared to detect

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Errors of omission

Compensating errors

Errors of commission

Errors of principles

Bill receivable and debtor are

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Long term assets

Fictitious assets

Fixed assets

Current assets

Balance sheet is a statement of

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Assets

Both first

Liabilities

None of these

Cash purchases are recorded in large organizations in

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Purchase day book

General journal

Purchase journal

Cash book

Errors which affect income statement belong to

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Real A/c

Personal A/c

Nominal A/c

None of these

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